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Registered number: 11283688









WHITMAN ASSET MANAGEMENT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
A Le Flufy 
J E F Northrop 
A Rosengren 




Company secretary
Michelmores Secretaries Limited



Registered number
11283688



Registered office
1 Manchester Square

London

W1U 3AB




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
WHITMAN ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 30


 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report on Whitman Asset Management Limited ("the Company") for the year ended 31 December 2024.

Introduction
 
The principal activities of the Company are the provision of investment management services to a wide range of clients through two separate divisions. The Private Client Investment Management Division offers a tailored service to individual client needs which include discretionary and execution only services. The Fund Management division manages UK equity funds. The Company is authorised and regulated by the Financial Conduct Authority ("FCA").

Business review
 
2024 represented another year of progress with a rise in Assets Under Management ("AUM") and revenues and a material reduction in operating losses. This was achieved despite a volatile year in UK equity markets, driven by the general election and autumn budget. Global equity markets had a strong year, with a particularly strong performance from the MAG7 and artificial intelligence winners. 
AUM grew by £31m which represents year-on-year organic growth of 20% to £192m as of 31 December 2024 (2023 AUM - £161m). Net inflows to the business over 2024 were £26m, and the balance of the AUM growth came from positive investment performance, which generated an increase in AUM of £5m. 
The Company generated revenues of £1,745,579 (2023 - £1,183,943) which was an increase of 47% on 2023. 29% of the increase in revenue came from organic growth with the balance coming from the purchase of a book of business from another asset manager in Q4 2023. The Company made an operating loss of £533,390 (2023 - £666,962). Including non-operating expenses and income, the Company made a loss before tax of £568,675 (2023 - £708,997).  The reduction in losses largely reflect a very high drop through rate on incremental revenue. 
AUM is expected to continue to grow over the course of 2025 as our Investment Managers in the Private Client Investment Management division continue to win new business and the Fund Management division continues to drive distribution across its UK smaller companies' equity strategy. Pleasingly relative performance remains strong which is helping drive investor interest. It is expected that the business will see a further material reduction in losses for the full year of 2025.
The Company completed one fundraise in April 2024, supported by management and existing shareholders.

Page 1

 
WHITMAN ASSET MANAGEMENT LIMITED
 

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

Principal risks and uncertainties
 
The Company's activities expose it to several risks associated with financial markets. These risks include exposure to the movement in the underlying asset classes, particularly equities, and changes in interest rates as well as the potential impact of changes in general investor sentiment.
Financial risk management
The board has completed a risk register and assessed the principal risks within the following categories:
• Risks to clients
• Risks to market
• Risks to firm
• Risks to liquidity
Where necessary, provisions have been made against each identified risk.
Risk to clients
• Investment performance
• Cyber security risk and data loss risk
• GDPR risk
• Model B provider performs poorly
Risk to Market
This represents risks that the business could have on the marketplace. Given that Whitman is a small investment management company and doesn't trade on behalf of its own Balance Sheet, it is considered that the risks to the marketplace are minimal. 
Risk to Firm
• Investment performance
• Cyber security risk and data loss risk
• Failure to maintain regulatory capital risk
• Model B provider performs poorly
• Key man / women risk
Risk to Liquidity
This is not in itself a capital resource risk but reflects the key risk that is posed by running out of capital and breaching tier one capital adequacy. This is effectively a scenario that could trigger the wind down of the firm as not enough revenue or cash on the balance sheet would be available to fund the ongoing expenses. As such the cost of an orderly wind down reflects the minimum liquidity above the basic requirement and this should be used as a starting point for the wind down.

Financial key performance indicators
 
The financial KPIs include assets under management and the performance of the underlying portfolios which will ultimately drive growth in future revenues.

Other key performance indicators
 
The key non-financial performance indicators are client and staff retention rates and satisfaction.

