Company registration number 08827481 (England and Wales)
INTERMEDE INVESTMENT PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
INTERMEDE INVESTMENT PARTNERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
INTERMEDE INVESTMENT PARTNERS LIMITED
COMPANY INFORMATION
Directors
B Dargan
J Kim
D MacGregor
R Mahon
T Pedersen
Secretary
B Dargan
Company number
08827481
Registered office
6 Warwick Street
London
W1B 5LU
Auditor
Deloitte Ireland LLP
Chartered Accountants & Statutory Audit Firm
Deloitte & Touche House
Earlsfort Terrace
Dublin 2
Ireland
Bankers
Coutts & Co
440 The Strand
London
WC2R 0QS
INTERMEDE INVESTMENT PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their Strategic Report for the year ended 31 December 2024.

Principal activities and review of the business

The principal activity of Intermede Investment Partners Limited (the "Company") is to provide investment management and advisory services to its clients.

 

The Company is an institutional global equity investment manager that is authorised and regulated by the Financial Conduct Authority ("FCA") to carry out investment management services.

Key performance indicators

The Company's key performance indicator is revenue, as driven by assets under management, assets under advisory, and investment performance. Revenue for the year amounted to £20.5 million (2023: £21.5 million) and at 31 December 2024 the assets under management were £4,408 million (2023: £5,737 million) and assets under advisory of £2,411 million (2023: £2,789 million). The position is consistent with the strategy of the directors, who are satisfied with the performance to date and position of the Company at the year end.

Principal risks and uncertainties

The directors are responsible for managing the risks to the Company's business. The directors maintain a policy of risk aversion and accordingly have taken reasonable steps to identify the principal risks to the Company and ensure adequate and effective controls are in place to manage those risks. There is a continuous process undertaken to review and monitor the principal risks and ensure that there are appropriate controls in place to manage them. Risks to income generating capabilities are mitigated wherever possible and the directors have a low tolerance for engagement in activity that may adversely influence the Company's risk profile. The same low tolerance to risk is reflected on the cost side of the business with minimal long term cost commitments and continual review.

The Company's principal financial instruments comprise of cash deposits held at its bank and trade payables. The Company's approach to managing its principal risks is shown below.

Interest rate risk

The Company has no material exposure to interest rate risk.

 

Credit risk

The directors consider the primary credit risk to arise from the non-payment of management fees and cash balances held on deposit. The directors attempt to minimise this risk using stringent credit control through its business terms with counterparties. Furthermore, the Company's cash deposits are held at a major international banking group with substantial strength, therefore not exposing itself to material credit risk exposure.

 

Liquidity risk

The Company is capitalised at a level both in excess of the minimum regulatory capital required of the Company, but also at a level that ensures that the Company does not have any undue liquidity pressures on its working capital and day to day operations. The directors monitor cash positions directly and review management accounts and forecasts on a frequent basis to ensure that an appropriate level of capital and liquid resources is maintained at all times. This includes ensuring sufficient liquid funds are available to meet unforeseen liabilities as they may fall due.

 

Operational risk

Operational risk, inherent in all businesses, is the potential for financial loss or reputational damage arising from failures in internal controls, operational processes or the systems that support them. It includes errors, omissions, disasters and deliberate acts such as fraud. The regulatory environment in which the Company operates imposes extensive reporting requirements and continuing self-assessment and appraisal. Internal arrangements and processes are in place to continually re-evaluate operational procedures and systems as the Company seeks to improve its operating efficiencies and have been effective to date.

INTERMEDE INVESTMENT PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future developments and going concern

The Company meets its day-to-day working capital requirements through maintaining a healthy level of liquidity. The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is well placed to ensure that it can continue to meet its liabilities as they fall due. At the time of approving the financial statements, the directors have a reasonable expectation that the Company is able to continue as a going concern for a period of 12 months since the date of approval of these financial statements. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

MIFIDPRU 8 remuneration disclosures

In accordance with the rules of the FCA, the Company has published its remuneration disclosures. The Company's unaudited MIFIDPRU 8 remuneration disclosures are presented on the Company's website.

