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FTV Management International, Ltd
























Annual report and financial statements



For the year ended 31 December 2024



Registered number: 14204085

 
FTV Management International, Ltd
 


Company Information


Directors
P Cabral 
R S Earnshaw 
K A Griswold 
C M Weber 
L Latreche 




Registered number
14204085



Registered office
130 Wood Street
London

EC2V 6DL




Trading address
15 Stratton Street
London

W1J 8LQ






Independent auditor
Buzzacott Audit LLP

130 Wood Street

London

EC2V 6DL





 
FTV Management International, Ltd
 


Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 22


 
FTV Management International, Ltd
 
 

Directors' report
For the year ended 31 December 2024

The directors present their report together with the financial statements of FTV Management International, Ltd ('the company') for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £248,715 (2023 - £36,996).

No dividend was declared or paid in the year ended 31 December 2024 (2023 - no dividend).

Directors

The directors who served during the year were:

P Cabral 
R S Earnshaw (appointed 24 June 2024)
K A Griswold 
C I Scriban (resigned 15 April 2025)
C M Weber (appointed 10 April 2024)

L Latreche was appointed as a director of the company on 15 April 2025.
 
Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Page 1

 
FTV Management International, Ltd
 


Directors' report (continued)
For the year ended 31 December 2024

Matters covered in the Strategic report

The company has chosen in accordance with s.414C(11) of the Companies Act 2006 to set out in the company's Strategic
report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the Directors' report. It has done so in respect of future developments.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 24 April 2025 and signed on its behalf by:
 





P Cabral
Director

Page 2

 
FTV Management International, Ltd
 


Strategic report
For the year ended 31 December 2024

The directors present the Strategic report of the company for the year ended 31 December 2024.

Principal activities
 
The principal activity of the company during the year was the provision of investment advisory services to FTV Management Company, L.P.

Business review and future developments
 
The directors are satisfied with the results for the year and expects growth in the future performance of the company.

Principal risks and uncertainties
 
Foreign currency risk
The company is exposed to limited foreign currency risk as turnover is receivable in pounds sterling.
Credit risk
The company is not exposed to any third party credit risk as turnover is receivable from a related party.
Liquidity risk
The company is not exposed to significant liquidity risks as all major costs are recharged to a related party in line with an agreement.
Interest rate risk
The company has interest bearing assets. Interest bearing assets include only cash balances, which earn interest at the existing market rate.

Financial key performance indicators ('KPIs')
 
Given the nature of the business, the director is of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. 

Directors' statement of compliance with duty to promote the success of the company
 
FTV Management International, Ltd is a private company incorporated in England and Wales and continues to be controlled and run by FTV Management Company, L.P., its immediate parent undertaking and sole shareholder.
In a particularly competitive environment for financial advisory companies, looking for new investment opportunities remains one of the key criteria for long term success. We are proud to benefit from a strong pipeline of opportunities, attributable to the company's growing network. Our skilled staff boast many years of combined expertise in the financial industry and are well equipped to select the best investments for our clients. This allows FTV Management International, Ltd to provide a high value service, establishing a solid foundation for new clients, while continuing to build on relationships with existing clients. This also allows us to maintain strong relationships with our suppliers. In a highly competitive environment for private equity firms, retention of staff remains critical. The company ensures it offers a competitive remuneration package, in line with market standards. Furthermore, personnel are encouraged to participate in and contribute to all management meetings and investor presentations, as well as being consulted on all major business decisions. As part of the group headed by FTV Management Company, L.P., we promote positive social impact through giving back to communities and showing commitment to the environment through our ESG policy. 

Page 3

 
FTV Management International, Ltd
 


Strategic report (continued)
For the year ended 31 December 2024


This report was approved by the board on 24 April 2025 and signed on its behalf by:



P Cabral
Director

Page 4

 
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Independent auditor's report to the members of FTV Management International, Ltd
For the year ended 31 December 2024

Opinion


We have audited the financial statements of FTV Management International, Ltd ('the company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 5

 
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Independent auditor's report to the members of FTV Management International, Ltd (continued)
For the year ended 31 December 2024

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 directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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.


Page 6

 
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Independent auditor's report to the members of FTV Management International, Ltd (continued)
For the year ended 31 December 2024

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.


