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Registered number: 04940982









ALTUS INVESTMENT MANAGEMENT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
J A Bruce (resigned 8 November 2024)
N Smith (resigned 8 November 2024)
J E Trower (appointed 6 February 2024)
A P Trower (resigned 19 December 2024)
I M Twisleton (appointed 6 February 2024)
D A R Hammond (resigned 29 February 2024)
P A Thompson (resigned 6 February 2024)
A J D V Patrick (appointed 18 April 2024)




Company secretary
J E Trower



Registered number
04940982



Registered office
24 Grosvenor Street

London

W1K 4QN




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
ALTUS INVESTMENT MANAGEMENT LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Notes to the financial statements
 
15 - 30


 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present the strategic report and financial statements for the year ended 31 December 2024.
The principal activity of the company continued to be that of the provision of investment management and advisory services.

Business review
 
The company navigated 2024 successfully with the company’s broad range of investment activities being underpinned by a robust and stable operating environment. The company’s financial performance has been satisfactory, primarily due to the success of our investment management activities with performance fees, derived from generating positive returns for clients. 2024 was a more profitable, and overall more positive year than 2023 for the company.

Principal risks and uncertainties
 
The FCA require us to undertake an annual Internal Capital Adequacy Assessment Process (ICAAP). This involves management allocating adequate capital reserves after reviewing and identifying risks to the business. We have identified the following risks:
Market Risk
The company does not trade its own balance sheet aggressively but does make some investments which are mostly UK sort dated gilt and therefore have little direct risk to the market though volatility in financial markets may impact underlying client portfolios. 
Currency Risk
Exchange rate volatility could impact earnings though this risk is mitigated through currency hedging transactions where appropriate.
Liquidity Risk
We are mindful to hold sufficient liquid resources to cover any short term imbalances in cash flow.
General Risk
The Directors are responsible for the day to day oversight of the operations of the business and believe that robust systems and controls are in place to identify and mitigate additional risks should they occur.  There are some key client dependency risks and some key staff member dependency risks which the directors have taken steps to address risks. 

Financial key performance indicators
 
The main indicator of the health of the investment business is growth in assets under management, both discretionary and advisory. The performance of the underlying portfolios is the main focus of the business which ultimately will drive growth in AUM and future revenues.

Other key performance indicators
 
The key non-financial performance indicators, which support the objective of increasing AUM, are client retention rates, client satisfaction and staff satisfaction.

Page 1

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Group
 
The directors are aware of their duty under section 172 of the Companies Act 2006 to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members, and in doing so have regard to (inter alia):  
• the likely consequence of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, clients and other stakeholders;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company maintaining a reputation for high standards of business conduct, and
• the need to act fairly as between members of the company (the “Section 172 (1) Matters”).


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



................................................
J E Trower
Director

Date: 25 April 2025

Page 2

 
ALTUS INVESTMENT MANAGEMENT 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 £234,472 (2023 - £663,749).

Directors

The directors who served during the year were:

J A Bruce (resigned 8 November 2024)
N Smith (resigned 8 November 2024)
J E Trower (appointed 6 February 2024)
A P Trower (resigned 19 December 2024)
I M Twisleton (appointed 6 February 2024)
D A R Hammond (resigned 29 February 2024)
P A Thompson (resigned 6 February 2024)
A J D V Patrick (appointed 18 April 2024)

Future developments

The Company is in the process of setting up a new subsidiary in Dubai. 

Page 3

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsAdler Shine 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.
 





................................................
J E Trower
Director

Date: 25 April 2025

Page 4

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTUS INVESTMENT MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Altus Investment Management 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 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.


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 5

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTUS INVESTMENT MANAGEMENT LIMITED (CONTINUED)


Other information


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 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 3, 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 6

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTUS INVESTMENT MANAGEMENT LIMITED (CONTINUED)


Auditors' 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 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries
 and other adjustments for appropriateness, and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any
 instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the
 financial statements and 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 auditors' report.


