REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Aurelius Investment Advisory Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Aurelius Investment Advisory Limited |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Aurelius Investment Advisory Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Strategic Report |
for the Year Ended 31 December 2023 |
The Company provides consultancy services to group companies regarding the acquisition of investments. The Company charges a fee for consultancy based on costs incurred rather than the uncertain project outcomes. |
REVIEW OF BUSINESS |
The trading performance of the financial year under review was broadly in line with the Board's strategic target and expectation. The company sales increased with total turnover for the year reaching £15.1m (2022 £13.5m).This increase in turnover is due to a conscious decision, made during 2023, to grow the business and increase the capabilities of the company to support consultancy services delivery. There was a resultant operating profit for the year of £71.3k, compared to a loss in 2022 of £0.984m. For the coming financial year, the company will continue to seek profitable growth. Given the current market conditions, the company expects to see favourable opportunities to operate. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The director regularly takes steps to identify, manage and mitigate business risks. Trading in a competitive market requires the ability to assess and respond to any issues arising quickly and effectively, and maintaining good business relationship with key stakeholders. |
The Aurelius management promptly analyses the situation of its portfolio companies in close consultation with the operating management teams of the group companies. The closeness to the group companies made it possible to devise and implement comprehensive action plans to protect the health of employees, minimise the risks to our business processes and soften the blow of the challenging external conditions at the different levels of holding companies and group companies. |
ENGAGEMENT WITH EMPLOYEES |
The director regularly takes steps to identify, manage and mitigate business risks. Trading in a competitive market requires the ability to assess and respond to any issues arising quickly and effectively, and maintaining good business relationship with key stakeholders. |
The Aurelius management promptly analyses the situation of its portfolio companies in close consultation with the operating management teams of the group companies. The closeness to the group companies made it possible to devise and implement comprehensive action plans to protect the health of employees, minimise the risks to our business processes and soften the blow of the challenging external conditions at the different levels of holding companies and group companies. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Corporate Codex |
Principles such as responsible, sustainable management are firmly embedded in the Aurelius ESG (Environmental Social Governance) policy, including: |
No investment in the arms industry. |
No investment in emissions-intensive companies. |
No trading in weapons or armaments, tobacco or tobacco products. |
Code of Conduct for suppliers and service providers. |
Anti-corruption and anti-bribery policy. |
Protection and support for whistleblowers. |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Strategic Report |
for the Year Ended 31 December 2023 |
STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS |
Environment: |
The Principles for Responsible Investment (PRI) is a UN financial initiative launched with the aim of fostering sustainable investing. AURELIUS has been a member since 2021. |
By implementing the PRI, AURELIUS aims to constantly enhance the sustainable investment approach, promoting corresponding business practices and encouraging other market participants to do the same actively and transparently. |
AURELIUS is committed to minimising energy consumption and greenhouse gas (GHG) emissions and prioritises promoting sustainable mobility options to reduce the operational footprint and minimise environmental impacts. |
At AURELIUS, Social Responsibility underpins the corporate strategy, extending beyond business operations to make impactful contributions to society. Key areas of engagement include employee health and safety, equal opportunities and employee development to attract outstanding talent. |
AURELIUS believes that long-term sustainable corporate success is only possible when combined with responsible corporate governance, and this is firmly anchored in the corporate strategy. AURELIUS has identified data protection, independence and diversity of its Board as key governance issues. The corporate governance approach also includes overarching ethical principles, anti-corruption initiatives, measures against money laundering, fair competition and a ban on lobbying and party donations. |
Measures have been introduced to permanently reduced CO2 emissions. |
Reduction of flights through the increased use of video conferences and online meetings and using train travel as an alternative. |
Precautions to prevent environmental damage. |
CO2 offsetting of the flights of all holding company employees since the 2019 financial year. |
Social commitment: |
The AURELIUS Refugee Initiative is dedicated to improving the living conditions and future prospects of migrants and refugees in Germany and abroad, in particular by promoting life-saving measures and education. The Initiative was founded in 2015 based on the belief that help is most effective when delivered directly. |
The Initiative has donated over GBP 1m to a number of projects since inception. |
ON BEHALF OF THE BOARD: |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Venture House Business Service Limited, 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 |
Aurelius Investment Advisory Limited |
Opinion |
We have audited the financial statements of Aurelius Investment Advisory Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 31 December 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 relating to going concern |
We draw your attention to the going concern note. As stated, these events or conditions indicate that a material uncertainty exists that may cast significant 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 with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Aurelius Investment Advisory Limited |
