Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-0177falsefalsethe provision of investment management servicesfalse 12707413 2024-01-01 2024-12-31 12707413 2023-07-01 2023-12-31 12707413 2024-12-31 12707413 2023-12-31 12707413 2023-07-01 12707413 1 2024-01-01 2024-12-31 12707413 1 2023-07-01 2023-12-31 12707413 5 2024-01-01 2024-12-31 12707413 5 2023-07-01 2023-12-31 12707413 d:Director1 2024-01-01 2024-12-31 12707413 d:Director2 2024-01-01 2024-12-31 12707413 d:RegisteredOffice 2024-01-01 2024-12-31 12707413 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 12707413 e:Buildings e:ShortLeaseholdAssets 2024-12-31 12707413 e:Buildings e:ShortLeaseholdAssets 2023-12-31 12707413 e:FurnitureFittings 2024-01-01 2024-12-31 12707413 e:FurnitureFittings 2024-12-31 12707413 e:FurnitureFittings 2023-12-31 12707413 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12707413 e:OfficeEquipment 2024-01-01 2024-12-31 12707413 e:OfficeEquipment 2024-12-31 12707413 e:OfficeEquipment 2023-12-31 12707413 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12707413 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12707413 e:Goodwill 2024-01-01 2024-12-31 12707413 e:Goodwill 2024-12-31 12707413 e:Goodwill 2023-12-31 12707413 e:CurrentFinancialInstruments 2024-12-31 12707413 e:CurrentFinancialInstruments 2023-12-31 12707413 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 12707413 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 12707413 f:UnitedKingdom 2024-01-01 2024-12-31 12707413 f:UnitedKingdom 2023-07-01 2023-12-31 12707413 e:UKTax 2024-01-01 2024-12-31 12707413 e:UKTax 2023-07-01 2023-12-31 12707413 e:ShareCapital 2024-12-31 12707413 e:ShareCapital 2023-07-01 2023-12-31 12707413 e:ShareCapital 2023-12-31 12707413 e:ShareCapital 2023-07-01 12707413 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 12707413 e:RetainedEarningsAccumulatedLosses 2024-12-31 12707413 e:RetainedEarningsAccumulatedLosses 2023-07-01 2023-12-31 12707413 e:RetainedEarningsAccumulatedLosses 2023-12-31 12707413 e:RetainedEarningsAccumulatedLosses 2023-07-01 12707413 d:OrdinaryShareClass1 2024-01-01 2024-12-31 12707413 d:OrdinaryShareClass1 2024-12-31 12707413 d:FRS102 2024-01-01 2024-12-31 12707413 d:Audited 2024-01-01 2024-12-31 12707413 d:FullAccounts 2024-01-01 2024-12-31 12707413 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12707413 e:WithinOneYear 2024-12-31 12707413 e:WithinOneYear 2023-12-31 12707413 e:BetweenOneFiveYears 2024-12-31 12707413 e:BetweenOneFiveYears 2023-12-31 12707413 2 2024-01-01 2024-12-31 12707413 e:Goodwill e:OwnedIntangibleAssets 2024-01-01 2024-12-31 12707413 g:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12707413














AXM ALTERNATIVE INVESTMENTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
COMPANY INFORMATION


Directors
D Benamou  
P Haik 




Registered number
12707413



Registered office
11 Albermarle Street

London

W1S 4HH




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
AXM ALTERNATIVE INVESTMENTS LTD
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11
Analysis of Net Debt
 
12
Notes to the Financial Statements
 
13 - 23


 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present the strategic report for the year ended 31 December 2024.

Business review
 
2024 business activity has improved quite significantly on the back of the very good funds performances achieved over the last 24 months. Turnover increased to £5.3m from £2.4m for the 6 month period to December 2023. Profit before tax was £346K compared to £456k in the 6 months to December 2023. AXM’s assets under management grew significantly in 2024. AXM’s total AUM exceed £800m at the year end.

Principal risks and uncertainties
 
The company's operations expose it to a variety of financial risks that include the effects of movements in exchange rates, credit risks, liquidity risk and interest rate risk. This could result in decrease in both management and performance fees received by the company. To help mitigate this risk, the company has established management committees that discuss market developments and their implications for managers (diversification, cash management, leverage, etc.), as well as risk committees dedicated to analysing and managing financial risks. Additionally, the company uses real-time risk monitoring and management systems and has implemented rigorous internal control and compliance policies.

Financial key performance indicators
 
The Company's key financial performance indicators are growth of turnover, which was 123% in the year (2023 - 150% in the 6 months to 31 December 2023), as well as profit before tax and the total AUM which are stated in the business review.

Other key performance indicators
 
The director believes there are numerous non-financial performance indicators, but none are individually key to assessing the overall performance of the company.


This report was approved by the board on 20 March 2025 and signed on its behalf.



D Benamou
Director

Page 1

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

D Benamou  
P Haik 

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.