Page 7

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTUS INVESTMENT MANAGEMENT LIMITED (CONTINUED)


Use of our report
 

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



Engin Zekia FCA BSc (Senior Statutory Auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

 
Date: 
25 April 2025
Page 8

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
4,038,880
3,951,752

Gross profit
  
4,038,880
3,951,752

Administrative expenses
  
(3,404,297)
(3,124,531)

Exceptional administrative expenses
 11 
(250,000)
-

Fair value movements
  
(52,637)
-

Operating profit
 5 
331,946
827,221

Interest receivable and similar income
 9 
2,025
2,994

Other finance income
  
65,863
69,193

Profit before tax
  
399,834
899,408

Tax on profit
 10 
(165,362)
(235,659)

Profit for the financial year
  
234,472
663,749

Profit for the year attributable to:
  

Owners of the parent company
  
(234,472)
(663,749)

  
(234,472)
(663,749)

Total comprehensive income attributable to:
  

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

The notes on pages 15 to 30 form part of these financial statements.

Page 9

 
ALTUS INVESTMENT MANAGEMENT LIMITED
REGISTERED NUMBER: 04940982

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
(as restated)
Note
£
£

Fixed assets
  

Investments
 13 
380,641
298,757

  
380,641
298,757

Current assets
  

Debtors
 14 
1,883,667
1,726,229

Debtors: amounts falling due within one year
 14 
4
-

Cash at bank and in hand
 15 
2,403,873
2,586,487

  
4,287,544
4,312,716

Creditors: amounts falling due within one year
  
(845,917)
(1,023,677)

Net current assets
  
 
 
3,441,627
 
 
3,289,039

Total assets less current liabilities
  
3,822,268
3,587,796

  

Net assets
  
3,822,268
3,587,796


Capital and reserves
  

Called up share capital 
 17 
200,000
200,000

Profit and loss account
 18 
3,622,268
3,387,796

  
3,822,268
3,587,796


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




................................................
J E Trower
Director

Date: 25 April 2025

The notes on pages 15 to 30 form part of these financial statements.

Page 10

 
ALTUS INVESTMENT MANAGEMENT LIMITED
REGISTERED NUMBER: 04940982

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023 
(as restated)
Note
£
£

Fixed assets
  

Investments
 13 
385,234
298,757

  
385,234
298,757

Current assets
  

Debtors
 14 
1,883,667
1,726,229

Cash at bank and in hand
 15 
2,393,765
2,586,487

  
4,277,432
4,312,716

Creditors: amounts falling due within one year
  
(770,913)
(1,023,677)

Net current assets
  
 
 
3,506,519
 
 
3,289,039

Total assets less current liabilities
  
3,891,753
3,587,796

  

  

Net assets excluding pension asset
  
3,891,753
3,587,796

Net assets
  
3,891,753
3,587,796


Capital and reserves
  

Called up share capital 
 17 
200,000
200,000

Profit and loss account brought forward
  
3,387,796
2,924,047

Profit for the year
  
303,957
663,749

Other changes in the profit and loss account

  

-
(200,000)

Profit and loss account carried forward
  
3,691,753
3,387,796

  
3,891,753
3,587,796


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


................................................
J E Trower
Director

Date: 25 April 2025

The notes on pages 15 to 30 form part of these financial statements.

Page 11

 
ALTUS INVESTMENT MANAGEMENT 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 January 2023
200,000
2,924,047
3,124,047
3,124,047



Profit for the year
-
663,749
663,749
663,749

Dividends: Equity capital
-
(200,000)
(200,000)
(200,000)



At 1 January 2024
200,000
3,387,796
3,587,796
3,587,796



Profit for the year
-
234,472
234,472
234,472


At 31 December 2024
200,000
3,622,268
3,822,268
3,822,268


The notes on pages 15 to 30 form part of these financial statements.

Page 12

 
ALTUS INVESTMENT MANAGEMENT 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 January 2023
200,000
2,924,047
3,124,047


Comprehensive income for the year

Profit for the year
-
663,749
663,749


Contributions by and distributions to owners

Dividends: Equity capital
-
(200,000)
(200,000)



At 1 January 2024
200,000
3,387,796
3,587,796


Comprehensive income for the year

Profit for the year
-
303,957
303,957


At 31 December 2024
200,000
3,691,753
3,891,753


The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
234,472
663,749

Adjustments for:

Depreciation of tangible assets
-
10,348

Interest received
(2,025)
(2,994)