Page 2

 
WHITMAN ASSET MANAGEMENT LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
This section serves as our section 172 statement and should be read in conjunction with the Strategic Report. Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making.
The directors continue to have regard to the interests of the Company's employees and other stakeholders, including the impact of its activities on the community, suppliers, customers, the environment and the Company's reputation, when making decisions. Acting in good faith and fairly between members, the directors consider what is most likely to promote the success of the Company for its members in the long term, including:
•  As a new business the Company is currently focussed on growth through increasing AUM and extending   our market reach. When making decisions, the impact of them in the long term is considered by the    directors as well as the short and medium term.
•  The directors consider the interests of employees and deems employees a primary factor in the success   of the Company. We aim to be a responsible employer and that includes temporary employees and    consultants. Matters including pay and health & safety are primary considerations when making     decisions.
•  As a Company regulated by the FCA, investor interests and the interests of others, such as suppliers, are  also important to the success of the Company.
• When making decisions on the Company's strategy and operations, the directors also consider the    impact of those decisions on the local community and environment.
• As the Company grows, the directors are aware of the importance of our reputation and ensure that    management operates the Company in a responsible manner with integrity. The directors seek to ensure   that this culture is understood and shared across the entire Company.
• As the Company grows and continues to allocate shareholder capital, the directors’ intention is to     maintain a tight control on expenditure and costs to ensure scrutiny of capital allocation.
• The directors' intention is to behave responsibly and with regards of all shareholders, treating them fairly    and equally so that they may all benefit from the growth of the Company.


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



A Le Flufy
Director

Date: 3 April 2025

Page 3

 
WHITMAN ASSET 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 Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The loss for the year, after taxation, amounted to £568,675 (2023 - loss £708,997).

No dividends have been paid or proposed in the year (2023: £Nil).

Directors

The directors who served during the year were:

A Le Flufy 
J E F Northrop 
A Rosengren 


Future developments

The Company will look to continue to grow its assets under management through scaling the existing strategies while also looking to expand its product offering. In addition, the Company will also aim to grow by adding new strategies and additional portfolio managers.

Page 4

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Matters covered in the Strategic Report

Where necessary, disclosures relating to principal risks & uncertainties and results & dividends have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006.

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company 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.
 





A Le Flufy
Director

Date: 3 April 2025

Page 5

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITMAN ASSET MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Whitman Asset Management Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITMAN ASSET 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 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 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 Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITMAN ASSET 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 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;
• reviewed minutes of meetings;
• 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. The key laws and regulations we considered in this context included UK    Companies Act, data protection, anti-bribery, employment law, health and safety, Money Laundering Act     and FCA regulations;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the   financial statements and potential indicators of fraud.
Due to 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 8

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITMAN ASSET 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.





Christopher Taylor (Senior statutory auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

3 April 2025
Page 9

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,745,579
1,183,943

Cost of sales
  
(239,815)
(172,000)

Gross profit
  
1,505,764
1,011,943

Administrative expenses
  
(2,039,154)
(1,678,905)

Operating loss
 5 
(533,390)
(666,962)

Interest receivable and similar income
 9 
22,747
13,110

Other non-operating expense
 10 
(100,382)
(84,546)

Other non-operating income
  
42,350
29,401

Loss before tax
  
(568,675)
(708,997)

Loss for the financial year
  
(568,675)
(708,997)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(568,675)
(708,997)

The notes on pages 14 to 30 form part of these financial statements.

Page 10

 
WHITMAN ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 11283688

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
559,375
731,520

Tangible assets
 13 
38,338
64,039

  
597,713
795,559

Current assets
  

Debtors
 14 
323,408
316,342

Cash at bank and in hand
 15 
802,373
683,917

  
1,125,781
1,000,259

Creditors: amounts falling due within one year
 16 
(538,872)
(322,427)

Net current assets
  
 
 
586,909
 
 
677,832

Total assets less current liabilities
  
1,184,622
1,473,391

Creditors: amounts falling due after more than one year
 17 
-
(150,246)

  

Net assets
  
1,184,622
1,323,145


Capital and reserves
  

Called up share capital 
 19 
201,844
188,719

Share premium account
 20 
5,103,371
4,696,496

Other reserves
 20 
34,036
23,884

Profit and loss account
 20 
(4,154,629)
(3,585,954)

  
1,184,622
1,323,145


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




A Le Flufy
Director

Date: 3 April 2025

The notes on pages 14 to 30 form part of these financial statements.

