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Registered number: 12714422










COOLABAH CAPITAL (UK) LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
COOLABAH CAPITAL (UK) LTD
 

COMPANY INFORMATION


Directors
Dr N Campregher (resigned 15 November 2023)
C Joye 
F O'Leary (appointed 31 October 2023)
S Dholakia 




Registered number
12714422



Registered office
2nd Floor 28 Austin Friars
Cornhill

London

EC2N 2QQ




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
COOLABAH CAPITAL (UK) LTD
 

CONTENTS



Page
Strategic Report
 
1 - 6
Directors' Report
 
7 - 8
Independent Auditors' Report
 
9 - 12
Statement of Comprehensive Income
 
13
Balance Sheet
 
14
Statement of Changes in Equity
 
15
Statement of Cash Flows
 
16
Notes to the Financial Statements
 
17 - 28

 
COOLABAH CAPITAL (UK) LTD
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their strategic report for the year ended 30 June 2024.

Business review
 
Coolabah Capital (U.K.) Limited (CCUKL) was authorised by the U.K.’s Financial Conduct Authority (FCA) in December 2020, categorized by the FCA for prudential regulatory purposes as a BIPRU 50 firm, as defined in the FCA’s rulebook. The regulatory framework changed from January 2022 and the Company has adopted the FCA's Investment Firms Prudential Regime (IFPR) from that date. 
The FCA registration requires that CCUKL (including its directors, officers, and employees) comply with on-going U.K. regulatory obligations and reporting. CCUKL operates on a cost-plus model. CCUKL is incorporated in the U.K. and is a wholly owned subsidiary of Coolabah Capital Investments Pty Ltd (CCI Group, Australia). CCUKL is authorised and regulated by the FCA as an investment adviser to Coolabah Capital Institutional Investments Pty Ltd (CCII), an Australian sister subsidiary of CCI Group. This is a high-level overview of CCI Group’s governance regime:
 
• The Group Board of CCI has the daily management and oversight responsibility whilst CCUKL maintains its mind and management in the U.K. Under the Group Board’s oversight, the Board, Risk & Compliance Committee (BRCC) meets quarterly supporting the Group Board in its stewardship of the CCI Group. The Management, Risk & Compliance Committee (MRCC) meets monthly (except when the BRCC steps in quarterly) to assist in evaluating enterprise risk factors. The MRCC escalates exceptions to the BRCC with management input. Additionally, the governance regime includes an Investment Committee (IC) that convenes monthly and oversees CCI Group’s investment function.
 
CCUKL enjoys a sound position in the type of investments it advises on due to its well capitalized parent CCI. An Investment Advisory Agreement (IAA) between CCUKL and CCII governs the relationship between CCUKL and CCII. This document’s construct and wording concludes that CCII (the Investment Manager) has outsourced portfolio management activities to CCUKL (the Investment Adviser). The FCA has reviewed the arrangements under the IAA as part of CCUKL’s regulatory authorisation in December 2020. CCUKL is not required to prepare consolidated reporting for prudential purposes by the FCA. 
With respect to the financial year’s performance, please refer to the “Financial key performance indicators” detailed in the relevant section of the Annual Report and Financial Statements.
The Company has included the disclosures required under MIFIDPRU on the Company's website coolabahcapital.com.
 
New Customer Accounts & Markets
The organic growth is driven by Distribution Sales marketing in Australia, subject to Australian regulatory rules of engagement. In future, growth into the U.K. and other international markets will similarly be subject to vetting by both local and group portfolio management, risk, compliance, and finance functions, all with reference to prevailing external regulatory rules of engagement in each jurisdiction, noting the extent of marketing activity in the UK may require obtaining additional authorisations under the existing CCUKL license.
This includes any local regulatory rules pertaining to marketing materials and how these are disseminated. Any deviation in rules will be assessed with an objective of adopting a conservative strategy if local rules necessitate that. These initiatives will conditionally be authorized by the relevant boards and committees in Australia and the U.K.
New Distribution Channels
Distribution Sales in Australia have established channels of distribution since 2011 when CCI (the parent) was created.This has resulted in significant organic growth in Australia to commence with, and the U.K. operation was launched in 2020 as part of a controlled expansion.
 
