Registered number
09170990
Bellevue Asset Management (UK) Ltd
Annual Report and Financial Statements
31 December 2024
Bellevue Asset Management (UK) Ltd
Annual report and financial statements
for the year ended 31 December 2024
Contents
Page
Company information 1
Strategic report 2
Directors' report 5
Independent auditors' report 7
Income statement 10
Statement of comprehensive income 10
Statement of financial position 11
Statement of changes in equity 12
Notes to the financial statements 13
Bellevue Asset Management (UK) Ltd
Company Information
Directors
Paul Major
Claude Mikkelsen
Markus Peter (appointed 2 October 2024)
Independent Auditors
PricewaterhouseCoopers LLP
The Maurice Wilkes Building, St. John's Innovation Park
Cowley Road
Cambridge
CB4 0DS
Registered office
66 Lincoln's Inn Fields
London
WC2A 3LH
Registered number
09170990
Bellevue Asset Management (UK) Ltd
Strategic Report
The directors present their strategic report for the for the year ended 31 December 2024.
Review of the business
Bellevue Asset Management (UK) Ltd ("the company") provides investment management services for Bellevue Healthcare Trust plc ("BBH"), an investment vehicle listed on the London Stock Exchange. Risk management services are provided to the company by its Swiss parent company, Bellevue Asset Management AG.

In addition, the company provides investor relations services to professional investors on behalf of BB Biotech AG. BB Biotech AG has an investment management and administration agreement with the company's parent. The investor relations services are provided by the company to its parent company.

The company is authorised and regulated by the Financial Conduct Authority ("FCA").
Turnover is generated under an investment management contract with BBH. It is also generated under services agreements with its parent company and other group companies, turnover from which is calculated as the costs to the company plus a mark-up. Turnover generated in the year to 31 December 2024 under investment management contracts was £6,185,522 (2023: £7,772,702). This year on year decrease is primarily due to fluctuations in the value of BBH causing a decrease in income from its investment management contract. Turnover generated under services agreements was £590,259 (2023: £1,321,963). This decrease is due to services being provided to a group company during 2023 which were not provided during 2024. Profit before taxation for the year was £2,922,457 (2023: £4,011,470). At 31 December 2024 the net assets of the company were £3,985,746 (2023: £12,045,134). This decrease is primarily due to a dividend of £10,250,000 being paid to the parent company during the year.
In addition to revenues, profit before taxation and net assets, the key performance indicators used by the group to measure the company’s performance are aligned with the goals of the entire Bellevue Group. The group KPIs include assets under management, profitable top line growth, cost/income ratio, operating profit, return on equity and performance quality.
Principal risks and uncertainties
Regulation
The company carries out activities that are authorised and regulated by the FCA. The Board of Directors regularly monitors compliance with FCA regulations, and the company's compliance officer is supported by specialist external compliance consultants.
Reliance on one major customer
The company has one major customer: BBH. If the investment management contract between BBH and the company were terminated, this would result in a significant reduction in the company's revenues. In order to comply with FCA regulations, the company performs stress tests to ensure that sufficient capital is held to meet the costs of winding down the business in the event that the investment management contract is terminated.
Bellevue Asset Management (UK) Ltd
Strategic Report (continued)
Principal risks and uncertainties (continued)
Price risk
Revenues earned under investment management contracts are related to the assets under management. Any fluctuations in the market value of BBH will have a direct impact on the company's revenues. Amounts paid to employees under long-term incentive plans and bonus plans are directly linked to the revenues earned. Therefore market volatility has a corresponding impact on the company's staff costs.
Going concern
The company's directors have evaluated the position of the company, and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has therefore adopted the going concern basis in preparing its financial statements.
Section 172 Statement
The directors of all UK companies must act in accordance with a set of general duties which are detailed in section 172 of the UK Companies Act 2006. As part of the on-boarding process, directors are made aware of these duties and their responsibilities under the Act.

