REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 June 2023 |
for |
South River Asset Management Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 June 2023 |
for |
South River Asset Management Limited |
South River Asset Management Limited (Registered number: 04195976) |
Contents of the Financial Statements |
for the year ended 30 June 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
South River Asset Management Limited |
Company Information |
for the year ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors & |
Chartered Accountants |
1 Charterhouse Mews |
London |
EC1M 6BB |
South River Asset Management Limited (Registered number: 04195976) |
Strategic Report |
for the year ended 30 June 2023 |
The directors present their strategic report for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
The Company has during the period had limited activity while operating through a period of transition. Since the takeover the group has been taking part in a restructuring which has resulted in reduced trading activities taking place within South River Asset Management Limited. |
I am pleased to inform that during 2023, the Company has been reviewing new business opportunities. |
In general, the management is continuously monitoring the Company and optimising its cost structure where possible to improve its net result in future years. Whilst 2023 has seen its challenges emerge in the form of global interest rises and cost of living increases, the Company has positioned itself for longer term growth. |
PRINCIPAL RISKS AND UNCERTAINTIES |
In achieving its objectives, the Company faces risks and uncertainties, including those due macroeconomic conditions, regional and local market developments and internal factors. The specific market, operational and financial risks in the ordinary course of business will be further explained, including credit and interest rate risks. Furthermore, there are currency and liquidity risks. We do not consider these risks as special for our Company, neither in character nor in size. |
At management level, the most important risks are assessed that may affect the realisation of our strategic objectives. We assess the degree of risks and weigh against our own efficiency in containing the risks or mitigating them completely. |
The Company has experienced limited impact from the global interest rate rises in the financial year 2022 as a result of the restructuring which has taken place. The management of the operations have assessed this situation based on the current state of affairs and the impact is continuously monitored. The possible future impact is expected to remain limited and therefore there is confidence in a sustainable continuation of business activities. |
In 2023 and 2024, we will continue to focus on identifying the required capabilities for the different segments and different regions in order to find the best strategy for each market and region. |
The financial statements have been prepared on the basis of going concern. |
KEY PERFORMANCE INDICATORS |
The year ended 2023 the company made a loss amounting to £30,745 a reduction from the 2022 loss amounting to £45,299. Management determine that these are not a true reflection of the company as during this time the company has been undergoing ownership and structural changes. |
The Company's solvency, liquidity as well as its funding is continuously monitored, considering all available future related information. No events have been identified nor were conditions found which may indicate significant risks regarding its financial position. |
ON BEHALF OF THE BOARD: |
12 March 2025 |
South River Asset Management Limited (Registered number: 04195976) |
Report of the Directors |
for the year ended 30 June 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of asset management. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
There were no political donations made during the year ended 30 June 2023 (2022 : £Nil). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information. |
South River Asset Management Limited (Registered number: 04195976) |
Report of the Directors |
for the year ended 30 June 2023 |
AUDITORS |
The auditors, Anstey Bond LLP, 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 |
South River Asset Management Limited |
Opinion |
We have audited the financial statements of South River Asset Management Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Material uncertainty related to going concern |
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. |
We draw attention to the disclosures made in the Strategic Report and in note 2 to the financial statements relating to the Going Concern accounting policy. The uncertainty regarding the company’s ability to trade and reliance on its Parent Company. The Directors consider that the company will continue as a going concern for the next 12 months with the support provided by the parent entity FC CB Limited (formally Fortunis Capital Limited) and utilising a loan facility from Fortunis Impact Investments GP Limited part of the FCAP GP Group. As stated in these disclosures, these events and conditions indicate that a material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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. |
Our responsibilities and the responsibilities of the directors to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
South River Asset Management Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
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, 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
South River Asset Management Limited |
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: |
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 acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or intentional misrepresentations, or through collusion. |
We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed non - compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters in relation to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
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 |
Statutory Auditors & |
Chartered Accountants |
1 Charterhouse Mews |
London |
EC1M 6BB |
South River Asset Management Limited (Registered number: 04195976) |
Statement of Comprehensive |
Income |
for the year ended 30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 6 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
South River Asset Management Limited (Registered number: 04195976) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
South River Asset Management Limited (Registered number: 04195976) |
Statement of Changes in Equity |
for the year ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2023 | ( |
) |