Results and dividends

The profit for the year, after taxation, amounted to £16,800 (2023 - £362,132).

Dividends were paid during the year to the parent company of £134,297 (2023 - £nil).

Future developments

The directors consider the company is well placed and capitalised for future development.

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 2

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co 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 20 March 2025 and signed on its behalf.
 





D Benamou
Director

Page 3

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AXM ALTERNATIVE INVESTMENTS LTD
 

Opinion


We have audited the financial statements of AXM Alternative Investments Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 31 December 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.


Page 4

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AXM ALTERNATIVE INVESTMENTS LTD (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 statementsour 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 5

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AXM ALTERNATIVE INVESTMENTS 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the finance sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, rules & regulations set by the Financial Conduct Authority, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 
Page 6

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AXM ALTERNATIVE INVESTMENTS LTD (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material mistatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.


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.





Martyn Atkinson (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

20 March 2025
Page 7

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

Year ended
31 December
6 month period ended
31 December
2024
2023
Note
£
£

  

Turnover
 4 
5,335,961
2,388,659

Administrative expenses
  
(4,989,358)
(1,933,579)

Interest receivable and similar income
 9 
-
1,107

Interest payable and similar expenses
 10 
(305)
(146)

Profit before tax
  
346,298
456,041

Tax on profit
 11 
(329,498)
(93,909)

Profit for the financial year
  
16,800
362,132

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 23 form part of these financial statements.

Page 8

 
AXM ALTERNATIVE INVESTMENTS LTD
REGISTERED NUMBER:12707413

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
134,500
152,433

Tangible assets
 13 
163,042
199,175

  
297,542
351,608

Current assets
  

Debtors: amounts falling due within one year
 14 
3,353,385
1,235,807

Cash at bank and in hand
 15 
638,465
676,614

  
3,991,850
1,912,421

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(3,688,151)
(1,545,291)

Net current assets
  
 
 
303,699
 
 
367,130

  

Net assets
  
601,241
718,738


Capital and reserves
  

Called up share capital 
 18 
583,900
583,900

Profit and loss account
 19 
17,341
134,838

  
601,241
718,738


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2025.




D Benamou
Director

Page 9

 
AXM ALTERNATIVE INVESTMENTS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2023
463,900
(227,294)
236,606



Profit for the period
-
362,132
362,132

Shares issued during the period
120,000
-
120,000



At 1 January 2024
583,900
134,838
718,738



Profit for the year
-
16,800
16,800

Dividends
-
(134,297)
(134,297)


At 31 December 2024
583,900
17,341
601,241


The notes on pages 13 to 23 form part of these financial statements.

Page 10

 
AXM ALTERNATIVE INVESTMENTS LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
16,800
362,132

Adjustments for:

Amortisation of intangible assets
17,933
8,967

Depreciation of tangible assets
54,875
26,302

Interest paid
305
146

Interest received
-
(1,107)

Taxation charge
329,498
93,909

(Increase) in debtors
(2,117,576)
(1,010,566)

Increase in creditors
1,898,267
957,704

Increase in amounts owed to group undertaking
9,002
(128,268)

Corporation tax (paid)
(93,909)
-

Net cash generated from operating activities

115,195
309,219


Cash flows from investing activities

Purchase of tangible fixed assets
(18,742)
(1,205)

Interest received
-
1,107

Net cash from investing activities

(18,742)
(98)

Cash flows from financing activities

Issue of ordinary shares
-
120,000

Dividends paid
(134,297)
-

Interest paid
(305)
(146)

Net cash used in financing activities
(134,602)
119,854

Net (decrease)/increase in cash and cash equivalents
(38,149)
428,975

Cash and cash equivalents at beginning of year
676,614
247,639

Cash and cash equivalents at the end of year
638,465
676,614


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
638,465
676,614

638,465
676,614


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 
AXM ALTERNATIVE INVESTMENTS LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

676,614

(38,149)

638,465


-

-

-


676,614
(38,149)
638,465

The notes on pages 13 to 23 form part of these financial statements.

Page 12

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

AXM Alternative Investments Ltd is a private limited liability company registered in England and Wales. Its registered office is 11 Albemarle Street, London, W1S 4HH.
The principal activity of the company is that of an investment management services firm.
The company's functional and presentational currency is £ sterling.

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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.
Turnover consists of management fees and performance fees. Management fees are recognised monthly as they accrue and performance fees are recognised when they become payable to the company.

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.

Page 13

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid to acquire the business and in the fair value of the acquiree's identifiable assets and liabilities at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. 

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.7

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:

Short-term leasehold property
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line

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.

Page 14

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is  £ sterling.

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.

 
2.9

Basic Financial instruments

The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets.
Cash and cash equivalents comprise cash balances and call deposits.

 
2.10

Pensions

Defined contribution pension plan

The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Taxation

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable.


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 the revision and future periods where the revision affects both current and future periods.
In the preparation of these financial statements the directors have not needed to make judgements or estimates that are material to the company

Page 16

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the company's principal activity.