Section 172 statement

The directors of the Company endeavour, individually and collectively, to act in the way to promote the success of the Company for the benefit of its members as a whole. In doing so, they consider the likely consequence of any decisions in the long-term, having regard to an approach that is fair and equitable to all members of the Company.

 

Underlying their decision making process, the directors consider the impact on the Company’s employees and are mindful of how the Company’s business operations impact the community and environment. The directors’ overarching responsibility is to maintain a reputation for high standards of business conduct and seek to build strong business relationships with suppliers, customers and other key counterparties.

 

The shareholders of the Company and its wider group are its key stakeholders. As is common with businesses of the size and scale of the Company, key shareholders are represented on the Board of the Company and group, ensuring that shareholders are integral to all strategic decisions that are made.

 

During the year under review, the business strategy remained unchanged. There were no key decisions made that could impact its shareholders or other potential interested parties.

On behalf of the board

R Mahon
Director
1 April 2025
INTERMEDE INVESTMENT PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £9,523,595 (2023: £10,835,222).

Directors

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

B Dargan
J Kim
D MacGregor
R Mahon
T Pedersen
Auditor

Deloitte Ireland LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable UK 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, including FRS 102 'The Financial Reporting Standards applicable to 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

The directors confirm that they have complied with the above requirements in preparing the financial statements.

INTERMEDE INVESTMENT PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 Company’s auditor 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 Company’s auditor is aware of that information.

On behalf of the board
R Mahon
Director
1 April 2025
INTERMEDE INVESTMENT PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERMEDE INVESTMENT PARTNERS LIMITED
- 5 -
Opinion

In our opinion the financial statements of Intermede Investment Partners Limited (the ‘company’):

 

We have audited the financial statements which comprise:

 

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).

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 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 and financial statements, 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.

INTERMEDE INVESTMENT PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERMEDE INVESTMENT PARTNERS LIMITED
- 6 -
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 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.

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.

 

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

 

We obtained an understanding of the legal and regulatory framework[s] that the company operates in, and identified the key laws and regulations that:

 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

INTERMEDE INVESTMENT PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTERMEDE INVESTMENT PARTNERS LIMITED
- 7 -

In addition to the above, our procedures to respond to the risks identified included the following:

 

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

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

 

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 any material misstatements in the strategic report or the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

 

We have nothing to report in respect of these matters.

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.

Jim Meegan
For and on behalf of Deloitte Ireland LLP
1 April 2025
Statutory Auditor
Deloitte & Touche House
Earlsfort Terrace
Dublin 2
Ireland
INTERMEDE INVESTMENT PARTNERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
20,503,884
21,468,757
Cost of sales
-
0
(21,100)
Gross profit
20,503,884
21,447,657
Administrative expenses
(8,471,829)
(7,705,934)
Operating profit
4
12,032,055
13,741,723
Interest income
7
23,376
24,709
Profit before taxation
12,055,431
13,766,432
Tax on profit
8
(3,018,505)
(3,242,837)
Profit for the financial year
9,036,926
10,523,595

The income statement has been prepared on the basis that all operations are continuing operations.

INTERMEDE INVESTMENT PARTNERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
156,516
211,000
Current assets
Trade and other receivables
11
7,185,487
8,249,175
Cash and cash equivalents
5,005,120
4,825,235
12,190,607
13,074,410
Current liabilities
12
(3,576,812)
(4,018,530)
Net current assets
8,613,795
9,055,880
Total assets less current liabilities
8,770,311
9,266,880
Provisions for liabilities
Deferred tax liability
13
(34,500)
(44,400)
(34,500)
(44,400)
Net assets
8,735,811
9,222,480
Equity
Called up share capital
15
3,698,888
3,698,888
Retained earnings
5,036,923
5,523,592
Total equity
8,735,811
9,222,480
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
R Mahon
Director
Company Registration No. 08827481
INTERMEDE INVESTMENT PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
3,698,888
5,835,219
9,534,107
Year ended 31 December 2023:
Profit and total comprehensive income
-
10,523,595
10,523,595
Dividends
9
-
(10,835,222)
(10,835,222)
Balance at 31 December 2023
3,698,888
5,523,592
9,222,480
Year ended 31 December 2024:
Profit and total comprehensive income
-
9,036,926
9,036,926
Dividends
9
-
(9,523,595)
(9,523,595)
Balance at 31 December 2024
3,698,888
5,036,923
8,735,811
INTERMEDE INVESTMENT PARTNERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
12,495,826
12,916,398
Income taxes paid
(3,242,538)
(2,849,932)
Net cash inflow from operating activities
9,253,288
10,066,466
Investing activities
Purchase of property, plant and equipment
11
(817)
(14,409)
Interest received
7
23,376
24,709
Net cash generated from investing activities
22,559
10,300
Financing activities
Dividends paid
10
(9,523,595)
(10,835,222)
Net cash used in financing activities
(9,523,595)
(10,835,222)
Net decrease in cash and cash equivalents
(247,748)
(758,456)
Cash and cash equivalents at beginning of year
4,825,235
5,396,113
Effect of foreign exchange rates
427,633
187,578
Cash and cash equivalents at end of year
5,005,120
4,825,235
INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Intermede Investment Partners Limited (the "Company") is a company limited by shares incorporated in England and Wales. The registered office is 6 Warwick Street, London, W1B 5LU.

