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Registered number: 12333067









ATRATO GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ATRATO GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
B L Green 
S P Windsor 




Registered number
12333067



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 GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Consolidated statement of comprehensive income
11
Consolidated balance sheet
12
Company balance sheet
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 40


 
ATRATO GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the Group is to identify investment strategies to forge a sustainable future through offering best-in-class expertise in generating long-term asset backed inflation linked income. The Group provides corporate finance and investment advice to professional clients in relation to existing real estate property, new real estate developments and other real assets. Details of the Group’s subsidiary undertakings are detailed elsewhere in note 13 of the financial statements.

Business review
 
The period to 31 December 2024 represented a period of significant change and continued investment for the Group amidst a challenging macro environment with equity markets remaining closed to new issuance for most of the Investment Trust universe.
Supermarket Income REIT Plc (‘SUPR’), for which Atrato Capital Limited was the Investment Advisor to, had a resilient financial performance with an increase in annualised passing rent, continued 100% rent collection and a lower EPRA cost ratio. Fees of £7.5million were earned in relation to Atrato Capital’s investment advisory services. Post year end Investors voted to internalise the management of SUPR, this resulted in the termination of the Investment Advisory Agreement and the transfer of 14 members of staff. Atrato Capital Limited was paid a fee of £16.8 million upon termination. 
Atrato Partners Limited was engaged as the Investment Advisor to Atrato Onsite Energy Plc until 13 December 2024. A consortium of investors bid for and subsequently acquired all the assets of the fund, this resulted in the termination of the Investment Advisory mandate. , with investment advisory fees of £1.0million earned during the period. Atrato Partners Limited was paid a termination fee of £3.7 million. 
The Company was to be appointed as the Alternative Investment Fund Manager (AIFM) for Supermarket Income REIT plc however the shareholders voted to internalise the management of the fund and terminate the prospective AIFM appointment. The company was paid a termination fee of £0.3m in respect of this. The Company was also paid an amount of £1.48m in respect of Intellectual Property, policies, processes and systems upon the internalisation which took effect in March 2025.
Atrato Partners Limited continues to pursue new revenue streams whilst growing existing ones. During the period this Company continued to pursue its investment strategy to address the structural under supply of supported housing in the UK. The Company was awarded the mandate to become the Investment Manager of Social Housing REIT plc (formerly Triplepoint Social Housing REIT plc) with effect from 1 January 2025, and a dedicated team transferred to the Company alongside the mandate. The Company was selected to become the Authorised Corporate Director of Home Long Income Fund and continues to work towards onboarding the
mandate.
Atrato Partners is proud to be a signatory of the UN Principles for Responsible Investment (“UN PRI”). As a PRI signatory, Atrato Partners has committed to adopting the six Principles for Responsible Investment and submitted its first report in accordance with the established PRI framework in September 2023. The results of this year’s reports will be made publicly available later this year. The Company also endorsers of the PRI's Spring stewardship initiative for nature. Atrato Capital was also a UN PRI signatory, however it was deregistered upon termination of the SUPR Investment Advisory Agreement.
During the period we have continued to develop our governance framework and to enhance our policies and procedures. We maintain robust governance arrangements through a clear organisational structure with well defined lines of responsibility. The established arrangements and systems, processes and mechanisms are comprehensive and proportionate to the nature, scale and complexity of our current and proposed activities.
The balance sheet of the Group remains strong with net assets of £11.3 million (2023:
£9.3million) and cash of  £4.7 million  (2023: £2.4million).