Analysis of turnover by country of destination:

Year ended
31 December
6 month period ended
31 December
2024
2023
£
£

Europe
5,335,961
2,388,659

5,335,961
2,388,659



5.


Operating profit

The operating profit is stated after charging:

Year ended
31 December
6 month period ended
31 December
2024
2023
£
£

Depreciation of tangible fixed assets
54,875
26,302

Amortisation of intangible fixed assets
17,933
8,967

Exchange differences
17,337
1,885

Operating lease rentals
122,100
55,837

Defined contribution pension cost
92,199
52,768


6.


Auditors' remuneration

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


Year ended
31 December
6 month period ended
31 December
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,885
14,175

Page 17

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

The average monthly number of employees, including directors, during the year end was 7 (2023 - 7).


Staff costs, including directors' remuneration, were as follows:


Year ended
31 December
6 month period ended
31 December
2024
2023
£
£

Wages and salaries
3,111,812
987,283

Social security costs
550,790
53,052

Pension contributions
92,119
52,768

3,754,721
1,093,103



8.


Directors' remuneration

Year ended
31 December
6 month period ended
31 December
2024
2023
£
£

Directors' emoluments
843,889
337,755

Company contributions to defined contribution pension schemes
35,500
10,050

879,389
347,805


The highest paid director received remuneration of £466,133 (6 months to December 2023 - £210,780).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,000 (6 months to December 2023 - £9,000).


9.


Interest receivable

Year ended
31 December
6 month period ended
31 December
2024
2023
£
£


Other interest receivable
-
1,107

Page 18

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

Year ended
31 December
6 month period ended
31 December
2024
2023
£
£


Other interest payable
305
146


11.


Taxation


Year ended
31 December
6 month period ended
31 December
2024
2023
£
£

Corporation tax


Current tax on profits for the year
329,498
93,909

Factors affecting tax charge for the year/period

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

Year ended
31 December
6 month period ended
31 December
2024
2023
£
£


Profit on ordinary activities before tax
346,298
456,041


Profit/(loss) on ordinary activities multiplied by effective rate of corporation tax in the UK of 25% (2023 - 19%)
86,575
114,010

Effects of:


Expenses not deductible for tax purposes
235,615
66,324

Depreciation/capital allowance for period/year in excess of capital allowance/depreciation
7,308
5,353

Utilisation of tax losses
-
(91,778)

Total tax charge for the year/period
329,498
93,909

Page 19

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
179,333



At 31 December 2024

179,333



Amortisation


At 1 January 2024
26,900


Charge for the year on owned assets
17,933



At 31 December 2024

44,833



Net book value



At 31 December 2024
134,500



At 31 December 2023
152,433



Page 20

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost 


At 1 January 2024
72,700
147,352
43,654
263,706


Additions
2,100
1,092
15,550
18,742



At 31 December 2024

74,800
148,444
59,204
282,448



Depreciation


At 1 January 2024
20,422
35,100
9,009
64,531


Charge for the year on owned assets
14,715
29,580
10,580
54,875



At 31 December 2024

35,137
64,680
19,589
119,406



Net book value



At 31 December 2024
39,663
83,764
39,615
163,042



At 31 December 2023
52,278
112,252
34,645
199,175


14.


Debtors

2024
2023
£
£


Other debtors
110,505
114,870

Prepayments and accrued income
3,242,880
1,120,937

3,353,385
1,235,807



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
638,465
676,614


Page 21

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,556
101,475

Amounts owed to group undertakings
49,782
40,780

Corporation tax
329,498
93,909

Other taxation and social security
2,653
83,166

Other creditors
16,238
8,361

Accruals and deferred income
3,282,424
1,217,600

3,688,151
1,545,291



17.


Financial instruments

There are no assets or liabilities measured at fair value through profit or loss.









18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



583,900 Ordinary shares of £1.00 each
583,900
583,900



19.


Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit & losses since the company started trading.


20.


Related party transactions

During the year the company charged investment management fees of £3,049,406 (2023 - £960,724) and performance fees of £2,286,555 (2023 - £1,427,935) to the parent undertaking Axiom Alternative Investments SARL.
At the reporting date the company owed £49,782 (2023 - £40,780) to its parent company. 

Page 22

 
AXM ALTERNATIVE INVESTMENTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Pension commitments

The company contributes to 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 £92,119 (2023 - £52,768). Contributions totalling £12,928 (2023 - £8,363) were payable to the fund at the reporting date. 


22.


Key Management Personel

The remuneration paid to key management personel is equal to the directors' remuneration disclosed in note 8. 







23.


Commitments under operating leases

At 31 December 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
122,100
122,100

Later than 1 year and not later than 5 years
171,246
293,346

293,346
415,446


24.


Controlling party

The immediate parent undertaking is Axiom Alternative Investments SARL, a company incorporated in France, and the ultimate controlling party is Paris Bruxelles Capital Partners, an entity registered in France.

 
Page 23