Bellevue Asset Management (UK) Ltd is part of a large group, however itself does not meet the criteria for reporting under all of the areas covered by section 172 of the Companies Act 2006. It is only required to report on how the company and its directors discharged their duties in certain areas: risk management, community and environment, culture, values and standards. These are described in more detail in the following paragraphs:
Risk management

The directors must ensure that the company and its employees are acting in accordance with the strategy and business plan agreed by the Board of Directors. The company's principle function is to provide portfolio management and investor relations services to its clients. As such, it operates within a highly regulated environment.

The board of directors has ensured the company has appropriate employees, systems and processes in place to be certain that our management activities are conducted within those regulatory requirements and that our clients are treated fairly.

The principle risks in day to day operations relate to ensuring that equity investment transactions carried out on behalf of the client are conducted within the set parameters and that the agreed Investment Mandate of the client are complied with in respect of the overall portfolio metrics.
Bellevue Asset Management (UK) Ltd
Strategic Report (continued)
Section 172 Statement (continued)
Community and environment

Our principal engagement is with the management of the companies which we analyse and have the potential to include within the investment portfolios of the fund that we managed, all of which are in the healthcare sector. Within this scope, we aim to set a positive example to the wider community as both an investor and an employer.

On the investment side, this is reflected through the incorporation of an ESG assessment (Environmental, Social and Governance good practice) as a core principal in our investment selection and portfolio management processes. The company values regular and direct interaction with the senior management of portfolio companies and will challenge them on their own efforts in these critical areas.

The company’s parent, Bellevue Asset Management AG, is a signatory of the UN PRI (United Nations Principles for Responsible Investment), committing it to: active consideration of ESG aspects in investment processes, to take on an active ownership role on ESG issues, to adequately disclose ESG issues and to report on activities and progress in these areas. Bellevue Asset Management AG is committed to the climate goals and supports measures to reduce global warming.

On the employer side, the company benchmarks itself against peers to ensure that it offers an attractive working environment and remuneration package in areas such as employee healthcare, wellbeing, retirement savings, flexible working, technological connectivity etc.
Culture, values and standards

As the principle conduit for interactions between UK shareholders and investors in the investment products, the company has significant influence over, and responsibility for, the reputation of these products. The Compliance Officer monitors all of the investor relations materials produced and investor events conducted on behalf of these clients and ensures that appropriate targets and oversight are in place to manage this responsibility.