Page 1

 
COOLABAH CAPITAL (UK) LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Mergers and Acquisitions
The Board does not see the potential for mergers and acquisitions as an avenue for CCUKL to grow rapidly.

Principal risks and uncertainties
 
The main area of risk for CCUKL is credit risk. This comprises counterparty risk and advisory fees.
A predominantly large percentage of CCUKL’s assets consist of cash held at HSBC, which is a well-capitalized international bank of good repute and decent credit ratings.
Generally, regarding the custody of assets, the risk is that the counterparty is not able to deliver or pay amounts in full when they fall due. Some comfort is provided in that this the counterparties are well capitalized, GSIB type of financial institutions: such large custodians will receive a high-level of monitoring from the regulators. Across our Group policy suite, including our GS007 policy, we have monitoring and surveillance procedures and controls in place to ensure that our custodians are meeting all their statutory, regulatory and risk and compliance obligations.
 Credit Risk
The recurring fee income is receivable from CCUKL’s sister company, CCII, as governed by the IAA. This income is further disclosed as investment advisory fees under the FCA’s regulatory classification. The risk of non-payment at a group level is also reduced by the nature of the clients in Australia, since they are all typically large superannuation funds and high net worth individuals. 
Within CCI Group, CCII revenues include annual fees and management charges received from clients based on a percentage of client assets under management. These charges are charged directly to the clients’ portfolios and remitted via various custodian providers and therefore the credit risk relating to this income is low. We have built in a 3-month notice period into our Terms of Business to mitigate this risk. As far as CCUKL is concerned, the cost-plus model means that credit risk is limited to CCII, and the above mentioned mitigants against non- payment are deemed to be sufficient and have held firm during recent stress scenarios, including the Coronavirus (Covid-19) pandemic.
 Interest Rate Risk
Currently CCUKL does not have any borrowings. If borrowings were required in future, we would endeavor to mitigate the interest rate risk by utilizing a cap facility.
 Liquidity Risk
CCUKL manages all cash to ensure that it has sufficient liquid resources to meet the continued operating needs of the business. This is centrally coordinated at the parent-level by the Finance Function under the Group CFO. The overall objective is to optimize cash flow and minimize liquidity risks. The liquidity risks of major debtors are assessed, and payment terms minimized as far as possible.
Cash balances are maintained by HSBC and monitored internally within CCUKL and CCII on a daily basis to ensure intra-day liquidity. Cash flow projections are undertaken by Finance to monitor the future effect on liquidity. In times of acute stress, funds in excess of the Financial Services Compensation Scheme (FSCS) limits may be kept in separate banks to mitigate the possibility of a run on any one bank. We do not see the need for this given the strength of HSBC, specifically its strong reputation and credit ratings. HSBC is on the financial services register, governed by the Prudential Regulatory Authority (PRA) and the FCA in the U.K.
CCUKL does not lend and therefore does not accept collateral. 
The CCUKL UK bank account is checked daily at Group Finance level under the supervision of the Group CFO. It is also monitored by the Group CRO and the Head of Group Credit Research.
 Market Risk
Since CCUKL holds no trading book positions on its own account, all bank accounts are in GBP (with no foreign
Page 2