Page 11

 
WHITMAN ASSET MANAGEMENT LIMITED
 

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


Called up share capital
Share premium account
Share options reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
152,280
3,749,700
14,054
(2,876,957)
1,039,077


Comprehensive income for the year

Loss for the year
-
-
-
(708,997)
(708,997)

Share option reserve movement
-
-
9,830
-
9,830

Shares issued during the year
36,439
946,796
-
-
983,235



At 1 January 2024
188,719
4,696,496
23,884
(3,585,954)
1,323,145


Comprehensive income for the year

Loss for the year

-
-
-
(568,675)
(568,675)

Share option reserve movement
-
-
10,152
-
10,152


Other comprehensive income for the year
-
-
10,152
-
10,152


Total comprehensive income for the year
-
-
10,152
(568,675)
(558,523)

Shares issued during the year
13,125
406,875
-
-
420,000


At 31 December 2024
201,844
5,103,371
34,036
(4,154,629)
1,184,622


The notes on pages 14 to 30 form part of these financial statements.

Page 12

 
WHITMAN ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(568,675)
(708,997)

Adjustments for:

Amortisation of intangible assets
172,145
45,015

Depreciation of tangible assets
32,619
37,466

Loss on disposal of tangible assets
162
-

Other non-operating expense
100,338
84,546

Interest received
(22,747)
(13,110)

(Increase) in debtors
(7,024)
(55,971)

(Decrease) in creditors
(34,180)
(110,322)

Net fair value losses recognised in P&L
10,152
9,830

Net cash generated from operating activities

(317,210)
(711,543)


Cash flows from investing activities

Purchase of intangible fixed assets
-
(609,850)

Purchase of tangible fixed assets
(7,182)
(6,092)

Sale of tangible fixed assets
101
108

Interest received
22,747
13,110

Net cash from investing activities

15,666
(602,724)

Cash flows from financing activities

Issue of ordinary shares
420,000
1,113,799

Net cash used in financing activities
420,000
1,113,799

Net increase/(decrease) in cash and cash equivalents
118,456
(200,468)

Cash and cash equivalents at beginning of year
683,917
884,385

Cash and cash equivalents at the end of year
802,373
683,917


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
802,373
683,917

802,373
683,917


The notes on pages 14 to 30 form part of these financial statements.

Page 13

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Whitman Asset Management Limited is a private company, limited by shares, incorporated in England and Wales, with registration number 11283688. The company's registered address is 1 Manchester Square, London, W1U 3AB.
The financial statements are presented in Sterling (£) and 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future.

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

Finance costs

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

Page 15

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 16

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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:

Long-term leasehold property
-
5 years
Fixtures and fittings
-
3 years
Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

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.

 
2.14

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 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 Company's cash management.

 
2.15

Creditors

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

Page 17

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

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

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

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

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

Basic financial assets

Basic financial assets, which include trade and other 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Page 18

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

Page 19

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

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 judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and asociated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The judgements, estimates and assumptions are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Management makes estimates and assumptions concerning the future in preparing the financial statements and the actual results will not always reflect the accounting estimates made.
Expectation of deferred consideration relating to client book:
In considering the deferred consideration to be recognised in respect of the client book assets, the directors assess the contractual and performance obligations extant. In doing so they consider whether there are any impediments to, and the liklihood of, the obligations being met and how that affects the amount of recognised deferred consideration. Deferred consideration of £272,075 (2023: £282,854) was recognised in the financial statements and any payments made for this recognised deferred consideration were met as in previous years out of the ongoing fee revenue generated by the client assets now under management by the Company.


4.


