Company registration number 08802188 (England and Wales)
ABRAXAS CM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ABRAXAS CM LIMITED
COMPANY INFORMATION
Directors
Mr N Turner
Mr F Frontini
Company number
08802188
Registered office
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
Auditor
Perrys Audit Limited
Chartered Accountants
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
ABRAXAS CM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Profit and loss account
5
Group statement of comprehensive income
6
Group balance sheet
7
Company balance sheet
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 23
Independent auditor's report
24 - 26
ABRAXAS CM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The firm enjoyed a positive year in 2024, with revenue up by 40% on the previous year. Total revenue for 2024 was £7.70m vs £5.49m in 2023 and net profit increased from £12k to £233k. The previous year (2023) had seen a drop in revenue and profit due to Brexit related issues as the Directors moved part of portfolio and risk management activities to an EU based jurisdiction, thereby reducing the fees earned on the assets under management (AUM). This continued to have an impact for the current year ending 31/12/2024, with fees earned on assets under management (AUM) increasing by 40% whilst AUM grew much more rapidly to Euro 3.327 billion from around Euro1 billion at the end of 2023.

 

In terms of the funds managed by the firm, the Heka suite of digital asset funds continued to be the main driver behind the large increase in AUM. With significant underlying asset growth and large client inflows, AUM in digital assets increased to over Euro 3 billion from approximately Euro 1 billion as at 31st Dec 23. There were no new fund openings or closures during 2024.

 

The only change to the board of Directors was the re-appointment of Stefano Ruggiero as Director in May 2024 (Mr Ruggiero had previously been a Director of the company from 2005 to 2022). There were no other senior staff resignations or additions. The Directors strengthened IT resilience and procurement by working directly with a new software company dedicated to the firm’s needs and development. The regulatory aspect of the firm’s activities has been reinforced by the appointment of a new external compliance consultancy. The Business Continuity plan worked well and allowed for successful remote working when needed.

Principal risks and uncertainties

Despite the rise in AUM during 2024, the firm’s products still have a few key clients and therefore relatively high concentration risk. Nevertheless, the risk of client redemptions is fundamentally difficult to mitigate against as it depends on individual client decisions and on the performance of various instruments and strategies. ACML will continue to seek opportunities to grow and diversify its client base and mitigate the concentration risks detailed above.

 

The firm’s business and growth plan will continue to focus on crypto currency markets. These are relatively new areas of finance, and the depth and long-term strength of these markets is not yet proven. Potential risks include, but are not limited to, the crypto markets reducing dramatically in size due to shrinking risk appetite, greater regulation reducing liquidity and arbitrage opportunities, more competitors entering the arena and a major hacking or fraud event driving investors away from crypto exposure.

 

The other important risk facing the firm is the post Brexit regulatory landscape in which the firm operates. As mentioned above, the Directors have already made important Brexit related changes to ACML’s business model that have had a significant impact on potential revenue. Given the regulatory environment in which the firm operates, the firm may make further Brexit related changes to its business in 2025, which would again reduce the level of fees earned from the assets it manages. Furthermore, unanticipated changes to the regulatory framework could necessitate more extensive adjustments than those currently being analysed.

Development and performance

Avenues for future growth would be to increase the number of clients and/or launch new funds, in effect increasing the assets under management, upon which firm revenue is based. With the digital asset market changing and developing so rapidly there could be opportunities for launches in 2025. The firm has won several digital asset fund management awards and can continue to develop its products on the back of its strong market reputation. The firm expects further growth in AUM given continued strong investor demand.

ABRAXAS CM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The key performance indicators monitored by the Directors of ACML are Assets under Management, Turnover and Profit. Whilst AUM increased significantly, both turnover and profits fell for the Brexit related reasons highlighted above.

The key performance indicators monitored by the Directors of ACML are Assets under Management, Turnover and Profit. All three increased significantly in 2024, although turnover did not match the growth rate of AUM due to the Brexit related reasons highlighted above.

 

AUM Turnover Profit

2023 Euro 1034m £5.49m £12k

2024 Euro 3327m £7.70m £233k

 

Other indicators that are closely followed are liquidity and available capital. In addition, these are reported to the FCA on a regular basis and the latest Internal Capital Adequacy and Risk Assessment process (ICARA) confirmed substantial excess capital and liquidity as judged against the FCA’s parameters. The Directors are of the opinion that further analysis using non-financial KPIs is not necessary for the understanding of the development, performance and position of the business.

On behalf of the board

Mr N Turner
Director
17 July 2025
ABRAXAS CM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company and group in the year under review was that of investment management and advisory services.