 
COOLABAH CAPITAL (UK) LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

currency holdings), and all advisory fee income is in GBP, the firm’s exposure to foreign currency risk is insignificant. As such, the firm evaluates its direct market risk to be zero.
CCUKL is indirectly subject to market risk since a significant element of income at the CCI parent-level is dependent on the value of client funds under management. This metric has been relatively stable during the current financial year despite recent market turbulence.
The risk is significantly mitigated by adopting a tried and tested investment strategy, which ensures that clients have well diversified portfolios with exposure to any one asset class limited.
Additionally, the concentration risks are actively monitored by the investment team. This is further explained on the CCI Group website link below which is regularly updated. Please also refer to the “investment style” and “funds” sub-sections for further guidance:
coolabahcapital.com
 Operational Risk
CCUKL and CCI Group are dependent on several key individuals. The loss of these individuals would have a detrimental effect on the business. The business therefore has Key Man Insurance to provide cover for the main business writers. In recent years, this risk has been mitigated since CCI Group’s employee ranks have been reinforced by additional hires globally. This has been secured across multiple levels of seniority. Please refer to Note 7 for the number of CCUKL employees.
CCII is dependent on outsourced custodian administration. Multiple custodians are used so that CCUKL staff are familiar with them, and assets could be transferred at relatively short notice.
CCII and CCUKL are required to ensure that all its employees are competent, appropriately registered with local regulatory authorities and regularly vetted via requisite professional checks including annual criminal checks. An internal attestation regime is applied to additionally comply with local regulatory rules of engagement.

Financial key performance indicators
 
Turnover (investment advisory fees): £ 1,465,412 (2023 - £ 1,128,709)
Profit before Tax: £260,898  (2023 - £ 130,943)

Other key performance indicators
 
CCUKL has two employees appointed as directors in accordance with the FCA’s Senior Managers and Certification Regime (SM&CR).

Page 3

 
COOLABAH CAPITAL (UK) LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its member, and in doing so have regard, amongst other matters, to the:
• likely consequences of any decision in the long term;
• interests of the company's employees;
• need to foster the company's business relationships with suppliers, customers, and others;
• impact of the company's operations on the community and the environment;
• desirability of the company maintaining a reputation for high standards of business conduct;
• need to act fairly as between members of the company.
The Directors’ regard to these matters is embedded in their decision-making process, through the Company’s business strategy, culture, governance framework, management information flows and stakeholder engagement processes.
The Company’s business strategy is focused on achieving success for the Company in the long-term. In setting this strategy, the Board takes into account the impact of relevant factors and stakeholder interests on the Company’s performance. The Board also identifies principal risks facing the business and sets risk management objectives.
The Board promotes a culture of upholding the highest standards of business conduct and regulatory conduct. The Directors ensure these core values are communicated to the Company’s employees and embedded in the Company’s policies and procedures, employee induction and training programmes and its risk control and oversight framework.
The Directors recognise that building strong and lasting relationships with our stakeholders will help us to deliver our strategy in line with our long-term values, and operate a sustainable business.
The Directors are supported in the discharge of their duties by:
• Processes which ensure the provision of timely management information and escalation through reporting
          lines to the Board from the Company’s business areas, its risk and control functions, support teams and
          committees of the Group Board, e.g., the BRCC, MRCC and IC, as noted earlier in the high-level overview
   of CCI Group's governance regime.                                                                                                                                                      
• Agenda planning for Board and Group Committee meetings to provide sufficient time for the consideration
          and discussion of key matters.
Stakeholders
The Board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Company.
The Board regularly discusses issues concerning employees, clients, suppliers, community and environment, regulators, and its shareholders, which it takes into account in its discussions and in its decision-making process.
In addition to this, the Board seeks to understand the interests and views of the Company’s stakeholders by engaging with them directly when required. The below summarises the key stakeholders and how we engage with each:

Employees
Our employees contribute to a positive working culture and healthy working environment. Employees are key to the success of our business.
 
