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Registered number: 10532978









ATRATO CAPITAL LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ATRATO CAPITAL LIMITED
 
 
COMPANY INFORMATION


Directors
B L Green 
S P Windsor 




Registered number
10532978



Registered office
Radius House
51 Clarendon Road

Watford

Hertfordshire

WD17 1HP




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Radius House

51 Clarendon Road

Watford

Hertfordshire

WD17 1HP





 
ATRATO CAPITAL LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22


 
ATRATO CAPITAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing 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 judgments 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.

Directors

The directors who served during the year were:

B L Green 
S P Windsor 

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.

Page 1

 
ATRATO CAPITAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

During March 2025 investors voted to internalise the management of SUPR the company, this resulted in the termination of the Investment Advisory Agreement. Atrato Capital Limited was paid a fee of £16.8 million upon termination.
Upon receipt of this termination payment Atrato Group Limited acquired all the preference shares in the Company.
As a result of the termination of the Investment Advisory Agreement no further investment advisory fees will be earned by the company in respect of SUPR and no further preference dividends will be payable

Auditor

The auditor, Hillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S P Windsor
Director

Date: 5 June 2025

Page 2

 
ATRATO CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO CAPITAL LIMITED
 

Opinion


We have audited the financial statements of Atrato Capital Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, 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 loss 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 3

 
ATRATO CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO CAPITAL LIMITED (CONTINUED)


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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 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; or
the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 4

 
ATRATO CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO CAPITAL LIMITED (CONTINUED)


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:
assess the nature of the industry and sector, control environment and business performance;
the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the entity and management. We consider the results of our enquiries of management, about
their own identification and assessment of the risks and irregularities;
any matters we identified having obtained and reviewed the Company's documentation of their policies an
procdures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
°detecting and reporting to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations
iincluding those administered by the Financial Conduct Authority;
the matters discussed among the audit engagement team and involving relevant internal specialists,
regarding how and where fraud might occure in the financial statements and any potential indicators of
fraud.


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.


Page 5

 
ATRATO CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO CAPITAL LIMITED (CONTINUED)


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 2006Our 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.





Samuel Hodson BSc ACA (Senior statutory auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
Radius House
51 Clarendon Road
Watford
Hertfordshire
WD17 1HP

6 June 2025
Page 6

 
ATRATO CAPITAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

Year ended
31 December
9 months ended
31 December
2024
2023
Note
£
£

  

Turnover
 4 
9,600,085
7,534,861

Gross profit
  
9,600,085
7,534,861

Administrative expenses
  
(9,429,837)
(7,604,369)

Operating profit/(loss)
  
170,248
(69,508)

Interest receivable and similar income
 7 
12,792
2,174

Interest payable and similar expenses
 8 
(905,478)
(719,294)

Loss before tax
  
(722,438)
(786,628)

Tax on loss
 9 
(34,358)
-

Loss for the financial year
  
(756,796)
(786,628)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 22 form part of these financial statements.

Page 7

 
ATRATO CAPITAL LIMITED
REGISTERED NUMBER: 10532978

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
5,239,545
5,167,504

Cash at bank and in hand
 11 
773,484
655,937

  
6,013,029
5,823,441

Creditors: amounts falling due within one year
 12 
(3,777,781)
(2,831,397)

Net current assets
  
 
 
2,235,248
 
 
2,992,044

Total assets less current liabilities
  
2,235,248
2,992,044

  

Net assets
  
2,235,248
2,992,044


Capital and reserves
  

Called up share capital 
 13 
200
200

Profit and loss account
 14 
2,235,048
2,991,844

  
2,235,248
2,992,044


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




S P Windsor
Director

Date: 5 June 2025

The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
ATRATO CAPITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
200
3,778,472
3,778,672


Comprehensive income for the period

Loss for the period
-
(786,628)
(786,628)


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
(786,628)
(786,628)


Total transactions with owners
-
-
-



At 31 December 2023
200
2,991,844
2,992,044


Comprehensive income for the year

Loss for the period
-
(756,796)
(756,796)
Total comprehensive income for the year
-
(756,796)
(756,796)


Total transactions with owners
-
-
-


At 31 December 2024
200
2,235,048
2,235,248


The notes on pages 10 to 22 form part of these financial statements.



Page 9

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Atrato Capital Limited is a company limited by shares, incorporated in England and Wales.
The principal activity of the company is investment advice.

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 the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Atrato Group Limited as at 31 December 2024 and these financial statements may be obtained from Companies' House.

 
2.3

Going concern

The company's accounts are prepared on the going concern basis as the current and future sources of funding or support will be more than adequate for the company's needs for a period of 12 months from the date of apporval of the financial statements.

Page 10

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

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;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due in the company for which the employees worked. This includes recharged employee costs from other Group companies. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

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 balance sheet date in the countries where the Company operates and generates income.


Page 11

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the
Page 12

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Page 13

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 14

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial liabilities

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

The company determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value or at the amount of proceeds received where fair value cannot be measured reliably.  For preference shares classified as debt, dividend payments are treated as finance costs and charged to profit or loss in the statement of comprehensive income (see note 3).