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 pound sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company meets its day-to-day working capital requirements through maintaining a healthy level of liquidity. The Company's forecasts and projections, taking account of reastrueonable possible changes in trading performance, show that the Company is well placed to ensure that it can continue to meet its liabilities as they fall due. At the time of approving the financial statements, the directors have a reasonable expectation that the Company is able to continue as a going concern for a period of at least 12 months from the approval of these financial statements. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for investment management services provided in the normal course of business, net of VAT. Revenue is recognised as earned when, and to the extent that, the Company obtains the right to consideration under contractual arrangements.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Leasehold improvements
Straight line over life of lease
Fixtures and fittings
Straight line over 3 years
Computers
Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of non-current assets

At each reporting period end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). An impairment is recognised immediately in the statement of comprehensive income.

1.6
Cash and cash equivalents

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

INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.

 

Financial instruments are recognised in the Company's statement of financial position 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 other receivables 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.

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 Company 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 are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.9
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 statement of comprehensive income 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 Company’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.

 

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 statement of comprehensive income. Deferred tax assets and liabilities are offset when the Company has 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

The Company operates a defined contribution benefit scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due and amounts not paid are included in trade and other payables.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the statement of comprehensive income 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 leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pound 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 are included in the statement of comprehensive income for the period.

 

INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2
Judgements 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 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.

 

For both the current and prior year there were no critical judgements that the directors were required to make and no estimates or assumptions made that required a high level of judgement.

 

3
Revenue

An analysis of the Company's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Note
Investment management and advisory services
20,503,884
21,138,040
Other revenue
18
-
330,717
20,503,884
21,468,757
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
20,503,884
21,468,757
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
427,633
187,578
Fees payable to the Company's auditor for the audit of the Company's financial statements
25,890
34,924
Depreciation of owned property, plant and equipment
55,301
55,830
Operating lease charges
260,061
222,526
INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
Employees

The average monthly number of persons employed by the Company during the year was:

2024
2023
Number
Number
Management
2
2
Operations and administration
12
11
Total
14
13

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,974,386
2,856,819
Social security costs
391,784
383,422
Pension costs
286,992
234,992
3,653,162
3,475,233
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
560,125
550,000
Company pension contributions to defined contribution schemes
15,000
15,000
575,125
565,000
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
331,751
325,000
Company pension contributions to defined contribution schemes
15,000
15,000
7
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
23,376
24,709
INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,028,405
3,249,537
Deferred tax
Origination and reversal of timing differences
(9,900)
(6,700)
Total tax charge
3,018,505
3,242,837

The profit of the Company for the year is taxed at an effective rate of 25%.