Page 4

 
COOLABAH CAPITAL (UK) LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

In addition to the objective of being a responsible employer in our approach to pay and benefits, we continue to engage with our team and external consultants (where applicable) to ascertain which training and development opportunities should be made available to employees.
The overarching aim is to improve our team’s productivity and our individual employees’ potential within the business.
We continually invest in employee development and wellbeing to create and encourage an inclusive culture within the organisation.
Our career development programme encourages employees to create an individual development plan and to explore the opportunities available to them with their managers on an annual basis.
Our culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognized for their hard work. Weekly ideas and presentations are also shared across the entire company.
Regular updates (usually monthly) give all employees of the company the opportunity to present ideas and achievements to all staff including directors. All of these updates effectively inform the entire team on the performance of the company, including financial performance and progress against strategy.
Employees have access to a range of global and regional resource groups and mentoring, offering opportunities for networking and community engagement.
Clients
There are no external clients in the U.K. under CCUKL. Clients reside under sister subsidiaries under Group control in Australia. Clients are at the centre of our Australian-led business. Our parent-level distribution sales team members, under the Global Head of Distribution, build lasting relationships with current and potential clients to understand their objectives and requirements. We have implemented a governance framework for the oversight of the provision of CCI products and services to Group clients at a parent-level. We take a consultative approach with clients focused on building long-term relationships and solving their investment challenges. As noted above, the FCA has reviewed the arrangements under the IAA as part of CCUKL’s regulatory authorisation in December 2020. CCUKL has one client under the IAA, which is CCII as an intra-group entity, categorised as a professional client.
Suppliers
As a global business, we work with a wide range of suppliers both in the U.K. and globally. We remain committed to being fair and transparent in our dealings with all of our suppliers.
The Group Finance Function (under the Chief Financial Officer) is appointed to review and oversee the appointment and provision of services by suppliers, including initial and ongoing due diligence. The Group Finance function updates the Board on a regular basis.
The Company has procedures requiring due diligence of suppliers with regard to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modern slavery matters.
The Company has systems and processes in place to ensure suppliers are paid in a timely manner. 
 
Community and Environment
Please refer to the Group policy link on the Australian Group website page: https://coolabahcapital .com/responsible -investing/
The Board’s approach to social responsibility, Diversity & the community is of high importance.
At both CCUKL and at parent-level, we strive to create sustainable value and help our Group’s investor base in
Page 5

 
COOLABAH CAPITAL (UK) LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

seeking more meaningful returns. Corporate social responsibility principles are part of our culture and decision- making process. A Group consultative approach focuses on building long-term relationships and solving business problems.
Diversity and Inclusion is a key pillar for CCUKL and the CCI Group globally. This is attested to by the diverse range of nationalities included in the Group’s employee base, as detailed on its website.
International Regulators, including the FCA
We work with our geographical regulators and relevant government agencies, including in Australia the United Kingdom, and the United States, in a transparent and proactive manner to help develop internal policies and controls that meet the needs of all our stakeholders.
The Group Board’s intention is to behave responsibly and to ensure that the geographical management teams operate the business in a responsible manner, acting with the high standards and good governance expected of a regulated business like ours. In doing so, we believe we will achieve our long-term business strategy and further develop our reputation in our industry.
We have a Group audit, policy, control, and risk framework to ensure that all Group companies (including CCUKL) comply with legal and regulatory requirements relating to the provision of products and services to our clients.
Shareholders
CCI Group subsidiary Boards (including that of CCUKL) seek to behave in a responsible manner towards our shareholders in accordance with Group policy. The Boards communicate information relevant to its shareholders, such as its financial reporting.

 


This report was approved by the board on 18 October 2024 and signed on its behalf.



S Dholakia
Director
Page 6

 
COOLABAH CAPITAL (UK) LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the Company was that of fund management activities.

Directors

The directors who served during the year were:

Dr N Campregher (FCA SMF3 under SM&CR) (resigned 15 November 2023)
C Joye (FCA SMF9 under SM&CR) 
F O'Leary (FCA SMF3 under SM&CR) (appointed 31 October 2023)
S Dholakia (FCA SMF3, SMF16 and SMF17 under SM&CR) 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Page 7

 
COOLABAH CAPITAL (UK) LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 18 October 2024 and signed on its behalf.
 