Results and dividends

The results for the year are set out on page 5.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N Turner
Mr F Frontini
Auditor

In accordance with the company's articles, a resolution proposing that Perrys Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N Turner
Director
17 July 2025
ABRAXAS CM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

ABRAXAS CM LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2024
2023
Notes
£
£
Turnover
7,701,250
5,490,274
Cost of sales
(1,962,643)
(2,719,754)
Gross profit
5,738,607
2,770,520
Administrative expenses
(5,526,334)
(2,833,347)
Operating profit/(loss)
3
212,273
(62,827)
Interest receivable and similar income
7
19,774
9,497
Interest payable and similar expenses
8
(19,038)
(1,236)
Amounts written off investments
9
127,433
69,116
Profit before taxation
340,442
14,550
Tax on profit
10
(108,059)
(3,307)
Profit for the financial year
232,383
11,243
Profit for the financial year is all attributable to the owners of the parent company.
ABRAXAS CM LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
£
£
Profit for the year
232,383
11,243
Other comprehensive income
-
-
Total comprehensive income for the year
232,383
11,243
Total comprehensive income for the year is all attributable to the owners of the parent company.
ABRAXAS CM LIMITED (REGISTERED NUMBER: 08802188)
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
8,057
9,176
Current assets
Debtors
17
2,738,951
1,354,713
Investments
18
3,455,578
444,373
Cash at bank and in hand
942,332
502,951
7,136,861
2,302,037
Creditors: amounts falling due within one year
19
(4,825,596)
(1,489,077)
Net current assets
2,311,265
812,960
Total assets less current liabilities
2,319,322
822,136
Creditors: amounts falling due after more than one year
20
(1,264,803)
-
Net assets
1,054,519
822,136
Capital and reserves
Called up share capital
22
2,300
2,300
Profit and loss reserves
1,052,219
819,836
Total equity
1,054,519
822,136

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
17 July 2025
Mr N Turner
Director
ABRAXAS CM LIMITED (REGISTERED NUMBER: 08802188)
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
194,639
194,639
Current assets
Debtors
17
401,434
-
0
Cash at bank and in hand
5,880
5,928
407,314
5,928
Creditors: amounts falling due within one year
19
(135,633)
(137,777)
Net current assets/(liabilities)
271,681
(131,849)
Net assets
466,320
62,790
Capital and reserves
Called up share capital
22
2,300
2,300
Profit and loss reserves
464,020
60,490
Total equity
466,320
62,790

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £403,530 (2023 - £199,004 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
17 July 2025
Mr N Turner
Director
ABRAXAS CM LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
2,300
1,004,007
1,006,307
Year ended 31 December 2023:
Profit and total comprehensive income
-
11,243
11,243
Dividends
11
-
(195,414)
(195,414)
Balance at 31 December 2023
2,300
819,836
822,136
Year ended 31 December 2024:
Profit and total comprehensive income
-
232,383
232,383
Balance at 31 December 2024
2,300
1,052,219
1,054,519
ABRAXAS CM LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
2,300
56,900
59,200
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
199,004
199,004
Dividends
11
-
(195,414)
(195,414)
Balance at 31 December 2023
2,300
60,490
62,790
Year ended 31 December 2024:
Profit and total comprehensive income
-
403,530
403,530
Balance at 31 December 2024
2,300
464,020
466,320
ABRAXAS CM LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
2,140,326
(1,131,511)
Interest paid
(18,261)
(1,236)
Income taxes paid
(86,710)
(122,770)
Net cash inflow/(outflow) from operating activities
2,035,355
(1,255,517)
Investing activities
Purchase of tangible fixed assets
(1,255)
(6,647)
Purchase of investments
(2,879,296)
-
Interest received
19,774
9,497
Net cash (used in)/generated from investing activities
(2,860,777)
2,850
Financing activities
Proceeds from borrowings
1,264,803
-
Dividends paid to equity shareholders
-
0
(195,414)
Net cash generated from/(used in) financing activities
1,264,803
(195,414)
Net increase/(decrease) in cash and cash equivalents
439,381
(1,448,081)
Cash and cash equivalents at beginning of year
502,951
1,951,032
Cash and cash equivalents at end of year
942,332
502,951
ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Abraxas CM Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London WC2R 0LT.

 

The group consists of Abraxas CM Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Abraxas CM Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover relates to management fees, performance fees and consultancy fees and is recognised in the period in which the services were provided and relate to.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

 

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Over 4 years
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Derecognition of financial liabilities

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

ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Goodwill is reviewed annually for impairment and is amortised over a period of 5 years as disclosed above in note 1.6.

 

Depreciation is provided for over a period of 4 years as disclosed above in note 1.7.

