Company Information
Contents
Group strategic report
For the year ended 30 September 2024
The directors present their group strategic report and the financial statements of Helikon Investments Limited ('the company') and its subsidiaries (together 'the group') for the year ended 30 September 2024.
Principal activity
Principal activity
The principal activity of the company and the group during the year was the provision of investment advisory services and it is authorised and regulated by the Financial Conduct Authority ("FCA").
The financial year 1 October 2023 through to 30 September 2024 was a strong period from an investment management perspective, with strong performance driving asset growth. In the previous financial year 1 January 2023 to 30 September 2023 the directors took the decision to change the financial year end, to 30 September going forward, due to future strategic planning. Hence the comparative amounts for the financial year ended 30 September 2023 are therefore not fully comparable.
The group continues to operate a limited liability company in Delaware USA, Helikon Investments GP LLC, the General Partner to a Delaware Fund, Helikon Long Short Equity Fund LP, where the company are Investment Manager.
The group also continues to operate an Italian subsidiary, Helikon Investments S.r.l.
The directors anticipate continued profitability in the future.
The focus for the group continues to be on delivering returns under the investment management agreements in place.
The group continues to operate a limited liability company in Delaware USA, Helikon Investments GP LLC, the General Partner to a Delaware Fund, Helikon Long Short Equity Fund LP, where the company are Investment Manager.
The group also continues to operate an Italian subsidiary, Helikon Investments S.r.l.
The directors anticipate continued profitability in the future.
The focus for the group continues to be on delivering returns under the investment management agreements in place.
Foreign currency risk
The company's main revenues are received in USD and EUR making it susceptible to foreign currency risk but to the extent only of transaction exposure. The company accepts the risk of currency movement and deals with potential earnings volatility.
Credit risk
The company considers the credit worthiness of counterparties holding cash deposits and trade receivables to appropriately manage this risk.
Liquidity risk
The company is not exposed to significant liquidity risk as all major costs are recharged to a related party in line with an agreement.
Interest rate risk
The company has interest bearing assets. Interest bearing assets include only cash balances, which earn interest at the existing market rate.
The company's main revenues are received in USD and EUR making it susceptible to foreign currency risk but to the extent only of transaction exposure. The company accepts the risk of currency movement and deals with potential earnings volatility.
Credit risk
The company considers the credit worthiness of counterparties holding cash deposits and trade receivables to appropriately manage this risk.
Liquidity risk
The company is not exposed to significant liquidity risk as all major costs are recharged to a related party in line with an agreement.
Interest rate risk
The company has interest bearing assets. Interest bearing assets include only cash balances, which earn interest at the existing market rate.
Page 1
Group Strategic report (continued)
For the year ended 30 September 2024
Given the nature of the business, we are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
In managing the business, we review four distinct aspects of the business on a regular basis:
• Financial
• Distribution and Marketing
• Operational and Risk Management
• Investment Management
Financial: On a quarterly basis, and for review by the directors, a financial reporting pack is produced which includes a statement of comprehensive income, a statement of the financial position, debtors, creditors and bank reconciliation by way of a management accounts summary.
Distribution and Marketing: On at least a quarterly basis, all aspects of distribution, including the new business pipeline, are reviewed.
Operational and Risk Management: We have a rigorous operational risk and compliance framework within which we seek to manage the business. This includes a strong governance structure, which monitors the operational performance of the business, and ensures we manage risk effectively and meet the requirements of our FCA. The adherence of the business to this framework is reviewed by an independent compliance firm, retained by the business on a quarterly basis.
Investment Management: On a monthly basis, the Investment Committee is responsible for reviewing and approving any new investment themes; monitoring the investment performance of existing positions; reviewing all strategic and tactical asset allocations; dealing errors and any corrective action taken.
In managing the business, we review four distinct aspects of the business on a regular basis:
• Financial
• Distribution and Marketing
• Operational and Risk Management
• Investment Management
Financial: On a quarterly basis, and for review by the directors, a financial reporting pack is produced which includes a statement of comprehensive income, a statement of the financial position, debtors, creditors and bank reconciliation by way of a management accounts summary.
Distribution and Marketing: On at least a quarterly basis, all aspects of distribution, including the new business pipeline, are reviewed.