S Dholakia
Director
Page 8

 
COOLABAH CAPITAL (UK) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOLABAH CAPITAL (UK) LTD
 

Opinion


We have audited the financial statements of Coolabah Capital (UK) Ltd (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 June 2024 and of its profit 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 9

 
COOLABAH CAPITAL (UK) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOLABAH CAPITAL (UK) LTD (CONTINUED)


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' 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 Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 10

 
COOLABAH CAPITAL (UK) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOLABAH CAPITAL (UK) LTD (CONTINUED)


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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including FCA registration, financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety.
We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
-        agreeing the financial statement disclosures to underlying supporting documentation to assess compliance
         with provisions of relevant laws and regulations described as having a direct effect on the financial
         statements;
-        enquiries of management including those responsible for key regulations; and
-        performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
         of material misstatement due to fraud;
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 11

 
COOLABAH CAPITAL (UK) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOLABAH CAPITAL (UK) LTD (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Booth (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

18 October 2024
Page 12

 
COOLABAH CAPITAL (UK) LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,465,412
1,128,709

Gross profit
  
1,465,412
1,128,709

Administrative expenses
  
(1,222,295)
(1,004,423)

Operating profit
  
243,117
124,286

Interest receivable and similar income
  
17,781
6,684

Interest payable and similar expenses
  
-
(27)

Profit before tax
  
260,898
130,943

Tax on profit
 9 
(69,588)
(27,499)

Profit for the financial year
  
191,310
103,444

Other comprehensive income for the year
  

Total comprehensive income for the year
  
191,310
103,444

The notes on pages 17 to 28 form part of these financial statements.
Page 13

 
COOLABAH CAPITAL (UK) LTD
REGISTERED NUMBER: 12714422

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
12,269
18,023

Current assets
  

Debtors: amounts falling due after more than one year
 11 
40,156
48,188

Debtors: amounts falling due within one year
 11 
191,799
90,455

Cash at bank and in hand
 12 
495,633
376,785

  
727,588
515,428

Creditors: amounts falling due within one year
 13 
(138,191)
(123,095)

Net current assets
  
 
 
589,397
 
 
392,333

Provisions for liabilities
  

Deferred tax
 15 
(2,602)
(2,602)

Net assets
  
 
 
599,064
 
 
407,754


Capital and reserves
  

Called up share capital 
 16 
250,000
250,000

Profit and loss account
 17 
349,064
157,754

  
599,064
407,754




The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2024.




S Dholakia
Director

The notes on pages 17 to 28 form part of these financial statements.
Page 14

 
COOLABAH CAPITAL (UK) LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
250,000
54,310
304,310


Comprehensive income for the year

Profit for the year
-
103,444
103,444


Total transactions with owners
-
-
-



At 1 July 2023
250,000
157,754
407,754


Comprehensive income for the year

Profit for the year
-
191,310
191,310


Total transactions with owners
-
-
-


At 30 June 2024
250,000
349,064
599,064


The notes on pages 17 to 28 form part of these financial statements.
Page 15

 
COOLABAH CAPITAL (UK) LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
191,310
103,444

Adjustments for:

Depreciation of tangible assets
9,263
2,275

Interest received
(17,781)
(6,684)

Taxation charge
69,588
27,499

(Increase) in debtors
(90,289)
(71,243)

(Increase)/decrease in amounts owed by groups
(3,023)
1,663

(Decrease)/increase in creditors
(17,015)
34,460

Corporation tax (paid)
(37,283)
(2,797)

Net cash generated from operating activities

104,770
88,617


Cash flows from investing activities

Purchase of tangible fixed assets
(3,703)
(17,064)

Interest received
17,781
6,684

Net cash from investing activities

14,078
(10,380)


Net increase in cash and cash equivalents
118,848
78,237

Cash and cash equivalents at beginning of year
376,785
298,548

Cash and cash equivalents at the end of year
495,633
376,785


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
495,633
376,785

495,633
376,785


The notes on pages 17 to 28 form part of these financial statements.