Page 1

 
ATRATO GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The Group is exposed through its operations to the following financial and non-financial risks.
Personnel risk
The Group recognises the need to develop, reward and retain key employees. Employee satisfaction is measured annually as part of a staff survey and changes to benefits have been made in response to this feedback.
Regulation
The Group is committed to regulatory compliance and has developed policies and procedures to stay abreast of regulatory developments.
The Group balance sheet includes cash, debtors, creditors and accrued income that arise directly from its operations. These assets and liabilities expose the Group to a number of financial risks that could result in either a reduction in the Group’s net assets or a reduction in profits.
These risks include, counterparty risk, credit risk and liquidity risk.
Counterparty risk
Counterparty risk is the risk that a client or counterparty fails to perform its contractual obligations and the Group suffers a loss as a result. The Group’s material counterparties were Supermarket Income REIT Plc and Atrato Onsite Energy Plc, the funds to which Atrato Capital and Atrato Partners, respectively, acted as investment advisor. These mandates have subsequently been terminated and therefore the Company is no longer exposed to the risk of reduced advisory fees from these funds. The Group was paid significant termination fees as a result of these events. Post year end Atrato Partners Limited was awarded a mandate to become the Investment Manager of Social Housing REIT plc and this will therefore become a material counterparty going forwards. 
Credit risk
The Group’s exposure to credit risk arises principally from its cash deposits. This risk is managed by
holding cash only at institutions with a credit rating of A or higher (S&P Long Term).
 
Liquidity risk
This is the risk that the Group will encounter difficulties in meeting financial liabilities or regulatory capital requirements. The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to maintain surplus cash balances. The Group’s policy throughout the reporting period has been to achieve this objective through management’s day to day involvement in business decisions, as well as cashflow monitoring and forecasting, and forecasting of the Group’s capital and reserves including sensitivity analysis.
The Group is also exposed to operational risk. The Group operates a risk register which is focussed on identifying and assessing operational risk inherent in activities, processes and systems. Identified risks are mitigated by updating business processes, ongoing monitoring programmes and operational frameworks. Risk management is functionally separate from operations of the business and is overseen by the Head of Compliance.

Page 2

 
ATRATO GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The Key financial metrics reviewed by management are set out below:
Net Assets    £11,267,080  (2023: £9,366,955)
EBITDA    £2,308,592    (2023: £(3,201,934))
Profit/(loss) after tax   £1,900,125  (2023: £(2,824,633)
Operating profit margin               21%                      (2023: -29%)

Other key performance indicators
 
The Group has a talented and committed team who operate within a high-performance and dynamic culture. The health and safety of the team is a high priority and details of support systems and processes in place for staff are outlined below. These are reviewed regularly and amendments are made in response to the annual staff survey. 
• Professional development includes peer training, online learning and Corporate Criminal Offence training;  we have now implemented a structured graduate analyst programme and a communications training    programme for senior leaders
• A well-documented performance management process
• Employee engagement includes quarterly strategy meetings, weekly team meetings, and employee    surveys
• Staff are offered health insurance
• Staff remuneration policy has been benchmarked by external consultants
• Staff have access to a grievance process 
• Diversity and inclusion is actively supported and 40% of the senior management team are women
• Staff can volunteer during work time to support a chosen cause 
• Health and safety policy was updated: no injuries were reported to staff during the period
• Staff are offered the opportunity to work remotely and IT equipment is made available for this

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors of the Group must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 and include a duty to promote the success of the Group, which is summarised below.
The executive Directors meet regularly, and at least quarterly, to discuss their duties and they can and do access professional advice on these. This advice can be either through the Group or where necessary through independent third-party advisers.
The Directors fulfil their duties partly through a well-documented governance framework that delegates day to day decision making to employees of the Group. This delegation is not restricted to financial authorities but includes empowering staff to input into the strategic direction of the business and to have responsibility for the teams that they manage.


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



S P Windsor
Director

Date: 5 June 2025

Page 3

 
ATRATO GROUP 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,900,125 (2023 - loss £2,824,633).



Directors

The directors who served during the year were:

B L Green 
S P Windsor 

Future opportunities

The Directors will look to grow the company's existing revenue streams whilst pursuing new ones.