The Board of Directors actively promotes the highest standards of service, ethical and professional conduct to enhance the standing of both the company and the wider investment management industry and to ensure the company continues to be seen as an attractive place to work within the wider industry and community.
This report was approved by the Board of Directors on 26 February 2025 and signed on its behalf.
Paul Major
Director
Bellevue Asset Management (UK) Ltd
Registered number: 09170990
Directors' Report
for the year ended 31 December 2024
The directors present their report and audited financial statements of Bellevue Asset Management (UK) Ltd ("the company") for the year ended 31 December 2024.
Principal activities
The company had two main activities during the year. Firstly, the provision of fund management services to Bellevue Healthcare Trust plc, an investment vehicle listed in the United Kingdom. Secondly, the company provided investor relations services to professional investors on behalf of BB Biotech AG, an investment company listed in Switzerland and Germany. BB Biotech AG has an investment management and administration agreement with the company's Swiss parent company, Bellevue Asset Management AG.
Future developments
The future intentions are to further broaden Bellevue Healthcare Trust plc and BB Biotech AG’s shareholder bases among professional investors in the UK and other European countries.
Financial risk management
The company's exposure to credit risk, liquidity risk and cashflow risk are limited because it only has two customers. The ultimate parent company, Bellevue Group AG, manages credit, liquidity and cashflow risk on an integrated group basis.
Dividends
On 29 September 2024, a dividend of £10,250,000 was declared and paid. No further dividends were declared and paid up to the date of this report.
Directors
The following persons served as directors throughout the year and up to the date of this report:
Paul Major
Claude Mikkelsen
Markus Peter (appointed 2 October 2024)
Martin Gubler (resigned 22 October 2024)
Daniel Sigg (Non-Executive) (resigned 31 August 2024)
MiFIDPRU 8 disclosure
Details of the company’s regulatory disclosures, required under Chapter 8 of the Financial Conduct Authority’s Prudential Sourcebook for MiFID Investment Firms, are maintained on our website at: www.bellevue-am.uk
Third party indemnity provisions
As permitted by the company's Articles of Association, the directors have the benefit of a qualifying third party group indemnity and a group directors' and officers' liability insurance. The indemnity and insurance policy were in force throughout the financial year and are still currently in force at the date of this the approval of the financial statements.
Statement of directors' responsibilities in respect of the financial statements
The directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 'Reduced Disclosure Framework' and applicable law). Under company law, 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 the financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
state whether applicable United Kingdom Accounting Standards, comprising FRS 101, have been followed, subject to any material departures disclosed and explained in the financial statements;
make judgements and accounting estimates that are reasonable and prudent; and
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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also 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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information 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.
Independent auditors
The auditors, PricewaterhouseCoopers LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the next meeting of the board of directors.
This report was approved by the Board of Directors on 26 February 2025 and signed on its behalf.
Paul Major
Director
Independent auditors’ report to the members of Bellevue Asset Management (UK) Ltd
Report on the audit of the financial statements
Opinion
In our opinion, Bellevue Asset Management (UK) Ltd's 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 (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, and the Financial Statements (the "Annual Report"), which comprise: the Statement of Financial Position as at 31 December 2024; the Income Statement, the Statement of Comprehensive Income; and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.
With respect to the Strategic report and Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
Strategic report and Directors’ report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors' report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors' report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors' responsibilities in respect of the financial statements, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.
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.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK employment legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as UK tax legislation and the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate reported results, and management bias in accounting estimates. Audit procedures performed by the engagement team included:
Inspecting the schedule of correspondence with the Financial Conduct Authority in relation to compliance with laws and regulations;
Inspecting the Company's quarterly compliance report to the Board of Directors to ensure we have identified any possible breaches that would require notification to the Financial Conduct Authority;
Identifying and testing journal entries meeting specified risk criteria considered to be unusual or indicative of potential fraud;
Evaluating management's controls designed to prevent and detect irregularities;
Testing the appropriateness of key accounting estimates made by management;
Reading relevant minutes, including those of the Board of Directors to identify non-compliance.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of this report
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
we have not obtained all the information and explanations we require for our audit; or
adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
certain disclosures of directors’ remuneration specified by law are not made; or
the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Claire Lake
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Cambridge
26 February 2025
Bellevue Asset Management (UK) Ltd
Income Statement
for the year ended 31 December 2024
Year ended Year ended
31 December 31 December
Note 2024 2023
£ £
Turnover 4 6,775,781 9,094,665
Cost of sales (230,624) (253,936)
Gross profit 6,545,157 8,840,729
Administrative expenses (3,810,581) (4,855,891)
Operating profit 5 2,734,576 3,984,838
Finance income 8 212,254 50,719
Finance costs 9 (24,373) (24,087)
Profit before taxation 2,922,457 4,011,470
Income tax expense 10 (731,845) (944,318)
Profit for the financial year 2,190,612 3,067,152
Statement of comprehensive income
There is no other comprehensive income for the year (2023: none).
Bellevue Asset Management (UK) Ltd
Registered number: 09170990
Statement of Financial Position
as at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Right of use assets 11 96,433 305,565
Current assets
Trade and other receivables 12 842,625 8,817,393
Cash and cash equivalents 5,385,148 6,370,094
6,227,773 15,187,487
Creditors: amounts falling due within one year 13 (1,821,256) (2,637,765)
Net current assets 4,406,517 12,549,722
Total assets less current liabilities 4,502,950 12,855,287
Creditors: amounts falling due after more than one year 14 (517,204) (810,153)
Net assets 3,985,746 12,045,134
Equity
Called up share capital 16 50,000 50,000
Retained earnings 16 3,935,746 11,995,134
Total equity 3,985,746 12,045,134
The notes on pages 13 to 26 are an integral part of these financial statements.
The financial statements on pages 10 to 26 were approved by the board of directors on 26 February 2025 and signed on its behalf by:
Paul Major
Director
Bellevue Asset Management (UK) Ltd
Statement of Changes in Equity
for the year ended 31 December 2024
Called up Retained Total
share earnings equity
capital
£ £ £
At 1 January 2023 50,000 8,927,982 8,977,982
Total comprehensive income for the year - 3,067,152 3,067,152
At 31 December 2023 50,000 11,995,134 12,045,134
At 1 January 2024 50,000 11,995,134 12,045,134
Total comprehensive income for the year - 2,190,612 2,190,612
Dividends (see note 17) - (10,250,000) (10,250,000)
At 31 December 2024 50,000 3,935,746 3,985,746
Bellevue Asset Management (UK) Ltd
Notes to the Financial Statements
for the year ended 31 December 2024
1 General information
Bellevue Asset Management (UK) Ltd ("the company") provides investment management services for Bellevue Healthcare Trust plc ("BBH"), an investment vehicle listed on the London Stock Exchange. Risk management services are provided to the company by its Swiss parent company, Bellevue Asset Management AG.

