Company registration number 06815118 (England and Wales)
ADELANTE ASSET HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ADELANTE ASSET HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr J Adams
Company number
06815118
Registered office
c/o Streets Whittle & Partners LLP
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
Auditor
Streets Audit LLP
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
ADELANTE ASSET HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of income and retained earnings
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 22
ADELANTE ASSET HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

The Group continued to trade throughout a strong year of Emerging Markets rallying, as Sovereign defaults were remedied and interest rates peaked then started to come down.

 

Earnings from investment advisory services which are derived from fund management fees relating to size of assets under management ('AUM') were lower than the previous year as our Exotic Debt Fund was put into “voluntary liquidation”. Expenses continued to be cut to minimize losses.

 

Despite the substantial potential for investors that the Exotic Fund represents over the long-term, it remains subject to geo-political volatility. With the continuation of the civil war in Sudan, and the continued decline in the Cuban economy there was a decline the Fund’s AUM. With a fixed expense base and lack of imminent recovery potential, in order to prevent continued cash decline, the Fund’s Board decided to hold an EGM regarding putting the Fund into liquidation, which shareholders approved.

 

Going concern

The business is performing at a small loss in its current format and the environment remains challenging. After reducing the loss last year to £47,590, the loss was managed down further to £14,803 for the year ending December 2024.

 

With its strong balance sheet and substantial retained earnings the Group has a large capital buffer with net current assets of £389,198 and cash reserves of £68,851so the Group remains in a strong position going forward.

 

Therefore the director is of the view that the going concern basis of preparation of the financial statements is appropriate.

Principal risks and uncertainties

As an investment manager, the Group's operations are exposed to a number of financial risks that include the effects of changes in market prices, liquidity risk and interest rate risk on the AUM. These risks impact the fees payable on AUM.

 

The Group has in place a risk and investment management process that seeks to limit the possible adverse effects on financial performance of AUM in adverse market developments. Our investment management process attempts to target capital preservation, which has worked well in volatile markets, although it is impossible to mitigate for extreme events such as the geo-political uncertainty that the Trump presidency has instigated.

 

The Group does not use derivative financial instruments or manage interest rate costs, and as such no hedge accounting has been applied in this accounting period. It tends to sell Euros earnt in the business when it feels the rate is attractive and allows this position to accrue when it feels the exchange rate is less attractive for conversion to GBP.

 

Given the size of the Group, the director has not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The director sets policies that are then implemented.

Development and performance

Price risk

The Group constantly reviews changes of market prices of AUM to ensure adverse movements are identified early and corrective action taken where necessary or possible.

 

Liquidity risk

The Group manages its working capital to ensure there are sufficiently available funds for operations and current working capital requirements.

ADELANTE ASSET HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The director considers management fees generated from the underlying fund to be a key performance indicator.

 

During the year the Group generated £75,344 (2023: £90,032) of management fees.

Promoting the success of the company

The director has considered the need to promote the success of the Group for the benefit of the members as a whole and to have regard to its stakeholders. In regard to this they have taken note of the following points:

 

All strategic decisions during the year were taken with a view to maximising the success of the Group in the long term by maintaining the Company’s reputation;

 

The Group paid all suppliers promptly and delivered a high quality, compliant service to its customers;

 

The Group's operations had no material impact on the community other than spending money in businesses near the office and revenue for suppliers in the UK;

 

We encourage flexible working arrangements for our staff and reduced our office space to lower our carbon footprint.

 

The Group is totally reliant on its good reputation with its customers to maintain success as it is a small group with limited marketing resources.

 

The Group has only one member.

On behalf of the board

Mr J Adams
Director
16 April 2025
ADELANTE ASSET HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group are the provision of investment management services.

Results and dividends

The results for the year are set out on page 5.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr J Adams
Auditor

In accordance with the company's articles, a resolution proposing that Streets Audit LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of important events occurring since the year end and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the group and company is aware of that information.