Page 4

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

Engagement with suppliers, customers and others

Our people
We seek to create a working environment based on respect and inclusion, we encourage staff to operate in an open and honest manner and are committed to the highest ethical standards in all that we do. We strive to be the employer of choice for industry leaders and skilled professionals.
Our clients
We pride ourselves on being proactive and initiating new ideas that are in the best interests of our clients. We aim to be the adviser of choice for clients seeking exposure to alternative asset back investment income, often with inflation linkage. We look to develop and maintain strong client relationships.
Sustainability
The Group’s approach to sustainability includes commitments against all three fundamental ESG
pillars:
• Environment: Reducing our emissions and mitigating the environmental impact of our business (including with respect to the climate, water, waste, pollution and biodiversity)
• Social: Acting in accordance with our purpose and values, respecting human rights and delivering broader value to all our stakeholders
• Governance: Strengthening our ESG performance and upholding responsible business practices
The Group’s sustainability strategy is aligned to the most material UN Sustainable Development
Goals (SDGs) to the business, namely:
 
• SDG 8: Decent work and economic growth
• SDG 10: Reduced inequalities
• SDG 11: Sustainable cities and communities
• SDG 13: Climate action
The Group creates opportunities for people to work in their local areas, delivering a positive socioeconomic impact within those communities. The Group itself will continue to support the wellbeing and development of its own employees, through training, upskilling and consistent engagement. As the employee base grows, the Group commits to further investment in human capital development.
The Group is also committed to enhancing the environmental performance of the assets within the funds which it advises and to reducing the environmental impact of the Group itself.
The Group has partnered with external ESG consultancy, Anthesis, to measure its Greenhouse Gas Emissions (“GHG”) and prepare a full GHG Inventory across Scope 1, 2 and 3 emissions. The Group’s carbon footprint for the period 1 April 2022 to 31 March 2023 was 260 tCO2e. The Group publicly supports the Task Force on Climate-Related Financial Disclosures (“TCFD”), and the Paris Agreement. The Group has supported the funds that it advises to report in line with the TCFD recommendations, within its Annual Reports, to improve and increase reporting of climate-related financial information. In addition, the Group is a signatory to the Net Zero Asset Managers Initiative (“NZAM”) and uses this as a framework to support investing aligned with net zero emissions by 2050 or sooner.
During 2024, the Group published its first Responsible Investment Report on its website. This Report will provide further details of the activities which underpin the Group’s sustainability strategy and responsible investment commitments.
The Group aims to provide active support to causes that facilitate the advancement of its sustainability objectives through charitable donations and the implementation of a volunteering policy, such that all staff can donate time
Page 5

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

to support charitable initiatives. The Group has also launched a formal Volunteer Policy allowing all employees to take a paid day off to volunteer in the community.

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 and the Group'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 and the Group's auditor is aware of that information.

Post balance sheet events

The Group is committed to supporting charities via donations to The Atrato Foundation. The amounts will be at least £50,000 per annum and has not been provided for in the financial statements, but will be paid post year end.
As set out in the strategic report the Investment Advisory Agreement with Supermarket Income REIT plc was terminated during March 2025. A total fee of £20.8 million was paid to the Group in consideration of this. The preference shares within Atrato Capital Limited were repurchased by Atrato Group Limited and will be cancelled during 2025. 
The Group was appointed as the Investment Manager to Social Housing REIT plc with effect from 1 January 2025. 

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 6

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

Opinion


We have audited the financial statements of Atrato Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the 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 directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
ATRATO GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO GROUP 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 set out on page 4, 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 Group's and 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
ATRATO GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO GROUP 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 Group 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 including 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.


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.


Page 9

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





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 10

 
ATRATO GROUP LIMITED
 
 
CONSOLIDATED 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 
14,792,627
8,594,559

Gross profit
  
14,792,627
8,594,559

Administrative expenses
  
(11,614,090)
(11,131,585)

Operating profit/(loss)
 5 
3,178,537
(2,537,026)

Interest receivable and similar income
 9 
35,666
54,386

Interest payable and similar expenses
 10 
(905,611)
(719,294)

Profit/(loss) before taxation
  
2,308,592
(3,201,934)

Tax on profit/(loss)
 11 
(408,467)
377,301

Profit/(loss) for the financial year
  
1,900,125
(2,824,633)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
1,900,125
(2,824,633)

  
1,900,125
(2,824,633)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,900,125
(2,824,633)

  
1,900,125
(2,824,633)

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

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

The notes on pages 19 to 40 form part of these financial statements.