The charge for the year can be reconciled to the statement of comprehensive income as follows:

2024
2023
£
£
Profit before taxation
12,055,431
13,766,432
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
3,013,858
3,235,112
Tax effect of expenses that are not deductible in determining taxable profit
4,647
1,855
Deferred tax recognised at high tax rates
-
0
5,870
Taxation charge for the year
3,018,505
3,242,837
9
Dividends
2024
2023
£
£
Dividends paid
9,523,595
10,835,222
INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
10
Property, plant and equipment
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
290,295
75,685
131,841
497,821
Additions
-
0
-
0
817
817
At 31 December 2024
290,295
75,685
132,658
498,638
Depreciation and impairment
At 1 January 2024
116,365
64,190
106,266
286,821
Depreciation charged in the year
29,029
11,050
15,222
55,301
At 31 December 2024
145,394
75,240
121,488
342,122
Carrying amount
At 31 December 2024
144,901
445
11,170
156,516
At 31 December 2023
173,930
742
36,328
211,000
11
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,735,325
181,952
Amounts owed by group undertakings
-
0
2,099,982
Other receivables
305,839
203,266
Prepayments and accrued income
5,144,323
5,763,975
7,185,487
8,249,175
12
Current liabilities
2024
2023
£
£
Trade payables
213,647
132,875
Amounts owed to group undertakings
119,188
49,691
Corporation tax
1,414,404
1,628,537
Other taxation and social security
85,373
87,193
Other payables
2,167
11,601
Accruals and deferred income
1,742,033
2,108,633
3,576,812
4,018,530
INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
13
Deferred taxation

Deferred tax assets and liabilities are offset where the Company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
34,500
44,400
2024
Movements in the year:
£
Liability at 1 January 2024
44,400
Credit to profit or loss
(9,900)
Liability at 31 December 2024
34,500

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

 

14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
167,549
138,162

The Company operates a defined contribution pension scheme for all qualifying employees.

 

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary shares of $1 each
6,019,068
6,019,068
3,698,788
3,698,788
6,019,168
6,019,168
3,698,888
3,698,888
INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
16
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
293,737
293,737
17
Events after the reporting date

Subsequent to the year end, the Company paid a dividend of £5,036,926 to its parent undertaking. There were no other events subsequent to the year end that require disclosure in the financial statements.

 

18
Related party transactions
Transactions with related parties

During the year, the Company entered into the following related party transactions and had the following balances outstanding at 31 December 2024:

 

i) £18,000 (2023: £18,000) was due from Barry Dargan, a director of the Company, on a interest-free loan that is repayable on demand.

 

ii) The Company was charged commission of £nil (2023: £21,100) by SCA Global Advisors Limited ("SCA"), the Company's ultimate parent undertaking, for introducer's fees. At the year end a creditor of £10,746 was due by the Company to SCA (2023: debtor of £69,038) and, separately, included within accruals was £nil (2023: £102,507) for commissions due.

 

iii) The Company had been charged commissions, in previous years, by MLC Asset Management Holdings Limited ("MLC") a shareholder of Intermede Holdings Limited ("IHL"), the Company's parent undertaking based in Ireland. During the prior year, MLC agreed to waive £330,717 of the accrued commissions, leaving no remaining balance.

 

iv) At the year end, £19,015 was owed to IHL (2023: £49,691). This amount is unsecured, interest-free and payable on demand.

v) The Company was charged fees of £1,238,162 (2023: £1,144,870) by Intermede Global Partners Inc. ("IGP"), a fellow group undertaking based in the USA, in respect of research and advisory fees.

 

At the end of the prior year £1,983,602 was due to the Company from IGP primarily under the terms of an interest free loan. This amount was repaid in the year. At the end of the current year the Company owed IGP £74,526.

19
Ultimate controlling party

As at 31 December 2024 the Company's immediate parent was Intermede Holdings Limited, a company incorporated in Ireland, and the ultimate parent company was SCA Global Advisors Limited, a company incorporated in the UK. The ultimate beneficial owner was Barry Dargan, a director of the Company.

 

INTERMEDE INVESTMENT PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
20
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
9,036,926
10,523,595
Adjustments for:
Taxation charged
3,018,505
3,242,837
Interest income
(23,376)
(24,709)
Depreciation and impairment of property, plant and equipment
55,301
55,830
Foreign exchange losses on cash equivalents
(427,633)
(187,578)
Movements in working capital:
Decrease/(increase) in trade and other receivables
694,697
(486,331)
Increase/(decrease) in trade and other payables
141,406
(207,246)
Cash generated from operations
12,495,826
12,916,398
21
Analysis of changes in net funds
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
4,825,235
(247,748)
427,633
5,005,120
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