IRIS Accounts Production
v24.3.2.46
09964777
Board of Directors
1.4.23
31.3.24
31.3.24
The principal activity of the Company is to hold participating Interest in Alta Semper Capital LLP, whose principal activity
is to source, execute and manage majority-stake investments stakes in leading business models in consumer-facing,
healthcare and enabling technology sectors across select emerging and frontier markets, for and on behalf of its investors.
The LLP in which company is partner, has an established investment team and advisory board that hold over several decades
of investment experience across both developed and frontier markets, with particular expertise in the chosen industry
verticals. Alta Semper Capital LLP, (the "Investment Manager") is authorized by the Financial Conduct Authority as a Small
Alternative Investment Fund Manager that manages unauthorized Alternative Investment Funds and also managed accounts.
The company's investment thesis is to deploy flexible, and strategic capital into its target markets taking a longer-term view
on returns and growth.
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REGISTERED NUMBER: 09964777 (England and Wales) |
Strategic report, report of the directors and |
Financial statements for the year ended 31st March 2024 |
ALTA SEMPER CAPITAL (UK) LTD |
Report of the directors |
3 |
|
Report of the independent auditors |
5 |
|
Other comprehensive income |
9 |
|
Statement of financial position |
10 |
|
Statement of changes in equity |
11 |
|
Statement of cash flows |
12 |
|
Notes to the statement of cash flows |
13 |
|
Notes to the financial statements |
14 |
|
|
Registered office: |
32 Curzon Street |
|
Registered number: |
09964777 (England and Wales) |
|
Auditors: |
Barnes Noble Ltd |
|
Chartered Accountant & Registered Auditor |
The directors present their strategic report of Alta Semper Capital (UK) Limited for the year ended 31 March 2024. |
The principal activity of the Company is to hold participating Interest in Alta Semper Capital LLP, whose principal activity is to source, execute and manage majority-stake investments stakes in leading business models in consumer-facing, healthcare and enabling technology sectors across select emerging and frontier markets, for and on behalf of its investors. The LLP in which company is partner, has an established investment team and advisory board that hold over several decades of investment experience across both developed and frontier markets, with particular expertise in the chosen industry verticals. Alta Semper Capital LLP, (the "Investment Manager") is authorized by the Financial Conduct Authority as a Small Alternative Investment Fund Manager that manages unauthorized Alternative Investment Funds and also managed accounts. The company's investment thesis is to deploy flexible, and strategic capital into its target markets taking a longer-term view on returns and growth. |
The company has identified three geographies where it is present and has closed on three large and substantial transactions in Egypt, Nigeria and Morocco where it receives management fees. |
The manages investments largely in the healthcare sector across emerging markets, which has proven to be resilient to COVID; the healthcare sector as a whole globally has also been the net beneficiary of continued government and private sector support, which has resulted in stability and in some cases growth. There is also continued institutional investor interest in investing in healthcare markets in emerging countries, from which the company believes it will benefit in the coming years. |
The company have streamlined many of its operating costs in order to economies. The company received income from Participating interest of £36,443 (2023: £36,234) with a Profit before tax of £30,204 (2023: £31,372). The administrative costs were £6,239 (2023: £4,862). |
The company did not pay any dividend during this period and no further dividends were declared by the directors in the reporting period. |
Principal Risks and Uncertainties |
The company's operations expose it to certain financial risks. During the period under review and up to the date of approval of the annual report and financial statements, there was in place an ongoing process for identifying, evaluating and managing the significant risks faced by the Company. The directors consider financial risks regularly and seek to manage the effects on the financial performance of the Company. |
Key Performance Indicators |
Given the straightforward nature of the Company, the directors are of the opinion that an analysis using KPIs is not |
necessary for an understanding of the development, performance or position of the business. |
The directors present their report with the financial statements of the company for the year ended 31st March 2024. |
No dividends will be distributed for the year ended 31 March 2024. |
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
Z Fond - appointed 18th January 2024 |
M Jahn - appointed 12th January 2024 |
Ms J S M Paliare - resigned 12th January 2024 |
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. |
The auditors, Barnes Noble Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
We have audited the financial statements of ALTA SEMPER CAPITAL (UK) LTD (the 'company') for the year ended 31st March 2024 which comprise the Income statement, Other comprehensive income, Statement of financial position, Statement of changes in equity, Statement of cash flows and Notes to the statement of cash flows, 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 31st March 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. |
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. |
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. |
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; or |
- |
the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic report. |
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. |
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: |
- Using our general commercial and sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error. |