In addition, the company provides investor relations services to professional investors on behalf of BB Biotech AG. BB Biotech AG is has an investment management and administration agreement with the company's parent. The investor relations services are provided by the company to its parent company.

During the year ended 31 December 2023, the company also provided certain fund formation activities to Bellevue Private Markets AG ("BPM"), a company owned by the company's ultimate parent company, Bellevue Group AG.
The company is a private company limited by shares and is incorporated and domiciled in England.
The address of the company's registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH.
2 Summary of material accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The financial statements of Bellevue Asset Management (UK) Ltd have been prepared in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101). The financial statements have been prepared under the historical cost convention, and in accordance with the Companies Act 2006 as applicable to those entities adopting FRS 101.

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are material to the financial statements are disclosed in note 3.
2 Summary of material accounting policies (continued)
Basis of preparation (continued)
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101:

Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based payment’ (details of the number and weighted-average exercise prices of share options, and how the fair value of goods or services received was determined)

IFRS 7, ‘Financial Instruments: Disclosures’

101p8(e) – Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities)
The following paragraphs of IAS 1, ‘Presentation of financial statements’:
– 10(d), (statement of cash flows)
– 16 (statement of compliance with all IFRS),
– 38A (requirement for minimum of two primary statements, including cash flow statements),
– 38B-D (additional comparative information),
– 111 (cash flow statement information), and
– 134-136 (capital management disclosures)

IAS 7, ‘Statement of cash flows’

Paragraphs 30 and 31 of IAS 8 ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective)

Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation)

The requirements in IAS 24, ‘Related party disclosures’ to disclose related party transactions entered into between two or more members of a group.
Going concern
The company meets its day-to-day working capital requirements through its cash reserves. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current cash reserves. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has therefore adopted the going concern basis in preparing its financial statements.
New standards, amendments and IFRIC interpretations
There are no new accounting standards, or amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 December 2024 that have had a material impact on the company.
2 Summary of material accounting policies (continued)
Financial instruments
The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire.

All of the company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost.
Impairment of financial assets
The company assesses on a forward-looking basis the expected credit loss associated with its financial assets. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Financial liabilities
The company classifies all of its financial liabilities as liabilities at amortised cost. Financial liabilities at amortised cost are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried into the statement of financial position.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. The company recognises revenue when performance obligations have been satisfied.