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 Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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: |
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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. |
Report of the Independent Auditors to the Members of |
Aurelius Investment Advisory Limited |
Other matters which we are required to address. |
The corresponding figures are unaudited. |
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 |
Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as | restated |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT/(LOSS) | 4 | ( |
) |
Interest receivable and similar income |
79,233 | (977,651 | ) |
Interest payable and similar expenses | 5 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 6 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as | restated |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
Note |
Prior year adjustment | 7 | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(244,897 |
) |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 | ( |
) | (1,545,031 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Prior year adjustment | - | ( |
) | ( |
) |
As restated | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 | ( |
) | ( |
) |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Aurelius Investment Advisory Limited is a |
The Company provides consultancy services to group companies regarding the acquisition of investments. The Company charges a fee for consultancy based on costs incurred rather than the uncertain project outcomes. This is outlined in the turnover and significant judgements policies. The inherent uncertainty in future revenue is reflected in the going concern note. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates including going concern |
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Revenue is recognised based on recoverable amounts invoiced in the period, all costs are matched to these revenues as there is no certainty as to any future revenue related to such expenditure. The company relies upon the continued support of Aurelius Equity Opportunities SE & Co. KGaA. In reaching the conclusion as to going concern we have sought and obtained an indication of this continued support. |
Turnover |
Sales are consultancy services provided to Aurelius group companies and are recognised when invoiced. |
Investments in subsidiaries |
Investments in subsidiaries undertakings are recognised at cost net of impairments. |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Financial assets and liabilities are offset and 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
as | restated |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Director's remuneration |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Other operating leases |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) |
The prior year figures are unaudited. |
The operating lease costs are amounts paid to an associate company on a sub lease agreement. |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Bank interest |
Loan |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Deferred tax |
Tax on loss |
7. | PRIOR YEAR ADJUSTMENT |
In the prior period's unaudited accounts, there were some omissions that were identified in the audit of the current year. All of the adjustments below relate to the prior year only and the impact is as follows : |
Balance Sheet Impact debit/(credit | ) | Impact profit/(loss | ) |
Sales | 159,188 |
Foreign exchange loss | (169,849 | ) |
Accrued Income | 159,188 |
Amounts due to group companies | (1,578,030 | ) |
Accruals | 1,408,181 |
Overall Impact | (10,661 | ) | (10,661 | ) |
8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Unterer Anger 3, D-80331 Munich, Germany |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Sturegatan 34, S-114 36 Stockholm, Sweden |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Via San Pietro all'Orto 17, Milan, Italy |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Herengracht 493, NL-1017 BT Amsterdam, Netherlands |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 1270 Avenue of the Americas,New York, NY 10020, USA |
Nature of business: |
% |
Class of shares: | holding |
After the year end, additional capital was purchased, the 100% ownership is unchanged. |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
VAT |
Prepayments and accrued income |
Prepayments |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as | restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 7,172,613 | 3,425,997 |
Social security and other taxes |
VAT | - | 41,803 |
Other creditors |
Pension control | 5,199 | 3,559 |
Accrued expenses |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | as restated |
£ | £ |
Ordinary | £1 | 100 | 100 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Prior year adjustment | ( |
) |
( |
) |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
13. | ULTIMATE PARENT COMPANY |
The majority of the shares in the company are owned by Aurelius Employee Pool Limited, with the remainder owned by Aurelius Investments Limited. The shareholders of Aurelius Employee Pool Limited are senior members of firm management, and Aurelius Investments Limited is 100% owned by AUR Portfolio III SE & Co. KGaA |
14. | RELATED PARTY DISCLOSURES |
Other creditors includes £395,575 (2022: £709,522) due to companies under common control. |
Within the amounts due to associated companies are loans totalling EUR 3.565m (2022 EUR 1.09m) and a loan for £250,000 (2022 £250,000). Interest is charged on these loans. |
Also, there is a sub lease agreement with an associated company, rent is charged at £14,495 per month. The sub lease is ongoing with no period end, however, the lease may be terminated by either party on one month's written notice. |
Aurelius Investment Advisory Limited (Registered number: 13169652) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | GOING CONCERN |
Revenue is recognised based on recoverable amounts invoiced in the period, all costs are matched to these revenues as there is no certainty as to any future revenue related to such expenditure. Never the less the company relies upon the continued support of AUR Portfolio III SE & Co. KGaA. It is the intention of the company that it will continue to trade for at least twelve months from the date of the audit report. To this regard AUR Portfolio III SE & Co. KGaA intends to offer such support as may be necessary to ensure this. |