Page 11

 
ATRATO GROUP LIMITED
REGISTERED NUMBER: 12333067

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
164,843
25,886

  
164,843
25,886

Current assets
  

Debtors: amounts falling due within one year
 14 
10,606,455
12,817,401

Cash at bank and in hand
 15 
4,690,434
2,428,071

  
15,296,889
15,245,472

Creditors: amounts falling due within one year
 16 
(4,194,652)
(5,754,403)

Net current assets
  
 
 
11,102,237
 
 
9,491,069

Total assets less current liabilities
  
11,267,080
9,516,955

Provisions for liabilities
  

Other provisions
 18 
-
(150,000)

  
 
 
-
 
 
(150,000)

Net assets excluding pension asset
  
11,267,080
9,366,955

Net assets
  
11,267,080
9,366,955


Capital and reserves
  

Called up share capital 
 19 
200
200

Profit and loss account
 20 
11,266,880
9,366,755

Equity attributable to owners of the parent Company
  
11,267,080
9,366,955

  
11,267,080
9,366,955


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 19 to 40 form part of these financial statements.

Page 12

 
ATRATO GROUP LIMITED
REGISTERED NUMBER: 12333067

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
164,826
21,375

Investments
 13 
2,262,309
762,209

  
2,427,135
783,584

Current assets
  

Debtors: amounts falling due within one year
 14 
10,658,098
10,884,787

Cash at bank and in hand
 15 
3,390,502
1,467,678

  
14,048,600
12,352,465

Creditors: amounts falling due within one year
 16 
(5,834,958)
(3,396,774)

Net current assets
  
 
 
8,213,642
 
 
8,955,691

Total assets less current liabilities
  
10,640,777
9,739,275

  

Provisions for liabilities
  

Other provisions
 18 
-
(150,000)

  
 
 
-
 
 
(150,000)

Net assets excluding pension asset
  
10,640,777
9,589,275

Net assets
  
10,640,777
9,589,275


Capital and reserves
  

Called up share capital 
 19 
200
200

Profit and loss account brought forward
  
9,589,075
6,563,904

Profit for the year
  
1,051,502
3,025,171

Profit and loss account carried forward
  
10,640,577
9,589,075

  
10,640,777
9,589,275


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 19 to 40 form part of these financial statements.

Page 13

 
ATRATO GROUP LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 April 2023
200
12,191,388
12,191,588
12,191,588


Comprehensive income for the period

Loss for the period
-
(2,824,633)
(2,824,633)
(2,824,633)


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
(2,824,633)
(2,824,633)
(2,824,633)


Total transactions with owners
-
-
-
-



At 1 January 2024
200
9,366,755
9,366,955
9,366,955


Comprehensive income for the year

Profit for the year
-
1,900,125
1,900,125
1,900,125


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
1,900,125
1,900,125
1,900,125


Total transactions with owners
-
-
-
-


At 31 December 2024
200
11,266,880
11,267,080
11,267,080


The notes on pages 19 to 40 form part of these financial statements.

Page 14

 
ATRATO GROUP LIMITED
 

COMPANY 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
6,563,904
6,564,104


Comprehensive income for the period

Profit for the period
-
3,025,171
3,025,171


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
3,025,171
3,025,171


Total transactions with owners
-
-
-



At 1 January 2024
200
9,589,075
9,589,275


Comprehensive income for the period

Profit for the year
-
1,051,502
1,051,502


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,051,502
1,051,502


Total transactions with owners
-
-
-


At 31 December 2024
200
10,640,577
10,640,777


The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
ATRATO GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,900,125
(2,824,633)

Adjustments for:

Depreciation of tangible assets
105,190
23,207

Loss on disposal of tangible assets
440
472

Interest paid
905,611
719,294

Interest received
(35,666)
(54,386)

Taxation charge
408,467
(377,301)