Turnover generated from investment management services provided is recognised over in time in the period in which the services are provided. Revenue is recognised in the amount to which the company has a right to invoice. The customer is invoiced on a monthly basis and consideration is payable when invoiced.

Turnover generated from rendering services to the parent company is recognised in accordance with the services agreement between the companies. In line with the provisions of the services agreement, turnover is calculated as costs plus a mark-up.
2 Summary of material accounting policies (continued)
Trade and other receivables
Short term trade receivables are amounts due for services performed in the ordinary course of business. Short term receivables are initially recognised at fair value and subsequently measured at amortised cost. At each reporting date, the company measures expected credit losses on short term trade receivables based on credit risk characteristics and the number of days past due. Expected credit loss rates are based on past payment profiles over the previous 12 months, adjusted to reflect current and forward-looking information about the ability of customers to settle the receivables. For intercompany balances, the estimated credit loss is nil.
Cash and cash equivalents
Cash and cash equivalents comprises of cash in hand and deposits held at call with banks with a maturity of less than 3 months at inception.
Creditors
Creditors are obligations to pay for goods and services that have been acquired in the normal course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Creditors are presented as amounts falling due within one year unless payment is not due within 12 months after the reporting period.
Taxation
The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the United Kingdom. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and where there is an intention to settle the balances on a net basis.
2 Summary of material accounting policies (continued)
Foreign currency translation
a) Functional and presentational currency
Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (‘the functional currency’). The financial statements are presented in ‘Pounds Sterling’ (£), which is also the company’s functional currency.

b) Transactions and balances
Transactions in foreign currencies are translated into the functional currency using the exchange rate ruling at the date of the transaction or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Share capital
Ordinary shares are classified as equity.
Leases
The company leases an office space. The rental contract is typically for a fixed period of between one and two years. Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the company. Assets and liabilities arising from a lease are initially measured on a present value basis.

The lease payments are discounted using a rate that the company would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability. Right-of-use assets are depreciated over the lease term on a straight-line basis.

Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.
2 Summary of material accounting policies (continued)
Share based payments
In 2023, one of the company's employees was part of a share-based compensation plan which is accounted for as cash-settled but which was paid in shares of the company's ultimate parent, Bellevue Group AG. This is accounted for under IFRS2 (Share based payments). The fair value of the payment at the grant date is the basis for calculating the value of the services received by the company, and this is recognised over the completion of the service period starting at grant date. The employee left their role with the company during the first year after grant, and so the amount recognised as an expense was adjusted to reflect the number of shares awarded to the employee on the date that their employment ceased.
Long term incentive plans
Certain of the company's employees are part of share-based compensation plans. These are accounted for under IAS 19 (Employee benefits) rather than under IFRS2 (Share based payments). Under these plans the company receives services from the employee as consideration for shares in one of the investment products managed by a group entity of Bellevue Group AG. When payments are made to the company's employee under this plan, the fair value of these payments at grant date is the basis for calculating the value of the services received by the company. Share-based payments that are not subject to any further conditions are expensed immediately at grant date. Share-based payments that are subject to the completion of a service period or to other vesting conditions are expensed over the vesting period starting at grant date. The amount recognised as an expense is adjusted to reflect the number and value of shares expected to be awarded based on the impact of related service conditions and performance criteria.
Certain of the company's employees are part of the Bellevue Group AG bonus plan, under which the company receives services from the employee as consideration for a future deferred cash payment. When payments are made to the company's employee under this plan, the fair value of these payments at grant date is the basis for calculating the value of the services received by the company. Deferred cash payments that are subject to the completion of a service period or to other vesting conditions are expensed over the vesting period starting at allocation date. The amount recognised as an expense is adjusted to reflect the value of the deferred cash expected to be paid to the employee based on the impact of related service conditions.
Pensions
The company makes contributions to privately administered pension insurance plans on a contractual basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due.
Dividend distribution
Dividend distributions to the company’s shareholder are recognised in the company’s financial statements in the period in which the dividends are approved by the board.
3 Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Long term incentive plans
Certain of the company's employees are part of share based compensation plans (note 20). The compensation paid to employees under these plans is dependent upon the achievement of certain quantitative and qualitative performance targets by BBH over the three fiscal years subsequent to grant. The maximum number of shares will be distributed if the absolute performance of BBH during the subsequent three years exceeds 10% p.a., the relative performance is better than that of the relevant indexes and qualitiative criteria set at the date of grant are met. There could be no entitlement to the maximum number of shares if the quantitative or qualitative factors are not met. An estimate is made about the number of awards that are expected to vest.
Where awards vest in more than six months from the balance sheet date, the maximum number of shares expected to be distributed under the award is based on historical award data. This historical award data is adjusted by management if it appears to be unreasonable based on market expectations for both BBH and index performance.
Certain of the company's employees are part of a cash based long term incentive plan (note 20). The deferred payments made to employees under the plan are accounted for under IAS 19 (Employee benefits). Compensation paid to employees under the plan is fixed but dependent on their continued employment during the one-year service and vesting period. An estimate, based on historical staff retention rates across the Bellevue Group, is made about whether employees are expected to remain in employment for during the vesting period.
4 Turnover
2024 2023
£ £
Services rendered 6,775,781 9,094,665
By geographical market:
UK 6,185,522 7,772,702
Rest of Europe 590,259 1,321,963
6,775,781 9,094,665
5 Operating profit
2024 2023
£ £
Operating profit is stated after charging:
Depreciation of right of use assets (see note 11) 209,132 133,245
Auditors' remuneration for audit services 63,828 64,516
Auditors' remuneration for other assurance services 6,000 6,000
Foreign exchange differences 1,006 334
The directors have agreed with the company's auditors that the auditor's liability to damages for breach of duty in relation to the audit of the company's financial statements for the year to 31 December 2024 will be limited to the greater of £5,000,000 or 5 times the auditor's fees for the statutory audit, and that in any event the auditor's liability for damages will be limited to that part of any loss suffered by the company as is just and equitable having regard to the extent to which the auditor, the company and any third parties are responsible for the loss in question. The shareholders approved this liability limitation agreement, as required by the Companies Act 2006, by a resolution dated 24 October 2024.