Taxation charge
227,875
235,659

(Increase)/decrease in debtors
(157,438)
1,934,043

(Decrease) in creditors
(160,754)
(1,810,525)

Net fair value losses recognised in P&L
52,637
-

Corporation tax (paid)
(297,522)
(202,422)

Net cash generated from operating activities

(102,755)
827,858


Cash flows from investing activities

Purchase of listed investments
(81,884)
(298,755)

Interest received
2,025
2,994

Net cash from investing activities

(79,859)
(295,761)

Cash flows from financing activities

Dividends paid
-
(200,000)

Net cash used in financing activities
-
(200,000)

Net (decrease)/increase in cash and cash equivalents
(182,614)
332,097

Cash and cash equivalents at beginning of year
2,586,487
2,254,390

Cash and cash equivalents at the end of year
2,403,873
2,586,487


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,403,873
2,586,487


The notes on pages 15 to 30 form part of these financial statements.

Page 14

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Altus Investment Management Limited is a private company limited by shares and registered in England and Wales. Its registered office address and principal place of business is 24 Grosvenor Street, London, W1K 4Q. The principal activity of the company is that of an investment management and family office. 
The financial statements are presented in Sterling (£), rounded to the nearest £1.

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.

 
2.3

Exemption from preparing consolidated financial statements

The company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.4

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 15

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.6

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.

Revenue represents amounts receivable for investment management services provided. Fees are based on assets under management. A margin is also charged on fund performance and foreign exchange transactions.

 
2.7

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.

Page 16

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.12

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.

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
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.

Page 17

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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.

 
2.16

Creditors

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

 
2.17

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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Page 18

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


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

Financial assets are assessed for indicators of impairment at each reporting date. 

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 instruments 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 payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 19

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the 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.

  
2.18

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 

Page 20

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Investment management services
4,038,880
3,951,752

4,038,880
3,951,752


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
-
10,348

Exchange differences
(20,408)
(39,636)

Other operating lease rentals
92,677
69,982

Defined contribution pension schemes
11,656
11,934

Auditors remuneration
18,400
17,500


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors and their associates for the audit of the consolidated and parent company's financial statements
18,400
17,500

Page 21

 
ALTUS INVESTMENT MANAGEMENT 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
2,007,178
1,904,924
1,878,294
1,904,924

Social security costs
235,378
262,273
172,865
262,273

Cost of defined contribution scheme
11,656
11,934
11,656
11,934

2,254,212
2,179,131
2,062,815
2,179,131


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


        2024
        2023
            No.
            No.







Investment management and family office
12
12

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

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
742,013
782,937

742,013
782,937


The highest paid director received remuneration of £318,180 (2023 - £250,000).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
2,025
2,994

2,025
2,994

Page 22

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
165,362
235,009

Adjustments in respect of previous periods
-
650


165,362
235,659


Total current tax
165,362
235,659

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
165,362
235,659

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
399,834
899,408


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
99,959
211,361

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,744
21,022

Capital allowances for year in excess of depreciation
-
1,543

Short-term timing difference leading to an increase (decrease) in taxation
(1,027)
(45)

Changes in provisions leading to an increase (decrease) in the tax charge
-
1,778

Other differences leading to an increase (decrease) in the tax charge
48,686
-

Total tax charge for the year
165,362
235,659

Page 23

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Exceptional items

2024
2023
£
£


Settlement agreement
250,000
-

250,000
-

The company entered into a settlement agreement with a related party in respect of a dispute, with no admission of liability or wrongdoing. This represents a payment on account. See note 20. 


12.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
23,063
66,785
89,848



At 31 December 2024

23,063
66,785
89,848



Depreciation


At 1 January 2024
23,063
66,785
89,848



At 31 December 2024

23,063
66,785
89,848



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
-
-
-

Page 24

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           12.Tangible fixed assets (continued)


Company






Fixtures and fittings
Office equipment
Total

£
£
£

Cost or valuation


At 1 January 2024
23,063
66,785
89,848



At 31 December 2024

23,063
66,785
89,848



Depreciation


At 1 January 2024
23,063
66,785
89,848



At 31 December 2024

23,063
66,785
89,848



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
-
-
-





The net book value of land and buildings may be further analysed as follows:




Page 25

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Fixed asset investments

Group





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 January 2024 (as restated)
2
298,755
298,757