South River Asset Management Limited (Registered number: 04195976) |
Cash Flow Statement |
for the year ended 30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Sale of fixed asset investments |
Net cash from investing activities |
Cash flows from financing activities |
Amount withdrawn by directors | - | (1,800 | ) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
22,017 |
Cash and cash equivalents at end of year | 2 | 6,373 | 682 |
South River Asset Management Limited (Registered number: 04195976) |
Notes to the Cash Flow Statement |
for the year ended 30 June 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.23 | 30.6.22 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Loss on disposal of fixed assets |
(29,789 | ) | (45,229 | ) |
Decrease in trade and other debtors |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 6,373 | 682 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 682 | 22,017 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 682 | 5,691 | 6,373 |
682 | 6,373 |
Total | 682 | 5,691 | 6,373 |
South River Asset Management Limited (Registered number: 04195976) |
Notes to the Financial Statements |
for the year ended 30 June 2023 |
1. | STATUTORY INFORMATION |
South River Asset Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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 financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts of these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. |
Going concern |
The Company has taken steps to reduce its cost base and anticipates trading on a cash neutral basis in the foreseeable future and does not currently expect to require external funding to finance its working capital, (excluding related parties). |
The owner, FC CB Limited (formally Fortunis Capital Limited), will provide financial support to the Company for the foreseeable future, and the Company having sufficient assets to meet its liabilities as they fall due for the twelve months from the date these financial statements are signed. |
The financial statements have been prepared on the going concern basis. The directors have taken into account future trading potential and reductions in the cost base when determining its ability to trade as a going concern. |
In considering the going concern management have considered the FCA capital adequacy requirements, the balance sheet shows a value below the requirements, the FCA has been notified of this shortfall and management are in the process of restoring the capital adequacy of the company in accordance with the FCA regulations and guidance. |
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 contact 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 |
- costs incurred and the costs to complete the contract can be measured reliably. |
South River Asset Management Limited (Registered number: 04195976) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit concessionary loan. |
Investments in non-derivative instruments that are equity to the issuer are measured: |
- at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably; |
- at cost less impairment for all other investments. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised liabilities once they are no longer at the discretion of the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
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. |
South River Asset Management Limited (Registered number: 04195976) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment for bad and doubtful debts. Loans and other financial assets ae initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using effective interest method. |
Provisions |
Provisions (i.e. Liabilities of uncertain timing, amount or outcome) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that the economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in the profit and loss account for the period. |
3. | EMPLOYEES AND DIRECTORS |
30.6.23 | 30.6.22 |
£ | £ |
Wages and salaries |
The average number of employees during the year was as follows: |
30.6.23 | 30.6.22 |
Director |
30.6.23 | 30.6.22 |
£ | £ |
Directors' remuneration |
South River Asset Management Limited (Registered number: 04195976) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
30.6.23 | 30.6.22 |
£ | £ |
Loss on disposal of fixed assets |
Foreign exchange differences |
5. | AUDITORS' REMUNERATION |
2023 | 2022 |
Auditor's remuneration | £ | £ |
10,000 | 9,000 |
6. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 June 2023 nor for the year ended 30 June 2022. |
7. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST |
At 1 July 2022 |
Disposals | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Amounts held within other debtors relate to costs paid for by South River Asset Management Limited on behalf of a fund under management that are owed back upon request and of which the fund under management's principle is also the ultimate beneficial owner of South River Asset Management Limited. |
South River Asset Management Limited (Registered number: 04195976) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade creditors |
VAT | 7,827 | - |
Accruals and deferred income |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 1,225,000 | 1,225,000 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2022 | ( |
) |
Deficit for the year | ( |
) |
At 30 June 2023 | ( |
) |
12. | PROVISION FOR LOSS DUE TO FRAUDULENT ACTIVITY |
Included within the bad debt provision is an amount of £7,413 relating to funds held by a service organisation on behalf of the company. These funds were misappropriated due to fraudulent activity at the service organisation. The company is actively pursuing recovery of the full amount and believes it is likely to be reimbursed. However, due to the inherent uncertainty surrounding the recovery process, a provision has been recognised for the full amount. |
13. | RELATED PARTY DISCLOSURES |
As at the balance sheet date, included within debtors was the amount £1,696 (2022: £Nil), due from FC CB Limited the parent company, for transactions paid for by South River Management Limited on behalf of group companies. |
As at the balance sheet date, included within debtors was the amount £43,200 (2022: £Nil) and £28,000 (2022: £Nil) due from a fund under management that is led by the principal J R Macrae a Director of South River Asset Management Limited. The amounts are in relation to services rendered to the fund by South River Asset Management and expenses paid on its behalf that are due to be reimbursed. |
14. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is FC CB Limited, formerly Fortunis Capital Limited, a company incorporated in England and Wales. The directors consider the ultimate controlling party to be Mr J R Macrae. |