Turnover

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


2024
2023
£
£

Asset management charges, dealing commission and interest income
1,745,579
1,183,943

1,745,579
1,183,943


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
32,619
37,466

Exchange differences
947
939

Other operating lease rentals
106,088
106,972

Amortisation of intangible fixed assets
172,145
108,787

Page 20

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,500
17,000

Fees payable to the Company's auditors in respect of:

Taxation compliance services
1,000
750

All other assurance services
1,550
1,500

All other services
1,950
3,000

7.


Employees

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


2024
2023
£
£

Wages and salaries
758,313
667,333

Social security costs
103,015
73,447

Cost of defined contribution scheme
9,686
7,925

871,014
748,705


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


        2024
        2023
            No.
            No.







Front office and operations
8
8

Page 21

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors salaries
219,647
230,000

Directors fees
20,000
55,833

Company contributions to defined contribution pension schemes
2,646
2,642

242,293
288,475


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £119,647 (2023 - £100,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
22,747
13,110

22,747
13,110


10.


Other non-operating expense

2024
2023
£
£


Unwinding of discount on deferred consideration
100,344
84,546

Other interest payable
38
-

100,382
84,546

Page 22

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation



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
£
£


Loss on ordinary activities before tax
(568,675)
(708,997)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(144,030)
(166,614)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,080
30,514

Depreciation
8,155
8,805

Pensions
26,662
163

Charitable donations
203
47

Trade intangible fixed asset adjustment
43,036
10,579

Non-trade loan relationships
(5,666)
(3,081)

Net capital allowances
(1,771)
(1,432)

Loss carried forward
58,331
121,019

Total tax charge for the year
-
-


Factors that may affect future tax charges

The company has tax losses of £2,942,485 (2023: £2,731,867) available to offset against taxable profits in the future. A deferred tax asset has not been recognised due to uncertainty over the ability to utilise the losses.

Page 23

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Client books

£



Cost


At 1 January 2024
840,307



At 31 December 2024

840,307



Amortisation


At 1 January 2024
108,787


Charge for the year on owned assets
172,145



At 31 December 2024

280,932



Net book value



At 31 December 2024
559,375



At 31 December 2023
731,520



Page 24

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
91,438
22,215
47,435
161,088


Additions
-
2,402
4,780
7,182


Disposals
-
(251)
(1,780)
(2,031)



At 31 December 2024

91,438
24,366
50,435
166,239



Depreciation


At 1 January 2024
44,614
18,259
34,176
97,049


Charge for the year on owned assets
18,288
4,536
9,796
32,620


Disposals
-
(251)
(1,517)
(1,768)



At 31 December 2024

62,902
22,544
42,455
127,901



Net book value



At 31 December 2024
28,536
1,822
7,980
38,338



At 31 December 2023
46,824
3,956
13,259
64,039




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


2024
2023
£
£

Long leasehold
28,536
46,824

28,536
46,824


Page 25

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
71,400
71,400

71,400
71,400

Due within one year

Trade debtors
177,510
117,749

Other debtors
5,000
19,430

Prepayments and accrued income
69,498
107,763

323,408
316,342



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
802,373
683,917

802,373
683,917



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
42,372
25,736

Other taxation and social security
121,961
25,998

Other creditors
-
1,614

Accruals and deferred income
110,820
136,470

Deferred consideration
263,719
132,609

538,872
322,427


Page 26

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Deferred consideration
-
150,246

-
150,246


A portion of the liability relating to the acquisition of a client book was paid upfront with the remaining amount to paid in four installments in August of each year. Amounts paid each year depend on the performance of the business acquired. 
A portion of the second liability relating to the acquisition of assets and a business was paid initially, with one deferred payment also having been made. The deferred amounts remaining to be paid are split into two elements: deferred payment which is discounted back at 25% and deferred bonus payment which will not be made until the book acquired is above a certain threshold.