Decrease in debtors
1,764,728
3,701,247

(Increase)/decrease in amounts owed by groups
(880)
2,960

(Decrease)/increase in creditors
(1,989,078)
442,646

(Decrease)/increase in amounts owed to groups
(860)
860

(Decrease)/increase in provisions
(150,000)
33,817

Corporation tax received/(paid)
468,818
(658,721)

Net cash generated from operating activities

3,376,895
1,009,462


Cash flows from investing activities

Purchase of tangible fixed assets
(244,586)
(1,038)

Sale of tangible fixed assets
(1)
111

Interest received
35,666
54,386

Net cash from investing activities

(208,921)
53,459

Cash flows from financing activities

Interest paid
(905,611)
(719,294)

Net cash used in financing activities
(905,611)
(719,294)

Net increase in cash and cash equivalents
2,262,363
343,627

Cash and cash equivalents at beginning of year
2,428,071
2,084,444

Cash and cash equivalents at the end of year
4,690,434
2,428,071


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,690,434
2,428,071

4,690,434
2,428,071


Page 16

 
ATRATO GROUP LIMITED
 
The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
ATRATO GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

2,428,071

2,262,363

4,690,434


2,428,071
2,262,363
4,690,434

The notes on pages 19 to 40 form part of these financial statements.

Page 18

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

1.


General information

Atrato Group Limited is a company limited by shares, incorporated in England and Wales.
The principal activity of the company is that of head office activities and the principal activity of the group is investment advisory. The principal place of business is same as its registered office.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 19

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

2.Accounting policies (continued)

 
2.3

Going concern

The Group’s main contributor to income was the Investment Advisory mandate with Supermarket Income REIT plc. This engagement was terminated during March 2025 when investors voted to internalise the management of the company. The dedicated team working on the SUPR engagement transferred upon termination and no longer work for the group. 
The Investment Advisory mandate with Atrato Onsite Energy was also terminated during the year. 
The Group were paid significant termination fees for the cessation of both of these mandates. 
The Group were appointed as the Investment Manager to Social Housing REIT plc with effect from 1 January 2025. The Ultimate shareholders have committed to support the group until at least 31 May 2025.
The Directors believe the Group is still well placed to manage it’s business risks and that it will remain viable, continuing to operate and meet its liabilities as they fall due. 
The Directors have performed an assessment of the ability of the group to continue as a going concern for the 12 month period ended 31 May 2026. The Directors have considered the expected obligations of the group during this period and are confident they will all be met. 
Having reviewed and considered the forecasts prepared, the Directors consider that the group has adequate resources in place and will be able to settle its liabilities for a period of at least 12 months from the date of signing these financial statements and have therefore adopted the going concern basis of accounting in preparing these financial statements. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

Page 20

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

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

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. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.


 
2.10

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.

Page 22

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

2.Accounting policies (continued)


2.10
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:

Long-term leasehold property
-
33%
straight line
Short-term leasehold property
-
50%
straight line.
Office equipment
-
33%
straight line.
Computer equipment
-
33%
straight line.

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

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.

 
2.13

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

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.

Page 23

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

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

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

The Group 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 Group's Balance sheet when the Group 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 Group'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 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
Page 24

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

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
Page 25

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.


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's subsidiary, Atrato Capital Limited ("ACL"), in 2017 for £1 and carry a fixed preference dividend based on fees payable to ACL. 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 consolidated balance sheet as management consider that the fair value cannot be measured realiably and also may not be permitted under the Companies Act. Dividends payable to the preference shareholder are included in the consolidated statement of comprehensive income as interest payments. 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 manaement 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 stated, 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. During 2025 the preference shares were purchased by Atrato Group Limited and will be cancelled.


4.


Turnover

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

Page 26

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

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

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

Other operating lease rentals
273,780
227,426


6.