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:
How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing regulated investment advisory firms;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the statements of the company through discussions with directors and other management at the planning stage, and from our knowledge and experience of regulated investment advisory firms;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company including the Companies Act 2006, The Financial Services and Markets Act 2000, employment legislation, and taxation legislation.

We assessed the extent of compliance with the laws and regulations identified above through:

making enquiries of management;
inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate the risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
reviewed journal entries throughout the year to identify unusual transactions;
performed analytical procedures to identify any large, unusual or expected transactions and investigated any large variances from the prior period;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management; and
carried out substantive testing to check the occurrence and cut-off of expenditure.
Page 7

 
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Independent auditor's report to the members of FTV Management International, Ltd (continued)
For the year ended 31 December 2024

Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.


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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Melanie Dodd (Senior statutory auditor)
for and on behalf of
Buzzacott Audit LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

25 April 2025
Page 8

 
FTV Management International, Ltd
 


Statement of comprehensive income
For the year ended 31 December 2024

2024
2023
Note
£
£

  

Turnover
 4 
3,649,000
501,488

Gross profit
  
3,649,000
501,488

Administrative expenses
  
(3,317,271)
(455,898)

Operating profit
 5 
331,729
45,590

Interest receivable and similar income
 9 
10
-

Profit before tax
  
331,739
45,590

Tax on profit
 10 
(83,024)
(8,594)

Profit for the financial year
  
248,715
36,996

There was no other comprehensive income for 2024 or 2023.

The notes on pages 13 to 22 form part of these financial statements.

Page 9

 
FTV Management International, Ltd - Registered number:14204085



Statement of financial position
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
14,342
-

  
14,342
-

Current assets
  

Debtors
 12 
1,822,395
41,133

Cash at bank and in hand
 13 
310,856
30,423

  
2,133,251
71,556

Creditors: amounts falling due within one year
 14 
(1,209,461)
(32,139)

Net current assets
  
 
 
923,790
 
 
39,417

Total assets less current liabilities
  
938,132
39,417

  

Net assets
  
938,132
39,417


Capital and reserves
  

Called up share capital 
 16 
650,100
100

Profit and loss account
 15 
288,032
39,317

  
938,132
39,417


The financial statements were approved and authorised for issue by the board on 24 April 2025 and were signed on its behalf on by:




P Cabral
Director

The notes on pages 13 to 22 form part of these financial statements.

Page 10

 
FTV Management International, Ltd
 


Statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
2,321
2,421


Comprehensive income for the year

Profit for the year
-
36,996
36,996



At 1 January 2024
100
39,317
39,417


Comprehensive income for the year

Profit for the year
-
248,715
248,715


Contributions by and distributions to owners

Shares issued during the year
650,000
-
650,000


At 31 December 2024
650,100
288,032
938,132


The notes on pages 13 to 22 form part of these financial statements.

Page 11

 
FTV Management International, Ltd
 


Statement of cash flows
For the year ended 31 December 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
248,715
36,996

Adjustments for:

Interest received
(10)
-

Taxation charge
83,024
8,594

(Increase) in debtors
(1,781,262)
(38,168)

Increase in creditors
1,094,298
23,001

Depreciation of tangible assets
2,313
-

Net cash generated from operating activities

(352,922)
30,423


Cash flows from investing activities

Purchase of tangible fixed assets
(16,655)
-

Interest received
10
-

Net cash from investing activities

(16,645)
-

Cash flows from financing activities

Issue of ordinary shares
650,000
-

Net cash used in financing activities
650,000
-

Net increase in cash and cash equivalents
280,433
30,423

Cash and cash equivalents at beginning of year
30,423
-

Cash and cash equivalents at the end of year
310,856
30,423


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
310,856
30,423

310,856
30,423


The notes on pages 13 to 22 form part of these financial statements.

Page 12

 
FTV Management International, Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2024

1.


General information

FTV Management International, Ltd is a private company limited by shares and is incorporated in England and Wales. Its registered office is 130 Wood Street, London, EC2V 6DL and its principal place of business is 15 Stratton Street, London, W1J 8LQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents fees from investment advisory services accrued quarterly on a cost plus basis and is
presented net of Value Added Tax. 

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably; and
it is probable that the company will receive the consideration due under the contract.
 
