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. 6 6 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099647772023-03-31099647772024-03-31099647772023-04-012024-03-31099647772022-03-31099647772022-04-012023-03-31099647772023-03-3109964777ns15:EnglandWales2023-04-012024-03-3109964777ns14:PoundSterling2023-04-012024-03-3109964777ns10:Director12023-04-012024-03-3109964777ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3109964777ns10:MediumEntities2023-04-012024-03-3109964777ns10:Audited2023-04-012024-03-3109964777ns10:Medium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3109964777ns10:FullAccounts2023-04-012024-03-3109964777ns10:OrdinaryShareClass12023-04-012024-03-3109964777ns10:Director22023-04-012024-03-3109964777ns10:Director32023-04-012024-03-3109964777ns10:Director42023-04-012024-03-3109964777ns10:RegisteredOffice2023-04-012024-03-3109964777ns10:Director52023-04-012024-03-3109964777ns5:CurrentFinancialInstruments2024-03-3109964777ns5:CurrentFinancialInstruments2023-03-3109964777ns5:ShareCapital2024-03-3109964777ns5:ShareCapital2023-03-3109964777ns5:RetainedEarningsAccumulatedLosses2024-03-3109964777ns5:RetainedEarningsAccumulatedLosses2023-03-3109964777ns5:ShareCapital2022-03-3109964777ns5:RetainedEarningsAccumulatedLosses2022-03-3109964777ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3109964777ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-310996477712023-04-012024-03-310996477712022-04-012023-03-3109964777ns10:OrdinaryShareClass12024-03-3109964777ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 09964777 (England and Wales)















Strategic report, report of the directors and

Financial statements for the year ended 31st March 2024

For

ALTA SEMPER CAPITAL (UK) LTD

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Contents of the financial statements
for the Year Ended 31st March 2024










Page

Company information 1

Strategic report 2

Report of the directors 3

Report of the independent auditors 5

Income statement 8

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


ALTA SEMPER CAPITAL (UK) LTD

Company information
for the Year Ended 31st March 2024







Directors: Z Fond
M Jahn
Ms A Jetha
G Parsons





Registered office: 32 Curzon Street
London
W1J 7WS





Registered number: 09964777 (England and Wales)





Auditors: Barnes Noble Ltd
Chartered Accountant & Registered Auditor
Unitec House
2 Albert Place
London
N3 1QB

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Strategic report
for the Year Ended 31st March 2024


The directors present their strategic report of Alta Semper Capital (UK) Limited for the year ended 31 March 2024.

Principal Activity
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.

Review of the Business
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).

Results and Dividends
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.

On behalf of the board:





Ms A Jetha - Director


24th March 2025

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Report of the directors
for the Year Ended 31st March 2024


The directors present their report with the financial statements of the company for the year ended 31st March 2024.

Dividends
No dividends will be distributed for the year ended 31 March 2024.

Directors
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.

Ms A Jetha
G Parsons

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.

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Report of the directors
for the Year Ended 31st March 2024


Auditors
The auditors, Barnes Noble Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Ms A Jetha - Director


24th March 2025

Report of the independent auditors to the members of
Alta semper capital (uk) ltd


Opinion
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.

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.

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

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

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

Other information
The 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.

Report of the independent auditors to the members of
Alta semper capital (uk) ltd


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.

Report of the independent auditors to the members of
Alta semper capital (uk) ltd


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.

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.




R Basu FCA (Senior Statutory Auditor)
for and on behalf of Barnes Noble Ltd
Chartered Accountant & Registered Auditor
Unitec House
2 Albert Place
London
N3 1QB

24th March 2025

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Income statement
for the Year Ended 31st March 2024

2024 2023
Notes £    £   

Turnover - -

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

Tax on profit 4 - -
Profit for the financial year 30,204 31,372

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Other comprehensive income
for the Year Ended 31st March 2024

2024 2023
Notes £    £   

Profit for the year 30,204 31,372


Other comprehensive income - -
Total comprehensive income for the year 30,204 31,372

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Statement of financial position
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Investments 5 3,084,631 3,084,631

Current assets
Debtors 6 61,198 61,198
Cash at bank and in hand 354 995
61,552 62,193
Creditors
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

Capital and reserves
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:





Ms A Jetha - Director


ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Statement of changes in equity
for the Year Ended 31st March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2022 1,718,824 (405,532 ) 1,313,292

Changes in equity
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

Changes in equity
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

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Statement of cash flows
for the Year Ended 31st March 2024

2024 2023
Notes £    £   
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

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Notes to the statement of cash flows
for the Year Ended 31st March 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£    £   
Profit before taxation 30,204 31,372
Finance income (36,443 ) (36,234 )
(6,239 ) (4,862 )
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
31/3/24 1/4/23
£    £   
Cash and cash equivalents 354 995
Year ended 31st March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 995 126


3. Analysis of changes in net funds

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 995 (641 ) 354
995 (641 ) 354
Total 995 (641 ) 354

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Notes to the financial statements
for the Year Ended 31st March 2024


1. Statutory information

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.

2. Accounting policies

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
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.

Going concern
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
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.

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Notes to the financial statements - continued
for the Year Ended 31st March 2024


2. Accounting policies - continued

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.

3. Operating loss

The operating loss is stated after charging:

2024 2023
£    £   
Auditors' remuneration 4,200 4,200
Foreign exchange differences 1,859 345

4. Taxation

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

Unlisted
Investments
£   
COST
At 1 April 2023
and 31 March 2024 3,084,631

NET BOOK VALUE
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:

Alta Semper Capital LLP
Registered office: First Floor, 35 Berkeley Square, London W1J 5BF
Nature of business: Investment advisory
Share in LLP : 40%

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Other debtors 61,198 61,198

ALTA SEMPER CAPITAL (UK) LTD (Registered number: 09964777)

Notes to the financial statements - continued
for the Year Ended 31st March 2024


7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 4,200 4,410
Other creditors 1,762,915 1,793,550
Accrued expenses 4,200 4,200
1,771,315 1,802,160

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,718,824 Ordinary £1 1,718,824 1,718,824

9. Reserves
Retained
earnings
£   

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:

2024 2023

Administration Staff 6 6

There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023

2024 2023
£    £   
Directors' remuneration - -
.