18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
802,373
683,917




Financial assets measured at fair value through profit or loss comprise of cash in bank and at hand.
The Company's operations expose it to a veriety of financial risks.
Market and concentration risk
A significant proportion of the Company's revenue is linked to the value of the AUM in the investment portfolios which it managers The Company seeks to manage the risk on behalf of its clients and, inhernetly, its own business by diversifying risks across a range of long-term investments in different portfolios and as such will have no significant risk to any one portfolio.
Liquidity risk and capital risk management
The Company seeks to manage liquidity risk to ensure that sufficient liquidity is available to meet foreseeable needs. The Company monitors its levels of working capital to ensure that it can meet its liabilities as they fall due.
As a MiFID investment firm, the firm is subject to regulatory capital requirements imposed by the Financial Conduct Authority. The Company deems there is sufficient capital and liquidity for the foreseeable future. 

Page 27

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



403,688 (2023 - 377,438) Ordinary shares of £0.50 each
201,844
188,719


All shares are ordinary shares and rank pari-passu with one another.
During the year ended 31 December 2024, an additional 29,250 ordinary shares were allotted and subscribed to at a premium. A price of £16.00 was paid for each additional ordinary share, resulting in the recognition of additonal share capital and share premium in the year amounting to £13,125 and £406,875 respectively. 


20.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value.

Share options reserve

This reserve relates to the fair value of options granted which has been charged to profit or loss over the vesting period of the options.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

Page 28

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Share-based payments

The Company has a share option scheme in place for employees of the Company. The scheme was adopted by resolution of the board of directors and granted on 15 February 2021. 
The scheme qualifies as an equity-settled share-based payment scheme and is measured at fair value at the date of grant. This fair value is then recognised In the statement of comprehensive income over the period the options vest. 
The vesting period of the share options granted in 2021 and 2023 are formalised at 33.3% at the end of the first vesting commencement date and 33.3% every additional 12 months until reaching the threshold of 100%. 
"Performance indicators" are 'non-market performance conditions' which meet specified performance targets. Non-market performance conditions are conditions under which vesting, or excercisability of an equity instrument is related to specific performance targets associated with an entity's own operations or activities, or the operations or activities of another entity in the same group - e.g. a specified increase in EBITDA.
Details of the share-based payments are as follows:

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

4.67

61,103

1.00
 
13,801
 
Granted during the year

0

-

9.10
 
50,000
 
Forfeited during the year

9.1

(6,000)

0
 
-
 
Exercised during the year

0

-

3.92
 
(2,725)
 
Amendment to number of options

0

-

0
 
27
 
Outstanding at the end of the year
6.89

55,103

4.67
 
61,103
 

The fair value of options were calculated at the grant dates using the Black Scholes models with inputs ranging between the following:

2023

Share price at grant date



14.50
 
Exercise price



5.20 - 13.00
 
Volatility



20%
 
Expected life



3 - 5 years
 
Risk free rate



5%
 
Expected dividend yield



0%
 

Page 29

 
WHITMAN ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.Share-based payments (continued)


Expected volatility was determined by calculating the standard deviation for UK equity indices over the previous five years and has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. 
Based on management's assessment, it is not expected that the Company will meet the principal vesting conditions, namely specified performance targets, for the share options granted in 2021 for the year ended 31 December 2024. It is also expected that the directors will use their discretion to override the vesting conditions of the 2021 share options. The Company did not recognise an expense in the current or preceding year relating to the 2021 options. The Company recognised an expense of £10,152 (2023: £9,830) in relation to the 2023 options.


22.


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 charge represents contributions payable by the Company to the fund and amounted to £9,686 (2023: £7,925). Contributions totalling £1,614 (2023: £1,614) were payable to the fund at the reporting date.


23.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
112,500
112,500

Later than 1 year and not later than 5 years
263,822
376,322

376,322
488,822


24.


Related party transactions

Key management personnel are those persons having authority and responsibility for planning, controlling and directing the activities of the Company. In the opinion of the board, the Company's key management personnel are the directors of Whitman Asset Management Limited. During the year, the costs of short-term employee benefits paid to key management personnel totalled £222,293 (2023: £232,642) and directors' fees were £20,000 (2023: £55,833). 


25.


Controlling party

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

 
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