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Registered number: 15081192










ATHENAEUM PARTNERS UK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024




















 
ATHENAEUM PARTNERS UK LIMITED
 
 
Company Information


Directors
Dr Amina Abdulwahid Hassan Alrustamani (appointed 18 August 2023)
Hana Abdulwahid Hassan Alrustamani (appointed 18 August 2023)
Khalid Abdulwahid Hassan Alrustamani (appointed 18 August 2023)
Huda Abdulwahid Hassan Alrustamani (appointed 18 August 2023)
Amro Khaldoun Jayousi (appointed 18 August 2023)




Registered number
15081192



Registered office
3rd Floor, 12 Gough Square

London

United Kingdom

EC4A 3DW




Independent auditors
Deloitte LLP

1 New Street Square

London

United Kingdom

EC4A 3HQ




Bankers
HSBC
69 Pall Mall

London

SW1Y 5EY





Barclays

Leicester

LE87 2BB




Page 1

 
ATHENAEUM PARTNERS UK LIMITED
Registered number: 15081192

Balance sheet
As at 31 December 2024

2024
Note
£

Fixed assets
  

Tangible assets
 5 
221,213

  
221,213

Current assets
  

Debtors: amounts falling due after more than one year
 6 
341,658

Debtors: amounts falling due within one year
 6 
5,446,921

Cash at bank and in hand
 7 
646,353

  
6,434,932

Creditors: amounts falling due within one year
 8 
(4,305,527)

Net current assets
  
 
 
2,129,405

Total assets less current liabilities
  
2,350,618

  

Net assets
  
2,350,618


Capital and reserves
  

Called up share capital 
 9 
2,000,100

Profit and loss account
  
350,518

  
2,350,618


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 August 2025.




Mr A Jayousi
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ATHENAEUM PARTNERS UK LIMITED
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

1.


General information

Athenaeum Partners UK Limited ("the Company") is a private company limited by shares incorporated in England and Wales. The Company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW. The principal activity of the Company is that of a family office.
The Company was incorporated on 18 August 2023 and began trading on the same day. These financial statements cover the period 18 August 2023 to 31 December 2024.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 cost-plus model will ensure that the Company will have access to resources sufficient to cover the obligations of the Company for a period in excess of 12 months following the date of approval of the annual report and financial statements.
For this reason, the Directors have adopted the going concern basis in preparing the financial statements, which assumes that the Company will continue in operational existence for the foreseeable future and will have adequate funds available to meet its obligations as they fall due.

 
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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
ATHENAEUM PARTNERS UK LIMITED
 
 
 
Notes to the financial statements
For the period 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:
Cost plus fees
Cost plus fees represents fees received for administrative support services provided during the period to related party entities. The turnover is recognised when the services are provided and is measured at a mark-up on cost.

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

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.

Page 4

 
ATHENAEUM PARTNERS UK LIMITED
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.8

Taxation

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

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

During 2024, the United Kingdom implemented legislation in line with the OECD’s Pillar Two framework which introduces a 15% minimum effective tax rate for large multinational groups. This legislation, which was enacted in 2023, will seek to ensure that UK headed multinational groups pay a minimum tax rate of 15% on UK and overseas profits arising after 31 December 2023. Given the headline tax rates in the jurisdictions that the Group operates in, and the nature of the Group’s business in those countries, these rules are not currently expected to have a material impact in current and future periods.

 
2.9

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:

Leasehold improvements
-
over the shorter of useful life or remaining lease term
Fixtures and fittings
-
25%
Computer equipment
-
25%

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.

 
2.10

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.

Page 5

 
ATHENAEUM PARTNERS UK LIMITED
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Creditors

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

 
2.13

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice requires the Directors to make estimates, assumptions and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the period-end date and the reported amounts of revenues and expenses during the reported period.
In preparing these financial statements and having considered the nature of the Company's business, sources of income and expenditure the directors do not consider there to be any critical accounting judgements or key sources of estimation uncertainty.


4.


Employees

The average monthly number of employees, including directors, during the period was 10.

Page 6

 
ATHENAEUM PARTNERS UK LIMITED
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

5.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 18 August 2023
-
-
-
-


Additions
93,169
113,888
58,078
265,135



At 31 December 2024

93,169
113,888
58,078
265,135



Depreciation


At 18 August 2023
-
-
-
-


Charge for the period
14,841
18,027
11,054
43,922



At 31 December 2024

14,841
18,027
11,054
43,922



Net book value



At 31 December 2024
78,328
95,861
47,024
221,213

Page 7

 
ATHENAEUM PARTNERS UK LIMITED
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

6.


Debtors

2024
£

Due after more than one year

Other debtors
341,658

341,658


2024
£

Due within one year

Amounts due from group undertakings
4,868,366

Amounts due from companies under common control
309,399

Other debtors
269,156

5,446,921


The balance due from group undertakings of £4,868,366 is unsecured and is interest free and repayable on demand.


7.


Cash and cash equivalents

2024
£

Cash at bank and in hand
646,353

646,353


Page 8

 
ATHENAEUM PARTNERS UK LIMITED
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

8.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
681,705

Amounts owed to entities under common control
1,549,518

Corporation tax
49,041

Other taxation and social security
110,583

Other creditors
21,646

Accruals
1,893,034

4,305,527


Included within other creditors are outstanding pension contributions amounting to £17,062.


9.


Share capital

2024
£
Allotted, called up and fully paid


2,000,100 Ordinary shares of £1.00 each
2,000,100


On incorporation 100 ordinary shares of £1 nominal value where issued at par. On 27 November 2023 the Company issued a further 2,000,000 ordinary shares of £1 nominal value at par.


10.


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
£


Not later than 1 year
284,715

Later than 1 year and not later than 5 years
877,871

1,162,586

Page 9

 
ATHENAEUM PARTNERS UK LIMITED
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

11.


Related party transactions

The Company has adopted the exemption permitted by paragraph 33.1A of IFRS 102 and has not disclosed transactions with other group members, where the group members are wholly owned.
At the period end the Company owed £1,549,518 to a company under common ownership. This balance is unsecured and is interest free and repayable on demand.
At the period end the Company was owed £309,399 by a company under common control. This balance is unsecured and is interest free and repayable on demand.


12.


Subsequent events

No subsequent events took place post balance sheet date.


13.


Controlling party

The ultimate parent undertaking is Athenaeum International Holdings Ltd, a company registered in Jersey, which is also the largest and smallest group into which these financial statements are consolidated. Copies of Athenaeum International Holdings Ltd's consolidated accounts can be obtained from 28 Esplanade, St. Helier, JE2 3QA, Jersey. 
As at 31 December 2024, the directors consider Eight Pillars PTC Limited as the ultimate parent company.


14.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 11 August 2025 by Charlotte Lord  (Senior statutory auditor) on behalf of Deloitte LLP.

Page 10