6 Staff costs
2024 2023
£ £
Wages and salaries 2,407,367 3,295,163
Social security costs 315,740 421,594
Other pension costs 89,241 101,917
2,812,348 3,818,674
The monthly average number of employees during the year was 8 (2023: 9).
7 Directors' emoluments
Total directors remuneration and that of the highest paid director was as follows:
2024 2023
£ £
Emoluments 970,243 1,183,680
Aggregate amounts received or receivable under long term incentive schemes 369,620 438,741
Company contributions to defined contribution pension plans 46,000 46,000
1,385,863 1,668,421
7 Directors' emoluments (continued)
2024 2023
£ £
Highest paid director:
Emoluments and aggregate amounts received or receivable under long term incentive schemes 937,828 1,047,010
Company contributions to defined contribution pension plans 25,000 25,000
962,828 1,072,010
Number of directors to whom retirement benefits accrued:
2024 2023
Number Number
Defined contribution plans 2 2
8 Finance income 2024 2023
£ £
Bank interest income 212,254 50,719
212,254 50,719
9 Finance costs
2024 2023
£ £
Interest on lease liabilities (see note 11) 23,596 23,444
Other 777 643
24,373 24,087
10 Income tax expense
2024 2023
£ £
Analysis of charge in year
Current tax:
UK corporation tax on profits of the year 656,175 947,510
Adjustments in respect of previous years - 599
656,175 948,109
Deferred tax:
Origination and reversal of timing differences 75,670 (3,791)
Tax on profit 731,845 944,318
10 Income tax expense (continued)
Factors affecting tax charge for year
The differences between the tax assessed for the year and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit before taxation 2,922,457 4,011,470
Standard rate of corporation tax in the UK 25.00% 23.52%
£ £
Profit before taxation multiplied by the standard rate of corporation tax 730,614 943,498
Effects of:
Expenses not deductible for tax purposes 1,231 5,148
Permanent differences (taxation basis of employee long term incentive plans) - 11,358
Remeasurement of deferred tax – change in UK tax rate (employee long term incentive plans) - (16,285)
Adjustments in respect of previous years - 599
Total tax charge for the year 731,845 944,318
Factors that may affect future tax charges
Deferred taxes at the balance sheet date have been measured using enacted tax rates and reflected in these financial statements.
11 Leases
The statement of financial position shows the following amounts relating to leases:
2024 2023
£ £
Right of use assets
Buildings 96,433 305,565
96,433 305,565
Lease liabilities
Current 108,037 211,008
Non-current - 108,037
108,037 319,045
Additions to the right of use assets during the year were £nil (2023: £418,264).
11 Leases (continued)
The income statement shows the following amounts relating to leases:
2024 2023
£ £
Depreciation charge for right of use assets (included in administrative expenses)
Buildings 209,132 133,245
209,132 133,245
Interest expense (included in finance costs) 23,596 23,444
Expense relating to short-term leases (included in administrative expenses) - 111,057
Expense relating to leases of low-value assets that are not shown above as short-term leases (included in administrative expenses) 4,833 5,137
28,429 139,638
The total cash outflow for leases included in right of use assets in 2024 was £234,603 (2023: £144,022).
12 Trade and other receivables 2024 2023
£ £
Amounts owed by group undertakings 241,329 7,858,931
Deferred tax asset (see note 15) 211,900 287,570
Other debtors 3,284 43,868
Prepayments and accrued income 386,112 627,024
842,625 8,817,393
Amounts falling due after more than one year included in:
Deferred tax asset (see note 15) 39,786 60,177
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
13 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,796 8,642
Corporation tax 184,175 514,708
Other tax and social security 56,530 162,359
Other creditors 12,206 13,185
Accruals 1,451,512 1,727,863
Lease liabilities (see note 11) 108,037 211,008
1,821,256 2,637,765
14 Creditors: amounts falling due after more than one year 2024 2023
£ £
Lease liabilities (see note 11) - 108,037
Accruals 517,204 702,116
517,204 810,153
15 Deferred taxation asset 2024 2023
£ £
Employee long term incentive plans: awards not yet allocated 211,900 287,570
2024 2023
£ £
At 1 January 287,570 283,779
Credited to the income statement 151,723 275,641
Charged to the income statement (227,393) (271,850)
At 31 December 211,900 287,570
The deferred tax asset is expected to be realised as follows:
2024 2023
£ £
Within one year 172,114 227,393
Within greater than one year 39,786 60,177
211,900 287,570
16 Called up share capital and reserves
Nominal 2024 & 2023 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 50,000 50,000 50,000
All shares rank pari passu in all respects. The articles of association of the company restrict pre-emption rights attached to the shares by disapplying sections 561, 562 and 568 of the Companies Act 2006.
On 20 May 2019, the Board of Directors passed a resolution to restrict £450,000 of the retained earnings.
17 Dividends 2024 2023
£ £
Dividends on ordinary shares (£205 per ordinary share (2023 £nil)) 10,250,000 -
18 Pension plans
Defined contribution pension plan
The company provides a defined contribution pension scheme for its employees. The expense in the year was £89,241 (2023: £101,917).
19 Controlling party
The immediate parent undertaking is Bellevue Asset Management AG, Theatrestrasse 12, 8001 Zürich, Switzerland.

