ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 10734484

CD CAPITAL ASSET MANAGEMENT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CD CAPITAL ASSET MANAGEMENT LIMITED

COMPANY INFORMATION

Director	C Daniele


Registered number	10734484


Registered office	7th Floor
	105 Piccadilly
	London
	W1J 7NJ


Independent auditor	Blick Rothenberg Audit LLP
	Chartered Accountants & Statutory Auditor
	16 Great Queen Street
	Covent Garden
	London
	WC2B 5AH


Bankers	Coutts
	440 Strand
	London
	WC2R 0QS

CD CAPITAL ASSET MANAGEMENT LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents her report and the financial statements for the year ended 31 December 2024.

Director

The director who served during the year was:

C Daniele

Director's responsibilities statement

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is required to:

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

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

Disclosure of information to auditor

The director at the time when this director's report is approved has confirmed that:

∙so far as she is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Small companies exemptions

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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CD CAPITAL ASSET MANAGEMENT LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 12 May 2025 and signed on its behalf.

C Daniele

Director

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CD CAPITAL ASSET MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CD CAPITAL ASSET MANAGEMENT LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of CD Capital Asset Management Limited (the 'Company') for the year ended 31 December 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

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CD CAPITAL ASSET MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CD CAPITAL ASSET MANAGEMENT LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 director is 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report.

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the director's responsibilities statement set out on page 1, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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CD CAPITAL ASSET MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CD CAPITAL ASSET MANAGEMENT LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Company’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act 2006, the Financial Services and Markets Act 2000 and applicable tax legislation.
One particular focus area included the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority ('the FCA'). The Company was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the Company and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipts of client monies; and discussion of regulatory matters with the appointed officers of the Company.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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CD CAPITAL ASSET MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CD CAPITAL ASSET MANAGEMENT LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Shaun Melvin (senior statutory auditor)

for and on behalf of

Blick Rothenberg Audit LLP

Chartered Accountants

Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH

16 May 2025

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CD CAPITAL ASSET MANAGEMENT LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	3	1,855,878	1,911,140
Administrative expenses		(1,760,873)	(1,820,134)
Operating profit	4	95,005	91,006
Tax on profit	7	(20,752)	(16,896)
Profit for the financial year		74,253	74,110

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 17 form part of these financial statements.

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REGISTERED NUMBER:10734484

CD CAPITAL ASSET MANAGEMENT LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	8		9,608		10,781
Current assets
Debtors: amounts falling due within one year	9	437,016		480,730
Cash at bank and in hand		461,548		88,375
		898,564		569,105
Creditors: amounts falling due within one year	10	(398,140)		(144,107)
Net current assets			500,424		424,998
Total assets less current liabilities			510,032		435,779

Net assets			510,032		435,779

Capital and reserves
Called up share capital	11	10,000	10,000
Profit and loss account		500,032	425,779
		510,032	435,779

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 May 2025.

C Daniele

Director

The notes on pages 11 to 17 form part of these financial statements.

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CD CAPITAL ASSET MANAGEMENT LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	10,000	351,669	361,669

Profit for the year	-	74,110	74,110

At 1 January 2024	10,000	425,779	435,779

Profit for the year	-	74,253	74,253
At 31 December 2024	10,000	500,032	510,032

The notes on pages 11 to 17 form part of these financial statements.

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CD CAPITAL ASSET MANAGEMENT LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	74,253	74,110
Adjustments for:
Depreciation of tangible assets	6,592	7,121
Taxation charge	20,752	16,896
(Increase) in debtors	(76,236)	(20,047)
Decrease in amounts owed by groups	-	785
Increase/(decrease) in creditors	50,480	(74,572)
Increase in amounts owed to groups	319,647	-
Corporation tax (paid)	(16,896)	(17,618)
Net cash generated from operating activities	378,592	(13,325)

Cash flows from investing activities
Purchase of tangible fixed assets	(5,419)	(11,555)
Net cash from investing activities	(5,419)	(11,555)