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Trade debtors: The recoverability of trade debtors has been assessed as at the year end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgment of all the available information, and their experience of the specific nature of trade debtor in question.
Classification of preference shares between debt and equity: 100 preference shares of £0.01 each were issued by the company in 2017 for £1 and carry a fixed preference dividend based on a percentage of investment advisory management fees receivable by the company. Since payment of the preference dividends is payable to the holder of the preference shares on a non-discretionary basis, the preference shares are considered to be, in substance, debt. The fair value of the liability component of the preference shares has not been included in the balance sheet as management consider that the fair value cannot be measured reliably and also may not be permitted to be recognised at fair value under the Companies Act. Dividends payable to the preference shareholder are included within the statement of comprehensive income as interest payments. 


4.


Turnover

The whole of the turnover is attributable to the principal activity.

All turnover arose within the United Kingdom.

Page 15

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Auditor's remuneration

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


Year ended
31 December
9 months ended
31 December
2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
7,500
7,000


6.


Employees

Staff costs were as follows:


Year ended
31 December
9 months ended
31 December
2024
2023
£
£

Wages and salaries
4,899,549
4,672,114

Social security costs
661,571
458,694

Cost of defined contribution scheme
201,186
142,183

5,762,306
5,272,991


The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Employees whose costs are recharged from other group companies are not included in the employee numbers total.

Page 16

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Interest receivable

Year ended
31 December
9 months ended
31 December
2024
2023
£
£


Other interest receivable
12,792
2,174

12,792
2,174


8.


Interest payable and similar expenses

Year ended
31 December
9 months ended
31 December
2024
2023
£
£


Dividends payable to preference shareholder (Note 3)
905,478
719,294

905,478
719,294

Page 17

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


Year ended
31 December
9 months ended
31 December
2024
2023
£
£

Corporation tax


Current tax on profits for the year
34,358
-


34,358
-


Total current tax
34,358
-

Deferred tax

Total deferred tax
-
-


34,358
-
Page 18

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year/period

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

Year ended
31 December
9 months ended
31 December
2024
2023
£
£


Loss on ordinary activities before tax
(722,438)
(786,628)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(180,610)
(196,657)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
226,370
186,275

Utilisation of tax losses
(11,632)
-

Changes in provisions leading to an increase (decrease) in the tax charge
230
(1,250)

Unrelieved tax losses carried forward
-
11,632

Total tax charge for the year/period
34,358
-

Page 19

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Debtors

2024
2023
£
£


Trade debtors
1,863,098
1,986,292

Amounts owed by group undertakings
3,336,462
2,899,691

Other debtors
6,953
239,985

Prepayments and accrued income
33,032
41,536

5,239,545
5,167,504



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
773,484
655,937

773,484
655,937



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,915
12,485

Amounts owed to group undertakings
2,563,548
1,934,735

Corporation tax
41,692
-

Other taxation and social security
12,753
12,011

Other creditors
1,155,872
721,972

Accruals and deferred income
-
150,193

Preference share capital treated as debt
1
1

3,777,781
2,831,397


Page 20

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £1.00 each
200
200

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



100 (2023 - 100) Preference shares of £0.01 each
1
1


The preference shares do not carry voting rights except in the case of winding up of the company or varying any rights in respect of the preference shares or a reduction of the share capital.
Fixed dividends equal to 10 per cent of the monthly management fees and semi-annual management fees less £37,500 per quarter are payable subject to the company having sufficient profits to lawfully pay dividends out of. 
The preference shares are irredeemable except on liquidation of the company when any dividends in arrears must be paid and 10% of any surplus assets as defined in the articles are payable to the preference shareholders.
As per note 3, the cost of these preference shares has been recognised as debt. No adjustment has been made in respect of the liability element of the future fixed preference share dividends as detailed in note 3.


14.


Reserves

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.


15.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Company or recharged from other Group companies for employee work in relation to the Company. The amount payable to the fund amounted to £201,186 (2023: £142,183).

Page 21

 
ATRATO CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the parent company. Copies of the consolidated financial statements are available from Companies' House.
During the year the company entered into transactions, in the ordinary course of business, with related parties. Transactions entered into, and trading balances outstanding at period end, are as follows:


2024
2023
£
£

Amounts owed to other entities under common control
(16,598)
(2,707)
Purchases from other entities under common control
(13,880)
(2,449)


17.


Post balance sheet events

During March 2025 investors voted to internalise the management of SUPR the company, this resulted in the termination of the Investment Advisory Agreement. Atrato Capital Limited was paid a fee of £16.8 million upon termination.
Upon receipt of this termination payment Atrato Group Limited acquired all the preference shares in the Company.
As a result of the termination of the Investment Advisory Agreement no further investment advisory fees will be earned by the company in respect of SUPR and no further preference dividends will be payable.  


18.


Controlling party

The ultimate parent company is Atrato Group Limited, a company incorporated in England and Wales.
The directors do not consider there to be an ultimate controlling party.

 
Page 22