Operational and Risk Management: We have a rigorous operational risk and compliance framework within which we seek to manage the business. This includes a strong governance structure, which monitors the operational performance of the business, and ensures we manage risk effectively and meet the requirements of our FCA. The adherence of the business to this framework is reviewed by an independent compliance firm, retained by the business on a quarterly basis.
Investment Management: On a monthly basis, the Investment Committee is responsible for reviewing and approving any new investment themes; monitoring the investment performance of existing positions; reviewing all strategic and tactical asset allocations; dealing errors and any corrective action taken.
Helikon Investments Limited was founded by Federico Riggio, Michele Fiumara, David Grazzini and Vittorio Villa in October 2019.
The Founders of the company have extensive investment experience having worked together since 2008 actively managing a similar investment strategy.
The directors have acted, both individually and together, in a way that they consider in good faith would be the most likely to promote the success of the company and group. The directors continue to have regard to the interests of the company’s and group's employees, suppliers and investors, including the impact of its activities on the company’s and group's reputation when making decisions.
We recognise our responsibility under section 172 of the Companies Act 2006 and the intention of the directors in making this statement is to provide some insight into how as a board we think and as a group we seek to interact with our stakeholders.
The Founders of the company have extensive investment experience having worked together since 2008 actively managing a similar investment strategy.
The directors have acted, both individually and together, in a way that they consider in good faith would be the most likely to promote the success of the company and group. The directors continue to have regard to the interests of the company’s and group's employees, suppliers and investors, including the impact of its activities on the company’s and group's reputation when making decisions.
We recognise our responsibility under section 172 of the Companies Act 2006 and the intention of the directors in making this statement is to provide some insight into how as a board we think and as a group we seek to interact with our stakeholders.
Page 2
Group Strategic report (continued)
For the year ended 30 September 2024
Engagement with employees
In a highly competitive environment for investment firms, retention of staff remains critical. The company and group ensures it offers a competitive remuneration package, in line with market standards. Furthermore, personnel is encouraged to share their views and work collaboratively with management on the development of the business.
The company and group follows best employment practice and provides employment opportunities to all genders, abilities and nationalities, adhering to current laws and regulations. Despite the company’s and group's small size, it encourages training, development and education.
Our business would not work without the employees building and delivering the services we provide to our clients. It is important that the interests of the employees are aligned with what the business is seeking to achieve, and recruitment and retention of capable and professional colleagues is critical in all we do. To support this, we:
• Set remuneration at levels which we believe are competitive
• Communicate openly and honestly
• Seek to train, develop and where possible recruit from within
• Encourage people to take ownership and responsibility within a supportive environment
• Apply common sense and seek to create a positive and constructive environment that people enjoy working in
Above all we respect our colleagues.
Engagement with service providers, investors and others
The company and group earns all turnover from its investment management agreements, therefore engagement with investors remains a top priority within the company and group.
The company outsources some of its non core functions and many service providers have had a relationship with Directors for a considerable period of time. The company and group follow best business practice and reviews its existing suppliers on a regular basis.
Engagement with our service providers
To enable us to manage our business we are highly reliant on those firms who provide services to us. We seek to work with all our suppliers as if they are an extension of the company and group, working in a way that is constructive and collaborative whilst recognising and appreciating the value they bring.
This report was approved by the board and signed on its behalf.
Page 3
Directors' report
For the year ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024 .
The profit for the year, after taxation, amounted to £88,543,594 (2023 - £11,169,979).
Dividends totalling £67,978,668 were paid during the period (2023: £6,658,591).
The directors who served during the year were:
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.
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 judgements and accounting estimates that are reasonable and prudent;
∙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 2006. They 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.
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Directors' report (continued)
For the year ended 30 September 2024
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.
The directors also have a duty under company law to have regard to the need to foster the company’s business
relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions
taken by the company during the financial period. How this is achieved is summarised in the Strategic report.
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.
The directors also have a duty under company law to have regard to the need to foster the company’s business
relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions
taken by the company during the financial period. How this is achieved is summarised in the Strategic report.
This report was approved by the board and signed on its behalf.
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Independent auditors' report to the members of Helikon Investments Limited
For the year ended 30 September 2024
We have audited the financial statements of Helikon Investments Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of comprehensive income, the Consolidated and company Statements of financial position, the Consolidated and company statements of changes in equity, the Consolidated Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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.