On behalf of the board
Mr J Adams
Director
16 April 2025
ADELANTE ASSET HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ADELANTE ASSET HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADELANTE ASSET HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Adelante Asset Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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.

ADELANTE ASSET HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADELANTE ASSET HOLDINGS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The audit tests, including planning procedures, adopted for the audit of these financial statements are designed to assess and detect the risk of irregularities, including fraud. Our risk assessment of the likelihood of irregularities included the high degree of involvement of the experienced directors, which reduces the risk of irregularities. The audit team was competent to assess the risk and identify any potential irregularities. A thorough understanding of the processes, frameworks and authorisations in place was obtained from the directors and tested throughout the audit.

 

ADELANTE ASSET HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADELANTE ASSET HOLDINGS LIMITED
- 7 -

We considered the nature of the group's industry and its control environment, and reviewed the group's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

 

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the group for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:

 

The group earns fees based on the assets under management. These calculations were reviewed on a sample basis to ensure that income was not overstated by the group.

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

ADELANTE ASSET HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADELANTE ASSET HOLDINGS LIMITED
- 8 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Greene BSc FCCA
For and on behalf of
16 April 2025
Streets Audit LLP
Chartered Accountants
Statutory Auditor
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
ADELANTE ASSET HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
2
78,872
90,033
Cost of sales
5,944
(5,600)
Gross profit
84,816
84,433
Administrative expenses
(111,876)
(132,023)
Operating loss
3
(27,060)
(47,590)
Amounts written off investments
6
12,253
-
Loss before taxation
(14,807)
(47,590)
Tax on loss
7
4
-
0
Loss for the financial year
(14,803)
(47,590)
Retained earnings brought forward
263,267
310,857
Retained earnings carried forward
248,464
263,267
Loss for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ADELANTE ASSET HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
479
1,153
Current assets
Debtors
11
20,549
46,087
Investments
12
299,798
287,000
Cash at bank and in hand
68,851
75,576
389,198
408,663
Creditors: amounts falling due within one year
13
(16,213)
(21,549)
Net current assets
372,985
387,114
Net assets
373,464
388,267
Capital and reserves
Called up share capital
15
125,000
125,000
Profit and loss reserves
248,464
263,267
Total equity
373,464
388,267
The financial statements were approved and signed by the director and authorised for issue on 16 April 2025
16 April 2025
Mr J  Adams
Director
Company registration number 06815118 (England and Wales)
ADELANTE ASSET HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
9
381,000
393,000
Current assets
Cash at bank and in hand
588
909
Creditors: amounts falling due within one year
13
(7,890)
(5,675)
Net current liabilities
(7,302)
(4,766)
Net assets
373,698
388,234
Capital and reserves
Called up share capital
15
125,000
125,000
Profit and loss reserves
248,698
263,234
Total equity
373,698
388,234

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £14,536 (2023 - £72,312 loss).

The financial statements were approved and signed by the director and authorised for issue on 16 April 2025
16 April 2025
Mr J  Adams
Director
Company registration number 06815118 (England and Wales)
ADELANTE ASSET HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
19
(6,180)
(33,620)
Investing activities
Proceeds from disposal of investments
(545)
(287,000)
Net cash used in investing activities
(545)
(287,000)
Net decrease in cash and cash equivalents
(6,725)
(320,620)
Cash and cash equivalents at beginning of year
75,576
396,196
Cash and cash equivalents at end of year
68,851
75,576
ADELANTE ASSET HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(321)
(111)
Investing activities
Change in fair value of investments
12,000
70,000
Change in fair value of investments
(12,000)
(70,000)
Net cash used in investing activities
-
-
Net decrease in cash and cash equivalents
(321)
(111)
Cash and cash equivalents at beginning of year
909
1,020
Cash and cash equivalents at end of year
588
909
ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Adelante Asset Holdings Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is c/o Streets Whittles, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE..

