Company registration number 14257216 (England and Wales)
TWENTYFOUR AM LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TWENTYFOUR AM LTD
COMPANY INFORMATION
Directors
J M P Hall
C Hogg
R Yolland
Company number
14257216
Registered office
8th Floor
The Monument Building
11 Monument Street
London
EC3R 8AF
Auditor
Ernst & Young LLP
25 Churchill Place
London
E14 5EY
TWENTYFOUR AM LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 17
TWENTYFOUR AM LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present the strategic report for the year ended 31 December 2024 for Twentyfour AM Ltd (the "company").

Principal activities

The principal activity of the company is the provision of management services to its parent undertaking.

Principal activities and review of the business

The company's key performance indicators are revenue and profit before tax. Revenue for the period amounted to £13,363,593 (2023: £14,956,215) and a profit before tax totalled £1,393,880 (2023: £1,416,675). The directors are satisfied with the performance and financial position at the period end.

Principal risks and uncertainties

The company's approach to managing risks applicable to the financial instruments concerned is set out below.

 

Interest rate risk

The company's financial assets are not materially exposed to interest rate risk.

 

Market risk

The company does not take positions which expose it to market risk.

 

Credit risk

As a service company the directors consider that the key financial risk exposures faced by the company relate to intragroup credit risk, which is regularly monitored.

 

Liquidity risk

Cash balances are monitored against requirements and trade payables liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The directors regularly monitor cash flow and management accounts to ensure that the company maintains adequate working capital.

 

Foreign currency risk

The business operations of the company do expose it to foreign currency risk from time to time, notably by holding cash balances in foreign currencies. The management team review the exposure on a regular basis and aim to maintain a naturally hedged position where possible.

 

Operational risk

Operational risk, inherent in all businesses, is the potential for financial and reputation loss arising from failures in internal controls, operational processes or systems that support them. It includes errors, omissions, disasters and deliberate acts such as fraud. Internal arrangements and processes are in place to continually re-evaluate as the company seeks to improve its operating efficiencies and these are considered to have been effective to date.

Going concern

Based on the information and analysis referred to within note 1.3 of the financial statements and the satisfactory performance during 2024, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is considered to be 12 months from the date of approval of these financial statements.

On behalf of the board

J M P Hall
Director
2 April 2025
- 1 -
TWENTYFOUR AM LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Results and dividends

The results for the year are set out on page 6.

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

Directors

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

J M P Hall
C Hogg
R Yolland
Auditor

Ernst & Young 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 law and regulations.

 

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

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.

Medium-sized companies exemption

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

On behalf of the board
J M P Hall
Director
2 April 2025
- 2 -
TWENTYFOUR AM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TWENTYFOUR AM LTD
Opinion

We have audited the financial statements of TwentyFour AM Ltd (the ‘Company’) for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes 1 to 18, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (‘United Kingdom Generally Accepted Accounting Practice’).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this 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 the other information, we are required to report that fact.

 

We have nothing to report in this regard.

- 3 -
TWENTYFOUR AM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TWENTYFOUR AM LTD

Opinions on other matters prescribed by the Companies Act 2006

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

 

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 directors’ report.

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

 

 

 

Responsibilities of directors
- 4 -

As explained more fully in the statement of directors’ responsibilities set out on page 2, 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.

TWENTYFOUR AM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TWENTYFOUR AM LTD
Explanation as to what extent 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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

 

 

 

 

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

Use of our report

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

Thomas Culhane (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
2 April 2025
- 5 -
TWENTYFOUR AM LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Year ended
Period ended
31 December
31 December
2024
2023
Notes
£
£
Revenue
3
13,363,593
14,956,215
Administrative expenses
(12,112,542)
(13,145,827)
Other operating income
11,629
24,395
Operating profit
4
1,262,680
1,834,783
Investment income
7
48,855
-
0
Other gains and losses
8
82,345
(16,904)
Profit before taxation
1,393,880
1,817,879
Tax on profit
9
(342,536)
(401,204)
Profit for the financial year
1,051,344
1,416,675

All amounts are derived from continuing operations.