The ultimate parent undertaking is Bellevue Group AG and the smallest and largest group to consolidate these financial statements is Bellevue Group AG. Copies of the Bellevue Group AG consolidated financial statements can be obtained online at www.bellevue.ch

Bellevue Group AG does not have an ultimate controlling party.
20 Employee long term incentive plans
The total expense recognised in administrative costs in relation to the current service cost of employee long term incentive plans in the year is £608,786 (2023: £1,047,988).
Included in accruals, there is a liability of £1,898,931 relating to employee long term incentive plans (2023: £2,340,589). Of this, £517,204 relates to plans that vest within more than one year (2023: £702,116).

The total actual liability under the long term incentive plans at 31 December 2024 is £821,286 higher (2023: £1,198,232 higher), and this additional liability will be accrued over the remaining vesting period of the long term incentive plans, which is up to two years. The presentation of this liability differs to that adopted in the consolidated financial statements of Bellevue Group AG due to the requirements of the Companies Act 2006.
The long term incentive plans that the company's employees participate in are as follows:
Bellevue Asset Management AG bonus plan
The company's employees participate in the Bellevue Asset Management AG bonus plan. The total bonus pool available is determined by reference to the profits of the entire Bellevue Group. The actual amount of bonus payable to the employee is determined by the executive board of Bellevue Asset Management AG depending on personal performance, role and experience.
The bonus is paid in cash and deferred cash. The deferred cash is allocated in the February following the end of the year to which the bonus relates, and is subject to a one-year claw back right and a one-year cliff vesting period (service period).
For the element of the bonus paid in deferred cash, the company recognises an expense over the vesting period of the award.
Deferred cash awards relating to the bonus pool for the year ended 31 December 2024 will be allocated under the scheme in February 2025. Deferred cash awards relating to the bonus pool for the year ended 31 December 2023 were allocated under the scheme in February 2024.
20 Employee long term incentive plans (continued)
Bellevue Asset Management (UK) Ltd Long Term Incentive Plan 2021, 2022, 2023 and 2024
Employees participate in the Bellevue Asset Management (UK) Ltd Long Term Incentive Plan 2021, 2022, 2023 and 2024 (LTIP 2021, 2022, 2023 and 2024). The LTIPs have been set up in conjunction with the asset management mandates of Bellevue Healthcare Trust plc (BBH), which is managed by the company. The shares awarded are shares in BBH. The actual number of shares awarded at each grant depends on various conditions. Awarded shares are subject to a three-year vesting period beginning on the date of grant. The actual number of shares distributed will depend on the achievement of certain quantitative and qualitative performance targets by BBH over the subsequent three fiscal years. The maximum number of shares will be distributed if the absolute performance of BBH during the subsequent three years exceeds 10% p.a., the relative performance is better than that of the relevant indexes, and qualitative criteria set at the date of grant are met. There could be no entitlement to the maximum number of shares if the absolute performance during the three-year period is less than 5% p.a. and does not exceed the performance of at least one of the relevant indexes, and qualitative criteria are not met.

The company recognises an expense over the vesting period of the shares. The expense is adjusted to reflect the number of shares expected to be awarded based on the achievement of related performance criteria at the statement of financial position date.

For the awards that vested on 31 December 2024 (LTIP 2022) and 31 December 2023 (LTIP 2021), the directors and employees to whom shares had vested elected to take cash equal to the market value of the shares on the date of vesting, and accordingly the value of the expense is equal to the value of the shares that would have been allocated to the directors and employees.
Bellevue Asset Management (UK) Ltd Employee-specific Long Term Incentive Plan 2023
One of the company's employees participated in a Long Term Incentive Plan which was only made available to that employee. The total incentive available was determined at the discretion of the company's board, and was granted on 30 April 2023.

The LTIP was paid in shares of the company's ultimate parent, Bellevue Group AG. These shares were purchased by the company at the market rate in April 2023, and were held in a blocked account in the employee's name. The shares were subject to a three year vesting period and a service requirement as of the date of allocation.

The employee left his role with the company in December 2023 and retained a proportion of the shares originally allocated to him under this LTIP. Accordingly,in 2023, the company recognised an expense equal to the original market value of the shares retained by the employee.
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