Auditor's remuneration

During the year, the Group 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 Group's financial statements
57,000
53,500

Fees payable to the Company's auditor and its associates in connection with the Group's pension scheme(s) in respect of:

All other assurance services
5,350
5,000

All other services
21,000
19,500

Page 27

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

7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,994,223
7,845,870
3,467,371
2,971,497

Social security costs
924,961
881,401
465,674
376,145

Cost of defined contribution scheme
318,815
234,739
131,201
89,341

8,237,999
8,962,010
4,064,246
3,436,983


The average monthly number of employees, including the remunerated directors, during the year was as follows:



Group
Group
Company
Company
      Year ended
     31 December
   9 months ended
      31 December
      Year ended
     31 December
   9 months ended
      31 December
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









38
37
25
26


8.


Directors' remuneration

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

Directors' emoluments
366,932
300,000

366,932
300,000


The highest paid director received remuneration of £179,167 (2023 - £150,000).

Page 28

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

9.


Interest receivable

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


Other interest receivable
35,666
54,386

35,666
54,386


10.


Interest payable and similar expenses

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


Bank interest payable
905,478
719,294

Other interest payable
133
-

905,611
719,294

Interest payable is made up of dividends payable to preference shareholder of subsidiary of £905,478 ( 2023: £719,294).

Page 29

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

11.


Taxation


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

Corporation tax


Current tax on profits for the year
587,615
(182,234)

Adjustments in respect of previous periods
(230,123)
-


357,492
(182,234)


Total current tax
357,492
(182,234)

Deferred tax


Origination and reversal of timing differences
50,975
11,335

Changes to tax rates
-
(206,402)

Total deferred tax
50,975
(195,067)


Tax on profit/(loss)
408,467
(377,301)
Page 30

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


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - lower 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
£
£


Profit/(loss) on ordinary activities before tax
2,308,592
(3,201,934)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
577,148
(800,484)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
26,883
187,125

Capital allowances for year/period in excess of depreciation
20,657
2,285

Utilisation of tax losses
281,987
90,695

Adjustments to tax charge in respect of prior periods
(230,123)
-

Short-term timing difference leading to an increase (decrease) in taxation
50,975
11,335

Other differences leading to an increase (decrease) in the tax charge
102,897
42,580

Group relief
(421,957)
89,163

Total tax charge for the year/period
408,467
(377,301)


Factors that may affect future tax charges

The group has £621,710 (2023: £825,609) of tax losses which can be offset against future profits.

Page 31

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

12.


Tangible fixed assets

Group






Long-term leasehold property
Short-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
-
21,500
6,959
97,866
126,325


Additions
222,022
-
990
21,574
244,586


Disposals
-
-
(5,555)
(16,194)
(21,749)



At 31 December 2024

222,022
21,500
2,394
103,246
349,162



Depreciation


At 1 January 2024
-
21,500
2,712
76,227
100,439


Charge for the year on owned assets
80,727
-
2,595
21,868
105,190


Disposals
-
-
(5,555)
(15,755)
(21,310)



At 31 December 2024

80,727
21,500
(248)
82,340
184,319



Net book value



At 31 December 2024
141,295
-
2,642
20,906
164,843



At 31 December 2023
-
-
4,247
21,639
25,886

Page 32

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

           12.Tangible fixed assets (continued)


Company






Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£

Cost or valuation


At 1 January 2024
-
6,343
53,661
60,004


Additions
222,022
990
21,574
244,586


Disposals
-
-
(16,194)
(16,194)



At 31 December 2024

222,022
7,333
59,041
288,396



Depreciation


At 1 January 2024
-
2,319
36,310
38,629


Charge for the year on owned assets
80,727
2,389
17,580
100,696


Disposals
-
-
(15,755)
(15,755)



At 31 December 2024

80,727
4,708
38,135
123,570



Net book value



At 31 December 2024
141,295
2,625
20,906
164,826



At 31 December 2023
-
4,024
17,351
21,375






Page 33

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

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1,917,824


Additions
1,500,200


Disposals
(100)



At 31 December 2024

3,417,924



Impairment


At 1 January 2024
1,155,615



At 31 December 2024

1,155,615


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Atrato Capital Limited
England and Wales
Ordinary
100%
Atrato Halliwell Limited
England and Wales
Ordinary
100%
Atrato Partners Limited
England and Wales
Ordinary
100%
Atrato Services Limited
England and Wales
Ordinary
100%
Atrato Denver Limited
England and Wales
Ordinary
100%
Hafren Advisory Limited
England and Wales
Ordinary
100%

Atrato Denver Limited was dissolved on 13 August 2024 and Hafren Advisory Limited was incorporated on 22 October 2024 and has been dormant during the period ended 31 December 2024.