- We examined the company's regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations. |
- We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
- In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements. |
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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional |
misrepresentation, or through 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 Report of the auditors. |
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. |
R Basu FCA (Senior Statutory Auditor) |
for and on behalf of Barnes Noble Ltd |
Chartered Accountant & Registered Auditor |
Administrative expenses |
6,239 |
|
4,862 |
|
|
Operating loss |
3 |
(6,239 |
) |
(4,862 |
) |
|
Income from participating interests |
36,443 |
|
36,234 |
|
|
Profit before taxation |
30,204 |
|
31,372 |
|
|
Profit for the financial year |
30,204 |
|
31,372 |
|
|
Profit for the year |
30,204 |
|
31,372 |
|
|
Other comprehensive income |
- |
|
- |
|
|
Total comprehensive income for the year |
30,204 |
|
31,372 |
|
|
Investments |
5 |
3,084,631 |
|
3,084,631 |
|
|
Cash at bank and in hand |
354 |
|
995 |
|
|
Amounts falling due within one year |
7 |
1,771,315 |
|
1,802,160 |
|
|
Net current liabilities |
(1,709,763 |
) |
(1,739,967 |
) |
|
Total assets less current liabilities |
1,374,868 |
|
1,344,664 |
|
|
Called up share capital |
8 |
1,718,824 |
|
1,718,824 |
|
|
Retained earnings |
9 |
(343,956 |
) |
(374,160 |
) |
|
Shareholders' funds |
1,374,868 |
|
1,344,664 |
|
|
The financial statements were approved by the Board of Directors and authorised for issue on 24th March 2025 and were signed on its behalf by: |
Balance at 1st April 2022 |
1,718,824 |
|
(405,532 |
) |
1,313,292 |
|
|
Profit for the year |
- |
|
31,372 |
|
31,372 |
|
|
Total comprehensive income |
- |
|
31,372 |
|
31,372 |
|
|
Balance at 31st March 2023 |
1,718,824 |
|
(374,160 |
) |
1,344,664 |
|
|
Profit for the year |
- |
|
30,204 |
|
30,204 |
|
|
Total comprehensive income |
- |
|
30,204 |
|
30,204 |
|
|
Balance at 31st March 2024 |
1,718,824 |
|
(343,956 |
) |
1,374,868 |
|
|
Cash flows from operating activities |
Cash generated from operations |
1 |
(37,084 |
) |
(35,365 |
) |
|
Net cash from operating activities |
(37,084 |
) |
(35,365 |
) |
|
Cash flows from investing activities |
Dividends received |
36,443 |
|
36,234 |
|
|
Net cash from investing activities |
36,443 |
|
36,234 |
|
|
(Decrease)/increase in cash and cash equivalents |
(641 |
) |
869 |
|
|
Cash and cash equivalents at beginning of year |
2 |
995 |
|
126 |
|
|
Cash and cash equivalents at end of year |
2 |
354 |
|
995 |
|
|
1. |
Reconciliation of profit before taxation to cash generated from operations |
|
Profit before taxation |
30,204 |
|
31,372 |
|
|
|
Finance income |
(36,443 |
) |
(36,234 |
) |
|
|
Decrease in trade and other creditors |
(30,845 |
) |
(30,503 |
) |
|
|
Cash generated from operations |
(37,084 |
) |
(35,365 |
) |
|
2. |
Cash and cash equivalents |
|
The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts: |
|
Year ended 31st March 2024 |
|
Cash and cash equivalents |
354 |
|
995 |
|
|
|
Year ended 31st March 2023 |
|
Cash and cash equivalents |
995 |
|
126 |
|
|
3. |
Analysis of changes in net funds |
|
At 1/4/23 |
Cash flow |
At 31/3/24 |
|
Cash at bank and in hand |
995 |
|
(641 |
) |
354 |
|
|
|
ALTA SEMPER CAPITAL (UK) LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
|
Basis of preparing the financial statements |
|
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
|
Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and in hand and demand deposits with banks. |
| 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 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. |
|
The financial statements have been prepared on a going concern basis. The group is reliant upon the continued support of its parent company. If this support was withdrawn the group would be unable to continue in operational existence. Adjustments would then have to be made to reduce the statement of financial position value of assets to their recoverable amounts and to provide any further liabilities that may arise. The group is unable to quantify the effect of such adjustments on the financial statements. The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis. |
|
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
|
Trade and other creditors |
|
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
|
The operating loss is stated after charging: |
|
Auditors' remuneration |
4,200 |
|
4,200 |
|
|
|
Foreign exchange differences |
1,859 |
|
345 |
|
|
|
Analysis of the tax charge |
|
No liability to UK corporation tax arose for the year ended 31st March 2024 nor for the year ended 31st March 2023. |
5. |
Fixed asset investments |
|
and 31 March 2024 |
|
3,084,631 |
|
|
|
At 31 March 2024 |
|
3,084,631 |
|
|
|
At 31 March 2023 |
|
3,084,631 |
|
|
|
The company's investment at the statement of financial position date include the following: |
|
Registered office: First Floor, 35 Berkeley Square, London W1J 5BF |
|
Nature of business: Investment advisory |
6. |
Debtors: amounts falling due within one year |
|
|
Other debtors |
61,198 |
|
61,198 |
|
|
7. |
Creditors: amounts falling due within one year |
|
|
Trade creditors |
4,200 |
|
4,410 |
|
|
|
Other creditors |
1,762,915 |
|
1,793,550 |
|
|
|
Accrued expenses |
4,200 |
|
4,200 |
|
|
8. |
Called up share capital |
|
Allotted, issued and fully paid: |
|
Number: |
Class: |
Nominal |
2024 |
2023 |
|
|
1,718,824 |
Ordinary |
£1 |
1,718,824 |
|
1,718,824 |
|
|
|
At 1st April 2023 |
(374,160 |
) |
|
|
Profit for the year |
30,204 |
|
|
|
At 31st March 2024 |
(343,956 |
) |
|
10. |
Ultimate controlling party |
|
The ultimate controlling party is Ms A Jetha. |
11. |
Employees and directors |
|
There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
|
The average number of employees during the year was as follows: |
|
There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023 |
|
Directors' remuneration |
|
- |
|
- |
|
|