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 6
Independent auditors' report to the members of Helikon Investments Limited (continued)
For the year ended 30 September 2024
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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:
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 director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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Independent auditors' report to the members of Helikon Investments Limited (continued)
For the year ended 30 September 2024
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing regulated investment advisory firms;
∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company and group through discussions with management at the planning stage, and from our knowledge and experience of regulated investment advisory firms;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations, including those in Italy; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company and group including laws in Italy, the Companies Act 2006, The Financial Services and Markets Act 2000, employment legislation and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management;
∙reviewing legal expenditure throughout the year for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the company and group to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
∙reviewed journal entries throughout the year to identify unusual transactions;
∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the group’s management; and
∙carried out substantive testing to check the occurrence and cut-off of expenditure.
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Independent auditors' report to the members of Helikon Investments Limited (continued)
For the year ended 30 September 2024
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Consolidated statement of comprehensive income
For the year ended 30 September 2024
Page 10
Consolidated statement of financial position
As at 30 September 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 31 form part of these financial statements.
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Company statement of financial position
As at 30 September 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 31 form part of these financial statements.
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Consolidated statement of changes in equity
For the year ended 30 September 2024
Consolidated statement of changes in equity
For the year ended 30 September 2023
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Company statement of changes in equity
For the year ended 30 September 2024
Company statement of changes in equity
For the year ended 30 September 2023
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Consolidated statement of cash flows
For the year ended 30 September 2024
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Notes to the financial statements
For the year ended 30 September 2024
Helikon Investments Limited is a private limited company limited by shares and incorporated in England and Wales. The address of the registered office is 130 Wood Street, London, EC2V 6DL. The company's principal place of business is 17 Waterloo Place, London, SW1Y 4AR . The registration number of the company is 12237605.
2.Accounting policies
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 judgement 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:
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.
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to conditions. The company has
taken advantage of the following exemption in its individual financial statements:
taken advantage of the following exemption in its individual financial statements:
∙from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated
statement of cash flows, included in these financial statements, includes the company's cash flows.
statement of cash flows, included in these financial statements, includes the company's cash flows.
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Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Other income relates to amounts drawn from the Research Payment Account for research
expenses incurred during the period.
expenses incurred during the period.
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:
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.
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Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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 Statement of financial position 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
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Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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 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
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Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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 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.
There were no significant estimates or judgements made in the period.
The whole of the revenue is attributable to investment advisory services.
Analysis of turnover by country of destination:
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Notes to the financial statements
For the year ended 30 September 2024
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Notes to the financial statements
For the year ended 30 September 2024
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Notes to the financial statements
For the year ended 30 September 2024
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Notes to the financial statements
For the year ended 30 September 2024
10.Taxation (continued)
There are no factors that may affect future tax charges.
Page 25
Notes to the financial statements
For the year ended 30 September 2024
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Notes to the financial statements
For the year ended 30 September 2024
12.Tangible fixed assets (continued)
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Notes to the financial statements
For the year ended 30 September 2024
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Notes to the financial statements
For the year ended 30 September 2024
Page 29
Notes to the financial statements
For the year ended 30 September 2024
Share premium account
The share premium account represents the difference between the nominal value of the shares issued and the
issue price.
Profit and loss account
The profit and loss account includes the current period's retained earnings.
The share premium account represents the difference between the nominal value of the shares issued and the
issue price.
Profit and loss account
The profit and loss account includes the current period's retained earnings.
There were no contingent liabilities at 30 September 2024 and 30 September 2023.
The group had no capital commitments at 30 September 2024 and 30 September 2023.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £33,611 (2023: £26,225 ). Contributions totalling £2,678 (2023: £2,790) were payable to the fund at the balance sheet date and are included in creditors.
Page 30
Notes to the financial statements
For the year ended 30 September 2024
The immediate parent undertaking of the company is Helikon Investments Holdings Limited, a company incorporated in Jersey. The registered office of Helikon Investments Holdings Limited is 2nd Floor The Le Gallais Building 54 Bath Street St Helier Jersey JE1 1FW.
The largest and smallest group of undertakings for which consolidated financial statements have been prepared which include the company are those prepared by Helikon Investments Limited.
In the opinion of the directors,Federico Riggio is the ultimate controlling party of the company.
The largest and smallest group of undertakings for which consolidated financial statements have been prepared which include the company are those prepared by Helikon Investments Limited.
In the opinion of the directors,
Page 31