Additions
-
81,884
81,884



At 31 December 2024
2
380,639
380,641






Net book value



At 31 December 2024
2
380,639
380,641



At 31 December 2023 (as restated)
2
298,755
298,757

Company





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 January 2024 (as restated)
2
298,755
298,757


Additions
4,593
81,884
86,477



At 31 December 2024
4,595
380,639
385,234






Net book value



At 31 December 2024
4,595
380,639
385,234



At 31 December 2023 (as restated)
2
298,755
298,757

Page 26

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Altus Nominees Limited
24 Grosvenor Street, London, W1K 4QN, United Kingdom
Ordinary
100%
Altus IM Nominees Limited
24 Grosvenor Street, London, W1K 4QN, United Kingdom
Ordinary
100%
Altus Investment ApS
Rønnebærvej 46,
 Denmark
Ordinary
100%

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)
£
£

Altus Nominees Limited
1
1

Altus IM Nominees Limited
1
1

Altus Investment ApS
4,593
(195,836)


14.


Debtors

Group
Group
Company
Company
2024
2023
(as restated)
2024
2023
(as restated)
£
£
£
£

Due after more than one year

Other debtors
72,000
66,665
72,000
66,665

72,000
66,665
72,000
66,665

Due within one year

Trade debtors
39,885
25,663
39,885
25,663

Other debtors
150,582
116,978
150,582
116,978

Prepayments and accrued income
1,621,200
1,516,923
1,621,200
1,516,923

1,883,667
1,726,229
1,883,667
1,726,229


Page 27

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Cash and cash equivalents

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

Cash at bank and in hand
2,403,873
2,586,487
2,393,765
2,586,487

2,403,873
2,586,487
2,393,765
2,586,487



16.


Creditors: Amounts falling due within one year

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

Trade creditors
48,789
19,755
48,789
19,755

Amounts owed to group undertakings
2
2
2
2

Corporation tax
165,362
235,009
165,362
235,009

Other taxation and social security
80,450
58,056
80,450
58,056

Other creditors
17,497
18,324
17,497
18,324

Accruals and deferred income
481,180
692,531
406,176
692,531

Financial instruments
52,637
-
52,637
-

845,917
1,023,677
770,913
1,023,677



17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200,000 (2023 - 200,000) Ordinary shares of £1.00 each
200,000
200,000



18.


Reserves

Profit and loss account

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


19.


Prior year adjustment

Included in the 2023 financial statements, balances amounting to £298,755 were included in Other Debtors. In the comparative figures of the 2024 financial statements, these balances have been reclassified as Fixed Asset Investments. 

Page 28

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Contingent liabilities

At the reporting date, the Group was involved in a dispute with a third party. As no reliable estimate of the financial impact could be made at that time, no provision has been recognised in the 2024 financial statements. 
Subsequent to the year end, the parties reached a full and final settlement agreement for a total amount of £1,850,000, of which £250,000 was paid on account in December 2024 and recognised in these financial statements. The balance of £1,650,000 is a non-adjusting event after the reporting period. 


21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charged for the year represents contributions payable by the company to the scheme and amount to £11,656 (2023 - £11,934). Contributions totalling £4,107 (2023 - £2,926) were payable to the fund at the balance sheet date and are included in other creditors.


22.


Commitments under operating leases

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

2024
2023
Group
£
£


Not later than 1 year
90,000
149,946

Later than 1 year and not later than 5 years
390,000
288,352

480,000
438,298


23.


Related party transactions

The remuneration of key management personnel, who are directors, is as follows:


2024
2023
£
£

Aggregate compensation
742,013
747,917

No guarantees have been given or received.
At the year-end included in other debtors is an amount of £90,000 (2023 - £75,000) owed to the company by the directors. 
During the year, the company declared and paid dividends of £Nil (2023 - £200,000).  

Page 29

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Post balance sheet events

As set out in note 20 involving the dispute, subsequent to the year end, the parties reached a full and final settlement agreement for a total amount of £1,850,000, of which £250,000 was paid on account in December 2024 and recognised in these financial statements. The balance of £1,650,000 is a non-adjusting event after the reporting period. 


25.


Controlling party

In the opinion of the directors, there is no ultimate controlling party.

 
Page 30