 

The Group consists of Adelante Asset Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company' loss for the year was £14,536 (2023 £72,312 loss).

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Adelante Asset Holdings Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 December 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line
Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.7
Impairment of fixed assets

At each reporting end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

 

Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

 

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

 

Assets and liabilities held in foreign currencies are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

1.9
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Investment management services
78,872
90,033
ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
3
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Exchange losses
2,459
1,268
Depreciation of owned tangible fixed assets
674
1,309
Operating lease charges
21,076
21,140
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,000
2,199
Audit of the financial statements of the company's subsidiaries
5,200
5,240
7,200
7,439
For other services
All other non-audit services
430
380
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
1
1
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
-
0
11,954
-
0
-
0
Social security costs
-
592
-
-
Pension costs
-
0
265
-
0
-
0
-
0
12,811
-
0
-
0
ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
6
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
12,253
-
7
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(4)
-
0

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(14,807)
(47,590)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(3,702)
(9,042)
Tax effect of expenses that are not deductible in determining taxable profit
250
150
Unutilised tax losses carried forward
6,412
8,704
Adjustments in respect of prior years
(4)
-
0
Depreciation on assets not qualifying for tax allowances
169
249
Effect of revaluations of investments
(3,063)
-
0
Capital allowances
(66)
(61)
Taxation credit
(4)
-
ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
8
Tangible fixed assets
Group
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
7,991
4,468
12,459
Depreciation and impairment
At 1 January 2024
7,677
3,629
11,306
Depreciation charged in the year
140
534
674
At 31 December 2024
7,817
4,163
11,980
Carrying amount
At 31 December 2024
174
305
479
At 31 December 2023
314
839
1,153
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
9
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
381,000
393,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
393,000
Impairment
At 1 January 2024
-
Impairment losses
12,000
At 31 December 2024
12,000
Carrying amount
At 31 December 2024
381,000
At 31 December 2023
393,000
ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
10
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
17,354
30,994
-
-
Carrying amount of financial liabilities
Measured at amortised cost
14,604
21,575
7,890
5,675
11
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
17,354
24,651
-
0
-
0
Other debtors
-
6,630
-
0
-
0
Prepayments and accrued income
3,195
14,806
-
0
-
0
20,549
46,087
-
-
12
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Listed investments
299,798
287,000
-
-
13
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
5,975
2,010
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
5,890
3,675
Corporation tax payable
-
0
4
-
0
-
0
Other taxation and social security
1,609
(30)
-
-
Accruals and deferred income
8,629
19,565
2,000
2,000
16,213
21,549
7,890
5,675
ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
265

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

15
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
125,000
125,000
125,000
125,000
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Adelante Asset Management Limited
United Kingdom
Investment management
Ordinary
100
17
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
3,750
21,140
-
-
Between two and five years
-
10,570
-
-
3,750
31,710
-
-
18
Related party transactions

The company operates an investment management agreement with the director of the company and his spouse. During the year fees of £50,000 (2023: £50,000) were receivable for this service and £15,000 (2023: £13,750) was receivable at the year end.

ADELANTE ASSET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
19
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(14,803)
(47,590)
Adjustments for:
Taxation credited
(4)
-
0
Depreciation and impairment of tangible fixed assets
674
1,309
Other gains and losses
(12,253)
-
Movements in working capital:
Decrease in debtors
25,538
10,416
(Decrease)/increase in creditors
(5,332)
2,245
Cash absorbed by operations
(6,180)
(33,620)
20
Cash absorbed by operations - company
2024
2023
£
£
Loss for the year after tax
(14,536)
(72,311)
Adjustments for:
Other gains and losses
12,000
70,000
Movements in working capital:
Increase in creditors
2,215
2,200
Cash absorbed by operations
(321)
(111)
21
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
75,576
(6,725)
68,851
22
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
909
(321)
588
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