- 6 -
TWENTYFOUR AM LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
10
1,482,656
654,019
Current assets
Trade and other receivables
11
4,779,145
7,281,711
Cash and cash equivalents
552,628
325,816
5,331,773
7,607,527
Current liabilities
12
(4,346,310)
(6,844,771)
Net current assets
985,463
762,756
Net assets
2,468,119
1,416,775
Equity
Called up share capital
15
100
100
Retained earnings
2,468,019
1,416,675
Total equity
2,468,119
1,416,775

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

The financial statements were approved by the board of directors and authorised for issue on 2 April 2025 and are signed on its behalf by:
J M P Hall
Director
Company registration number 14257216 (England and Wales)
- 7 -
TWENTYFOUR AM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 26 July 2022
-
0
-
0
-
Period ended 31 December 2023:
Profit and total comprehensive income
-
1,416,675
1,416,675
Issue of share capital
15
100
-
100
Balance at 31 December 2023
100
1,416,675
1,416,775
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,051,344
1,051,344
Balance at 31 December 2024
100
2,468,019
2,468,119
- 8 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
Company information

Twentyfour AM Ltd (the "company") is a private company limited by shares incorporated in England and Wales. The registered office is 8th Floor, The Monument Building, 11 Monument Street, London, EC3R 8AF.

1.1
Reporting period

The current year financial information shows the 12 month period ending 31 December 2024. The comparative financial information shows the period from incorporation on 26 July 2022 to 31 December 2023 and is therefore not entirely comparable.

1.2
Accounting convention

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The company is a subsidiary of Vontobel Holding AG ("Vontobel") and the results of the company are included in the consolidated financial statements of Vontobel, which are available from https://www.vontobel.com.

1.3
Going concern

The directors have full confidence in the continued support from its parent company to enable them to continue in operational existence for the foreseeable future, truewhich is considered to be at least 12 months from the date of approval of these financial statements. Based upon the forecasts prepared by management, the company is expected to have sufficient funds to settle its liabilities as they fall due for at least 12 months from approval of the financial statements.

 

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue represents amounts receivable for services provided to the parent company, net of VAT, which are accrued over the period for which the service is provided.

1.5
Fixed asset investments

Listed investments are revalued to their open market value at the balance sheet date. Changes in their valuation are recognised in the statement of comprehensive income.

- 9 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
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.

1.7
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 only has basic financial assets and liabilities in the current period. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets 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 total 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 and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

- 10 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade 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.

Derecognition of financial liabilities

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

1.8
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 period. Taxable profit differs from net profit as reported in the income statement 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.

1.9
Employee benefits and retirement benefits

The company contributes to a defined contribution pension scheme of certain of its employees. Contributions are charged as an expense to the statement of comprehensive income as they fall due.

1.10
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into pound sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All exchange differences are taken to the statement of comprehensive income.

1.11

Deferred bonus

The company operates a deferred bonus scheme in respect of the bonus awarded to certain employees, which is determined on an annual basis. Under the scheme, deferred bonus amounts are notionally invested in shares of Vontobel Holding AG ("Vontobel shares”) or a combination of Vontobel shares and shares of funds managed by other members of the group (“Fund shares”).

 

Under the scheme, in the case of employees who are portfolio managers and certain other material risk takers, 36% of the bonus is deferred. In the case of other employees, 25% of the bonus amount that is in excess of a specified threshold is deferred. The total deferral period is three years. The deferred amount is notionally invested on behalf of each employee during the vesting period in Vontobel shares or a combination of Vontobel shares and Fund shares. Upon vesting, a cash amount is paid to employees equivalent to the proceeds of the notional investment made on behalf of the relevant employee.

- 11 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.12

Employee Trusts

The company runs an Employees' Trust scheme for the benefit of their employees - the TwentyFour Asset Management Employee Benefit Trust ("the Trust").

 

The Trust holds shares as part of the deferred bonus scheme. As the company has de facto control over the Trust, the assets and liabilities of the Trust are included in the accounts of the company.

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. During the year, and at the year end, there were no significant or complex judgements or estimates made.