Net increase/(decrease) in cash and cash equivalents	373,173	(24,880)
Cash and cash equivalents at beginning of year	88,375	113,255
Cash and cash equivalents at the end of year	461,548	88,375

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	461,548	88,375

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CD CAPITAL ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

CD Capital Asset Management Limited (the 'Company') is a private limited liability company registered in England.
The Company's registered address is 7th floor, 105 Piccadilly, London W1J 7NJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

Management do not consider there to be any significant accounting estimates or any material judgemental areas in applying the accounting policies.

2.2

Revenue

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of value added tax.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	33%	straight line
				Office equipment	-	33%	straight line

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

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

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CD CAPITAL ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Financial instruments

The company does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.6

Operating leases: the Company as lessee

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

2.7

Taxation

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

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

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CD CAPITAL ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

The whole of the turnover is attributable to the Company's principal continuing activity.

All turnover arose within the United Kingdom.

Depreciation of tangible fixed assets	6,592	7,121
Exchange differences	(2,037)	188
Operating leases: Land and buildings	224,056	232,377
Fees payable to the company's auditor for the audit of the company's annual financial statements	15,750	15,000

Wages and salaries	805,434	872,930
Social security costs	99,416	107,614
Cost of defined contribution pension scheme	43,213	61,925
	948,063	1,042,469

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

	2024	2023
	No.	No.

Number of staff	10	13

6.	Director's remuneration
		2024	2023
		£	£

Director's emoluments	10,000	12,612
	10,000	12,612

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CD CAPITAL ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Current tax
UK Corporation tax on profits for the year	20,752	16,896

Total current tax	20,752	16,896

Profit on ordinary activities before tax

95,005

91,006

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	23,751	21,405
Effects of:
Expenses not deductible for tax purposes	1,412	637
Capital allowances for year in excess of depreciation	-	(73)
Unprovided deferred tax	(3,817)	(4,503)
Marginal relief	(594)	(570)
Total tax charge for the year	20,752	16,896

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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CD CAPITAL ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost
At 1 January 2024	325,835	50,854	376,689
Additions	2,661	2,758	5,419
At 31 December 2024	328,496	53,612	382,108
Depreciation
At 1 January 2024	325,518	40,390	365,908
Charge for the year on owned assets	760	5,832	6,592
At 31 December 2024	326,278	46,222	372,500
Net book value
At 31 December 2024	2,218	7,390	9,608
At 31 December 2023	317	10,464	10,781

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	-	119,950
Other debtors	252,999	186,608
Prepayments and accrued income	184,017	174,172
	437,016	480,730

An amount of £128,898 (2023: £128,898), included within other debtors, is due after more than one year.

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CD CAPITAL ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	80,579	18,708
Amounts owed to group undertakings	199,697	-
Corporation tax	20,752	16,896
Other taxation and social security	26,143	-
Other creditors	9,364	17,565
Accruals and deferred income	61,605	90,938
	398,140	144,107

11.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

10,000 (2023 - 10,000) Ordinary shares of £1.00 each	10,000	10,000

12.	Analysis of net debt

		At 1 January 2024	Cash flows	At 31 December 2024
		£	£	£

	Cash at bank and in hand	88,375	373,173	461,548
		88,375	373,173	461,548

Not later than 1 year	211,761	211,761
Later than 1 year and not later than 5 years	92,827	304,588
	304,588	516,349

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CD CAPITAL ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Related party transactions
	The Company has taken the exemption available in FRS 102 33.1A as a wholly owned subsidiary to not give details of transactions with its parent. At the year end a loan balance of £1,896 (2023: £3,074 loan balance due from the director) was due to the director.

15.	Controlling party

The immediate controlling party during the period was CD Capital Management Group Limited, a company incorporated in the Cayman Islands.
The ultimate controlling party is CDC Trust, of which the director is a beneficiary.

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