3
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
79,412
(2,832)
Depreciation of owned tangible fixed assets
2,374
1,858
Operating lease charges
63,457
67,162
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,260
1,266
Audit of the financial statements of the company's subsidiaries
7,860
7,860
9,120
9,126
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
7
2
2
2
Directors
4
3
2
2
ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,612,850
2,321,731
-
0
-
0
Social security costs
172,728
38,054
-
-
Pension costs
99,703
2,919
-
0
-
0
4,885,281
2,362,704
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
4,288,558
2,123,792
Company pension contributions to defined contribution schemes
63,321
1,380
4,351,879
2,125,172
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
3,925,507
1,626,048

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounts to 2 (2023 - 1).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,338
2,018
Other interest income
17,436
7,479
Total income
19,774
9,497
ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Interest payable and similar expenses
2024
2023
£
£
Loss on hedged item in a fair value hedge
777
1,236
Other interest
18,261
-
Total finance costs
19,038
1,236
9
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
127,433
69,116
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
108,059
3,805
Adjustments in respect of prior periods
-
0
(498)
Total current tax
108,059
3,307

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
340,442
14,550
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
85,111
3,419
Tax effect of expenses that are not deductible in determining taxable profit
22,300
-
0
Unutilised tax losses carried forward
-
0
234
Adjustments in respect of prior years
-
0
(498)
Double tax relief
-
0
(3,805)
Group relief
367
-
0
Permanent capital allowances in excess of depreciation
281
(1,125)
Tax at marginal rate
-
0
5,082
Taxation charge
108,059
3,307
ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
195,414
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
15,892
Amortisation and impairment
At 1 January 2024 and 31 December 2024
15,892
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
13
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 January 2024
38,927
Additions
1,255
At 31 December 2024
40,182
Depreciation and impairment
At 1 January 2024
29,751
Depreciation charged in the year
2,374
At 31 December 2024
32,125
Carrying amount
At 31 December 2024
8,057
At 31 December 2023
9,176
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
194,639
194,639
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
194,639
Carrying amount
At 31 December 2024
194,639
At 31 December 2023
194,639
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Abraxas Capital Management Limited
4th Floor, 399-401 Strand, London, WC2R 0LT
Ordinary
100.00
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
3,455,578
444,373
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,600,201
114,274
-
0
-
0
Other debtors
111,255
1,214,943
401,434
-
0
Prepayments and accrued income
27,495
25,496
-
0
-
0
2,738,951
1,354,713
401,434
-
ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
18
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
3,455,578
444,373
-
-
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
299,424
27,598
-
0
-
0
Corporation tax payable
21,349
-
0
-
0
-
0
Other taxation and social security
43,669
6,186
-
-
Other creditors
134,373
135,304
134,373
136,693
Accruals and deferred income
4,326,781
1,319,989
1,260
1,084
4,825,596
1,489,077
135,633
137,777
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
1,264,803
-
0
-
0
-
0
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
99,703
2,919

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
38,333
38,333
384
384
Ordinary B shares of 1p each
69,001
69,001
690
690
Ordinary C shares of 1p each
38,333
38,333
383
383
Ordinary D shares of 1p each
38,333
38,333
383
383
Ordinary E shares of 1p each
46,000
46,000
460
460
230,000
230,000
2,300
2,300
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
53,018
49,071
-
-
53,018
49,071
-
-
24
Related party transactions

At the balance sheet date, included within other creditors are amounts owed to the group from its shareholders totalling £134,149 (2023: £134,149).

 

25
Controlling party

The ultimate controlling party is Mr Fabio Frontini.

ABRAXAS CM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
26
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
232,383
11,243
Adjustments for:
Taxation charged
108,059
3,307
Finance costs
19,038
1,236
Investment income
(19,774)
(9,497)
Depreciation and impairment of tangible fixed assets
2,374
1,858
Other gains and losses
(127,433)
(76,716)
Movements in working capital:
Increase in debtors
(1,384,238)
(162,691)
Increase/(decrease) in creditors
3,309,917
(900,251)
Cash generated from/(absorbed by) operations
2,140,326
(1,131,511)
27
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
502,951
439,381
942,332
ABRAXAS CM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABRAXAS CM LIMITED
- 24 -
Opinion

We have audited the financial statements of Abraxas CM Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

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 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.

ABRAXAS CM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABRAXAS CM LIMITED
- 25 -

Opinions on other matters prescribed by the Companies Act 2006

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

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

ABRAXAS CM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABRAXAS CM LIMITED
- 26 -

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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

 

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and Financial Conduct Authority (FCA) regulations. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, reviewing board minutes and correspondence with the FCA.

 

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Declan McCusker (Senior Statutory Auditor)
For and on behalf of Perrys Audit Limited
Chartered Accountants
Statutory Auditor
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
21 July 2025
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