Page 34

 
ATRATO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Atrato Capital Limited
2,235,248
(756,796)

Atrato Halliwell Limited
118,686
118,486

Atrato Partners Limited
3,589,498
1,338,624

Atrato Services Limited
(3,055,024)
148,307

Atrato Denver Limited
-
-

Hafren Advisory Limited
(200)
-


14.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,984,298
2,195,592
-
-

Amounts owed by group undertakings
880
-
2,316,818
1,165,218

Other debtors
8,139,349
10,007,116
8,091,297
9,463,228

Prepayments and accrued income
326,501
408,291
249,983
256,341

Deferred taxation
155,427
206,402
-
-

10,606,455
12,817,401
10,658,098
10,884,787



15.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,690,434
2,428,071
3,390,502
1,467,678

4,690,434
2,428,071
3,390,502
1,467,678


Page 35

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

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
92,035
195,502
53,718
133,475

Amounts owed to group undertakings
-
860
4,389,485
1,140,308

Corporation tax
594,949
164,762
380,718
164,762

Other taxation and social security
174,795
1,828,240
61,765
1,009,145

Other creditors
1,210,218
805,898
8,474
26,879

Accruals and deferred income
2,122,655
2,759,141
940,798
922,205

4,194,652
5,754,403
5,834,958
3,396,774



17.


Deferred taxation


Group



2024


£






At beginning of year
206,402


Charged to profit or loss
(50,975)



At end of period
155,427

Company


2024






At end of period
-
Group
Group
2024
2023
£
£

Tax losses carried forward
155,427
206,402

155,427
206,402

Page 36

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

18.


Provisions


Group



Dilapidation provision

£





At 1 January 2024
150,000


Charged to profit or loss
(150,000)



At 31 December 2024
-

Page 37

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

           18.Provisions (continued)

Company


Dilapidation provision
Total

£
£





At 1 January 2024
150,000
150,000


Charged to profit or loss
(150,000)
(150,000)



At 31 December 2024
-
-

The dliapidation provision related to an obligation to return certain properties leased by the Company back to their vacant state as required by the terms of the lease. The provision has been written off as the lease expired on 10 April 2024.

Page 38

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

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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



20.


Reserves

Profit and loss account

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


21.


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 Group to the fund and amounted to £318,815 (2023: £234,769). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
437,734
608,408
-
607,840

Later than 1 year and not later than 5 years
485,271
922,352
-
922,352

923,005
1,530,760
-
1,530,192

Page 39

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

23.


Related party transactions

The group 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.
During the year the group entered into transactions, in the ordinary course of business, with related parties. Transactions entered into, and trading balances outstanding at 31 December, are as follows:


2024
2023
£
£

Amounts owed to other entities under common control
(61,570)
(31,084)
Amounts owed by other entities under common control
7,920,703
8,881,709
Purchases from other entities under common control
(2,546)
(7,357)


24.


Post balance sheet events

The Group is committed to supporting charities via donations to The Atrato Foundation. The amounts will be at least £50,000 per annum and has not been provided for in the financial statements, but will be paid post year end.
As set out in the strategic report the Investment Advisory Agreement with Supermarket Income REIT plc was terminated during March 2025. A total fee of £20.8 million was paid to the Group in consideration of this. The preference shares within Atrato Capital Limited were repurchased by Atrato Group Limited. And will be cancelled during 2025. 
The Group was appointed as the Investment Manager to Social Housing REIT plc with effect from 1 January 2025. 


25.


Controlling party

The directors do not consider there to be an ultimate controlling party.

 
Page 40