Company Information
Contents
Strategic report
for the year ended 31 December 2024
The directors present the Strategic report of Eicos Investment Group Limited ('the company') for the year ended 31 December 2024.
The Eicos Master Fund SA SICAF RAIF was launched on 2 March 2022 and the board of directors is satisfied that the future growth of the business will be measured and sustainable and, thus, deliver future shareholder value and returns. The board of directors is satisfied with the results and the financial position for the year and does not currently anticipate any major changes in the nature of the business going forward.
The company, as a provider of investment management services, is subject to various risks including market, regulatory, counterparty and operational risks. The company derives most of its income from management and incentive fees and poor trading performance represents one of the key financial risks of its business. The company is currently not exposed to any material credit or liquidity risk.
The company’s financial performance is principally driven, on the revenue side, by the combination of assets under management and trading performance, plus prudent management of its cost base.
The board of directors anticipates that it will be able to materially increase its assets under management over the next year resulting in an increase in management fees and, thus, cash inflows into the business. The economic headwinds that were prevalent last year in form of geopolitical conflict, rising interest rates and broader market volatility are still continuing and the company is very focused on ensuring that it continues to manage its costs diligently. The board regularly reviews financial reporting data to ensure that the business can be run on a going concern basis.
We have a rigorous operational risk and compliance framework within which we seek to manage the business. This includes a strong governance structure, which monitors the operational performance of the business, and ensures we manage risk effectively and meet the requirements of our regulator, the Financial Conduct Authority. The adherence of the business to this framework is reviewed by an independent compliance firm.
The board of directors anticipates that it will be able to materially increase its assets under management over the next year resulting in an increase in management fees and, thus, cash inflows into the business. The economic headwinds that were prevalent last year in form of geopolitical conflict, rising interest rates and broader market volatility are still continuing and the company is very focused on ensuring that it continues to manage its costs diligently. The board regularly reviews financial reporting data to ensure that the business can be run on a going concern basis.
We have a rigorous operational risk and compliance framework within which we seek to manage the business. This includes a strong governance structure, which monitors the operational performance of the business, and ensures we manage risk effectively and meet the requirements of our regulator, the Financial Conduct Authority. The adherence of the business to this framework is reviewed by an independent compliance firm.
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Strategic report (continued)
for the year ended 31 December 2024
The company follows best employment practice and provides employment opportunities to all genders, abilities and nationalities, adhering to current laws and regulations.
Engagement with service providers
The company outsources certain of its functions to what it considers best-in-class service provides. The company follows best business practice and reviews its existing service providers on a regular basis.
Policies to prevent slavery/human trafficking/bribery/anti-corruption
It is our policy to conduct all of our business in an honest and ethical manner. We will uphold all laws relevant to Anti Slavery and will advance this through our company policies including Human Rights, Equal Opportunities, Health & Safety, Anti-corruption, Anti-bulling & Harassment and Whistleblowing policy. The company will not work with other organisations which we consider do not share our commitment to preventing bribery, corruption or acts of slavery.
Engagement with service providers
The company outsources certain of its functions to what it considers best-in-class service provides. The company follows best business practice and reviews its existing service providers on a regular basis.
Policies to prevent slavery/human trafficking/bribery/anti-corruption
It is our policy to conduct all of our business in an honest and ethical manner. We will uphold all laws relevant to Anti Slavery and will advance this through our company policies including Human Rights, Equal Opportunities, Health & Safety, Anti-corruption, Anti-bulling & Harassment and Whistleblowing policy. The company will not work with other organisations which we consider do not share our commitment to preventing bribery, corruption or acts of slavery.
This report was approved by the board and signed on its behalf.
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Directors' report
for the year ended 31 December 2024
The directors present their report and the audited financial statements for the year ended 31 December 2024.
The directors who served during the year were:
The principal activity of the company is the provision of investment advisory services.
The profit for the year, after taxation, amounted to £1,093,043 (2023 - £124,793).
On 19 March 2025, the directors declared a dividend for the year ended 31 December 2024 of £942,180 (2023 - £nil).
The directors are responsible for preparing the Strategic report, the Directors' report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited 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 audited 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 audited financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements 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 audited financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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Directors' report (continued)
for the year ended 31 December 2024
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.
The directors also have a duty under company law to have regard to the need to foster the company's business
relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions
taken by the company during the financial year. How this is achieved is summarised in the Strategic report.
This report was approved by the board and signed on its behalf.
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Independent auditor's report to the members of Eicos Investment Group Limited
for the year ended 31 December 2024
We have audited the financial statements of Eicos Investment Group Limited (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, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 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.