 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 13

 
FTV Management International, Ltd
 


Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration
expected to be paid or received.
Financial assets that are measured at cost are assessed at the end of each reporting period for objective
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the
profit or loss.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 

Page 14

 
FTV Management International, Ltd
 


Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 15

 
FTV Management International, Ltd
 


Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not consider that there were any significant areas of estimation uncertainty or application of
judgement.


4.


Revenue

The whole of the revenue is attriutable to the company's principal activity.
All revenue arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
168,115
30,600

Page 16

 
FTV Management International, Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2024

6.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor and its associates:


2024
2023
£
£

Fees payable to the company's auditor and its associates for the audit of the company's financial statements

11,500
7,000

Fees payable to the company's auditor and its associates in respect of:

Audit-related assurance services
3,500
-

Taxation compliance services
2,500
2,500

All non-audit services not included above
71,754
1,500


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,276,281
-

Social security costs
294,287
-

Cost of defined contribution scheme
33,708
-

2,604,276
-


The average monthly number of employees during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
-



Investment professionals
2
-



Administration
1
-

6
0

Page 17

 
FTV Management International, Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
919,327
-

Company contributions to defined contribution pension schemes
18,938
-

938,265
-


The highest paid director received remuneration of £404,327 (2023 - £nil).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,938 (2023 - £nil).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
10
-

10
-


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
83,024
8,594


83,024
8,594


Total current tax
83,024
8,594

Deferred tax

Total deferred tax
-
-


Tax on profit
83,024
8,594
Page 18

 
FTV Management International, Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
331,739
45,590


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
82,935
10,723

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
25,363
2,352

Marginal relief
-
(2,213)

Other differences
(25,274)
(2,268)

Total tax charge for the year
83,024
8,594


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
FTV Management International, Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2024

11.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2024
-


Additions
16,655



At 31 December 2024

16,655



Depreciation


At 1 January 2024
-


Charge for the year
2,313



At 31 December 2024

2,313



Net book value



At 31 December 2024
14,342



At 31 December 2023
-


12.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,707,154
-

Other debtors
109,120
41,133

Prepayments and accrued income
6,121
-

1,822,395
41,133


Included in other debtors is a rent deposit of £nil (2023 - £15,000) that is due in more that one year.

Page 20

 
FTV Management International, Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2024

13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
310,856
30,423

310,856
30,423



14.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
118,151
-

Amounts owed to group undertakings
-
2,412

Corporation tax
92,162
9,138

Other creditors
97,039
-

Accruals and deferred income
902,109
20,589

1,209,461
32,139



15.


Reserves

Profit and loss account
The profit and loss account includes all retained profits and losses.


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



650,100 (2023 - 100) Ordinary Shares shares of £1.00 each
650,100
100


During the year, 650,000 shares were issued at par.
All shares carry the same rights and privilege and rank in all respects.


17.


Contingent liabilities

The company had no contingent liabilities at 31 December 2024 or 31 December 2023.

Page 21

 
FTV Management International, Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2024

18.


Capital commitments


The company had no capital commitments at 31 December 2024 or 31 December 2023.



19.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from
those of the company in an independently administered fund. The pension cost charge represents contributions
payable by the company to the fund and amounted to £33,708 (2023 - £nil). Contributions payable to the fund
at the reporting date amounted to £nil (2023 - £nil).


20.


Commitments under operating leases

At 31 December 2024, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
101,100
238,200

Later than 1 year and not later than 5 years
-
101,100

101,100
339,300


21.


Related party transactions

The company has taken advantage of the exemption in Section 33.1A of FRS 102 and had not disclosed transactions with wholly owned members of the group headed by FTV Management Company, L.P.
Key management personnel
Compensation paid to key management personnel in the year totalled £938,265 (2023 - £nil).


22.


Controlling party

The ultimate controlling party of the company is FTV Management Company, L.P., incorporated in the United States of America. 
The smallest and largest group of undertakings of which consolidated group accounts have been drawn up, including the company, is headed by FTV Management Company, L.P. The registered office address of FTV Management LP is 601 California St, Floor 19, San Francisco, CA 94108.


23.


Analysis of net debt

An analysis of changes in net debt has not been presented as all of the entity's cash flows relate to movements in
cash, and the entity has no items to include in such an analysis, other than the cash flows reflected on the
Statement of cash flows.

Page 22