Page 16

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Coolabah Capital UK Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office address is 2nd Floor 28 Austin Friars, London, United Kingdom, EC2N 2QQ. The principal activity of the company is that of fund management activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Pounds Sterling which is the functional currency of the Company and rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes the continued financial support of other group entities, in line with the service agreements in place. 
The financial statements do not contain any adjustments that would be required if the Company were not able to continue as a going concern.  

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 17

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 18

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
10%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

Page 19

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. 

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet 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 assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the
Page 20

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Page 21

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Management fee income
1,465,412
1,128,709


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
3,689
3,218

Other operating lease rentals
80,623
74,914


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,500
8,500


7.


Employees

2024
2023
£
£

Wages and salaries
799,015
635,502

Social security costs
100,382
71,524

Cost of defined contribution scheme
26,161
16,255

925,558
723,281


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
9
5

Page 22

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
289,167
294,782

Company contributions to defined contribution pension schemes
11,567
10,387

300,734
305,169


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £134,214 (2023 - £192,600).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,600 (2023 - £6,800).


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
69,588
25,511


Total current tax
69,588
25,511

Deferred tax


Origination and reversal of timing differences
-
1,988

Total deferred tax
-
1,988


Taxation on profit on ordinary activities
69,588
27,499
Page 23

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
260,898
130,943


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
65,225
32,736

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
911

Capital allowances for year in excess of depreciation
3,992
(8,569)

Deferred tax
-
1,988

Other differences leading to an increase (decrease) in the tax charge
371
433

Total tax charge for the year
69,588
27,499


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 July 2023
1,163
19,335
20,498


Additions
-
3,703
3,703


Disposals
(194)
-
(194)



At 30 June 2024

969
23,038
24,007



Depreciation


At 1 July 2023
16
2,459
2,475


Charge for the year on owned assets
113
9,150
9,263



At 30 June 2024

129
11,609
11,738



Net book value



At 30 June 2024
840
11,429
12,269



At 30 June 2023
1,147
16,876
18,023


11.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
40,156
48,188


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
47,600
44,578

Other debtors
125,361
-

Prepayments and accrued income
18,838
45,877

191,799
90,455


Page 25

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
495,633
376,785



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,727
-

Corporation tax
66,724
34,613

Other taxation and social security
30,554
35,224

Accruals and deferred income
37,186
53,258

138,191
123,095



14.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
495,633
376,785

Financial assets that are debt instruments measured at amortised cost
213,117
92,766

708,750
469,551


Financial liabilities


Financial liabilities measured at amortised cost
40,913
53,258


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors and accruals.
Page 26

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Deferred taxation




2024


£






At beginning of year
(2,602)



At end of year
(2,602)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,602)
(2,602)

(2,602)
(2,602)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250,000 (2023 - 250,000) Ordinary shares of £1.00 each
250,000
250,000



17.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.
Page 27

 
COOLABAH CAPITAL (UK) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
18.


Analysis of net debt




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

376,785

118,848

495,633


376,785
118,848
495,633


19.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £26,161 (2023 - £16,255). Contributions of £5,814 (2023 - £1,924) were payable to the fund at the balance sheet date.


20.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
80,313
40,156

Later than 1 year and not later than 5 years
40,156
321,250

120,469
361,406


21.


Related party transactions

During the period the company recognised management fee income of £1,465,412 (2023 - £1,128,709) from Coolabah Capital Institutional Investments Pty Ltd, a fellow wholly owned subsidiary. As at 30 June 2024 the amount due from them was £47,600 (2023 - £44,578).
Total KMP relates to directors' remuneration at £337,153 (2023 - £344,664).


22.


Controlling party

The immediate controlling party is Coolabah Investments Pty Ltd (Australia). 
There is no ultimate controlling party. 


Page 28