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.
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Independent auditor's report to the members of Eicos Investment Group Limited (continued)
for the year ended 31 December 2024
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.
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.
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Independent auditor's report to the members of Eicos Investment Group Limited (continued)
for the year ended 31 December 2024
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.
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:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we made enquiries of management as to whether they considered there was a susceptibility to fraud, and their
knowledge of actual, suspected or alleged fraud;
knowledge of actual, suspected or alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with management at the planning stage;
statements of the company through discussions with management at the planning stage;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the company including the Companies Act 2006, Financial
Services and Markets Act 2000, employment legislation, taxation legislation and relevant laws and regulations.
effect on the financial statements or the operations of the company including the Companies Act 2006, Financial
Services and Markets Act 2000, employment legislation, taxation legislation and relevant laws and regulations.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management;
∙reviewing legal expenditure throughout the year for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate the risks of fraud and non-compliance with
laws and regulations.
laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the company to management override of controls by checking the implementation of
controls and enquiring of individuals involved in the financial reporting process;
controls and enquiring of individuals involved in the financial reporting process;
∙reviewed journal entries throughout the year to identify unusual transactions;
∙performed analytical procedures to identify large, unusual or unexpected transactions; and
∙carried out substantive testing to check the occurrence of expenditure.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
included:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
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Independent auditor's report to the members of Eicos Investment Group Limited (continued)
for the year ended 31 December 2024
Because of 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 Auditor's 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.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
for the year ended 31 December 2024
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Statement of financial position
as at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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Statement of changes in equity
for the year ended 31 December 2024
Statement of changes in equity
for the year ended 31 December 2023
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Notes to the financial statements
for the year ended 31 December 2024
Eicos Investment Group Limited is a private company limited by shares and incorporated in England & Wales. The address of the registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and its principal place of business is One Great Cumberland Place, London, W1H 7AL. The registered number is 13392726.
The company's principal activity is set out on page 1.
The company's principal activity is set out on page 1.
2.Significant accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied consistently throughout the period.
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to conditions. The company has taken advantage of the following exemptions:
∙from preparing a Statement of cash flows. This information is included in the consolidated financial
statements of Eicos PDC Holdco Limited for the year ended 31 December 2024 and these financial
statements may be obtained from Companies House; and
statements of Eicos PDC Holdco Limited for the year ended 31 December 2024 and these financial
statements may be obtained from Companies House; and
∙from preparing consolidated accounts in accordance with section 400 (1) (c) of the Companies Act 2006.
After reviewing the forecasts and projections the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
All expenses have been accounted for on an accruals basis.
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Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
Tangible 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:
Computer equipment - Over 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 the statement of comprehensive income.
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:
Computer equipment - Over 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 the statement of comprehensive income.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within on year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within on year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement od comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount for measuring any impairment loss is the current effective interest rate determined under the contract.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the transaction at
period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the Statement of comprehensive income.
All other foreign exchange gains and losses are presented in the Statement of comprehensive income within
'administrative expenses'.
The current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because it excluded items that are never taxable or deductible. The company's current tax liability is calculated using rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rate law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements.
Deferred tax assets are recognised to the extent that is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Deferred tax assets are recognised to the extent that is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
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Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
There were no significant estimates or judgments made in the period.
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Notes to the financial statements
for the year ended 31 December 2024
Analysis of turnover by country of destination:
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Notes to the financial statements
for the year ended 31 December 2024
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Notes to the financial statements
for the year ended 31 December 2024
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Notes to the financial statements
for the year ended 31 December 2024
10.Taxation (continued)
There are no factors that may affect future tax charges.
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Notes to the financial statements
for the year ended 31 December 2024
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Notes to the financial statements
for the year ended 31 December 2024
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Notes to the financial statements
for the year ended 31 December 2024
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Profit and loss account
The profit and loss account includes the current year's retained earnings.
The profit and loss account includes the current year's retained earnings.
There were no contingent liabilities at 31 December 2024 or 31 December 2023.
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Notes to the financial statements
for the year ended 31 December 2024
The company operates a defined contributions 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 £66,404 (2023 - £9,820). Contributions totalling £16,147 (2023 - £nil) were payable to the fund at the reporting date and are included in creditors.
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Notes to the financial statements
for the year ended 31 December 2024
During the year to 31 December 2024, the company's ultimate contolling party was Pierre De Chillaz .
The immediate and ultimate parent undertaking is Eicos PDC Holdco Limited. The smallest and largest group of undertakings for which group accounts are prepared which include the company is headed by Eicos PDC Holdco Limited. Their registered office is the same as that of the company.
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