3
Revenue

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

2024
2023
£
£
Revenue analysed by class of business
Management fees
13,363,593
14,956,215
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
13,291,335
14,956,215
United States of America
72,258
-
13,363,593
14,956,215
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
6,710
1,505
Fees payable to the company's auditor for the audit of the company's financial statements
30,000
30,000
Non-audit services from  the auditor are £nil (2023: £nil).
- 12 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees

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

2024
2023
Number
Number
Operations and administration
61
64

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
8,824,925
10,969,018
Social security costs
1,122,688
1,408,131
Pension costs
455,564
468,659
10,403,177
12,845,808
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
509,000
553,857
Company pension contributions to defined contribution schemes
30,850
29,809
539,850
583,666
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
219,600
249,773
Company pension contributions to defined contribution schemes
14,700
16,083
7
Investment income
2024
2023
£
£
Other income from investments
Dividends received
48,855
-
0
- 13 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Other gains and losses
2024
2023
£
£
Market value gains/(losses) on investments
82,345
(16,904)
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
412,627
446,622
Adjustments in respect of prior periods
14,607
-
0
Total current tax
427,234
446,622
Deferred tax
Origination and reversal of timing differences
(84,698)
(45,418)
Total tax charge
342,536
401,204

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

2024
2023
£
£
Profit before taxation
1,393,880
1,817,879
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.15%)
348,470
402,639
Tax effect of expenses that are not deductible in determining taxable profit
(20,586)
-
0
Adjustments in respect of prior years
14,652
-
0
Deferred tax recognised at high tax rates
-
0
(1,435)
Taxation charge for the year
342,536
401,204

 

10
Fixed asset investments
2024
2023
£
£
Listed investments
1,482,656
654,019
- 14 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Fixed asset investments
(Continued)
Movements in non-current investments
Investments
£
Cost or valuation
At 1 January 2024
654,019
Additions
815,905
Valuation changes
82,345
Disposals
(69,613)
At 31 December 2024
1,482,656
Carrying amount
At 31 December 2024
1,482,656
At 31 December 2023
654,019
11
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
284,619
-
0
Other receivables
184,285
102,554
Prepayments and accrued income
4,180,125
7,133,739
4,649,029
7,236,293
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 13)
130,116
45,418
Total debtors
4,779,145
7,281,711
12
Current liabilities
2024
2023
£
£
Trade payables
4,824
1,877
Amounts owed to group undertakings
405,428
1,875,432
Corporation tax
212,627
446,622
Other taxation and social security
237,025
226,099
Other payables
58,332
51,890
Accruals and deferred income
3,428,074
4,242,851
4,346,310
6,844,771
- 15 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Deferred bonuses
130,116
45,418
2024
Movements in the year:
£
Asset at 1 January 2024
(45,418)
Credit to profit or loss
(84,698)
Asset at 31 December 2024
(130,116)

The deferred tax asset set out above is expected to reverse when the underlying bonuses are paid.

 

14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
455,564
468,659

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

On incorporation, the company issued 100 Ordinary £1 shares at par that were fully paid. The shares carry a right to vote at all general meetings of the company and to share in any dividend issued, or distribution of capital made, by the company. The shares are not redeemable.

 

- 16 -
TWENTYFOUR AM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Related party transactions

Parent undertaking

 

The company entered into related party transactions with its parent undertaking during the period. The company provides asset management support services to the parent. Any amounts outstanding are unsecured, interest-free and repayable on demand.

 

During the year, the company received income totalling £13,291,335 (2023: £14,956,215) in respect of support services provided to TwentyFour Asset Management LLP. At the period end, £4,177,927 (2023: £7,109,054) was included within accrued income for amounts not yet invoiced by the company. Further to this, at the period end, the company was also owed by the parent £284,619 (2023 owed to the parent: £1,536,124).

 

Fellow group undertakings

 

During the year, the company received income totalling £72,258 from fellow group undertakings (2023: £nil) in respect of support services provided to an entity under common control. Furthermore, during the year the company received £66,120 (2023: £339,308) from fellow group undertakings for its ongoing working capital. At the year end, the balance outstanding was £405,428 (2023: £339,308).

 

All amounts outstanding with fellow group undertakings are unsecured, interest free and repayable on demand.

 

17
Ultimate controlling party

As at 31 December 2024, the parent undertaking was TwentyFour Asset Management LLP, a partnership registered in England and Wales.

As at 31 December 2024, the ultimate controlling party was Vontobel Holding AG, a company registered in Switzerland. Vontobel Holding AG prepares group financial statements, copies of which can be obtained from https://www.vontobel.com.

18
Events after the reporting date

There were no significant post reporting date events.

 

- 17 -
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