ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 07745735

ROBUS CAPITAL MANAGEMENT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

ROBUS CAPITAL MANAGEMENT LIMITED

COMPANY INFORMATION

Directors	Mark Hoffmann
	Dieter Kaiser
	Andreas Jaufer
	Benjamin Noisser


Registered number	07745735


Registered office	2nd Floor
	9 Percy Street
	London
	W1T 1DL


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

ROBUS CAPITAL MANAGEMENT LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity

The principal activity of the company is to provide investment advisory services.

Results and dividends

The profit for the year, after taxation, amounted to £1,116,993 (2023 -£1,809,276).

Directors

The directors who served during the year were:

Mark Hoffmann

Dieter Kaiser

Andreas Jaufer

Benjamin Noisser

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable 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 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 financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group'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 Group will continue in business.

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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Directors' liability insurance and indemnity

The Company has arranged insurance cover in respect of legal action against its Directors. To the extent permitted by UK law, the Company also indemnifies the Directors.

Page 1

ROBUS CAPITAL MANAGEMENT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

Information on future developments are included in the Strategic Report.

Engagement with suppliers, customers and others

Information on engagement with suppliers, customers and others are included in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

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

∙the director 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 and the Group's auditor is aware of that information.

Public disclosures

The company has documented the disclosures required by the FCA under MIFIDRPU 8. They are attached to these financial statements.

Auditor

The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 April 2025 and signed on its behalf.

Dieter Kaiser

Director

Page 2

ROBUS CAPITAL MANAGEMENT LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Business Review Fiscal Year 2024

Robus Capital Management Limited (the “Company”) is an FCA regulated provider of fund management services. The Company’s focus is on the management of fund vehicles investing in the debt of medium-sized companies based in Central Europe. Funds managed by the Company invest in corporate bonds, so called Schuldscheine (private placement notes), convertible bonds, hybrid bonds and senior secured and subordinated loan instruments. Investments are done via primary or secondary markets.
The Company manages different fund vehicles (currently only Luxembourg based entities) with different variations of investment strategies around the core theme of investing in the corporate debt of medium sized companies and different positionings along the risk-return and liquidity spectrum (“the Funds”).
Assets under management in local currency increased slightly despite sizeable distributions to investors under the first restructuring focussed Fund. These distributions were overly compensated by inflows into the liquid funds managed by the Company including in particular a new fund launched during the year. In addition, almost all Funds achieved strong performance supporting the growth of assets under management organically.
Revenue reported for FY 2024 decreased year-on-year by a about 9% mainly due to (a) lower gains on financial assets held by the Company, and (b) a stronger pound sterling compared to the euro (this translates directly into a reported revenue decrease given all revenues are in EUR). The Company’s operating cost base increased by about 2% in FY 2024. The increased headcount (wages and bonuses) and corresponding IT (hard and software) expenses are the main reasons. As a result the Company’s operating profit decreased by 15% in FY 2024 compared to FY 2023 and profit for the financial year decreased by 40%.

Future Outlook

Looking back, 2024 was a year of surprises. A recession was expected for the year, partly as a result of the war in Ukraine and the restrictive central bank policy, which was to be accompanied by falling share prices and rising bond yields. In fact, the global economy developed more strongly than expected. Inflation in the eurozone, which was still at almost 9% at the beginning of the year, fell surprisingly sharply in the coming months. The ECB's optimism in the fight against high inflation was already so advanced at the end of 2023 that there was finally talk of interest rates peaking. The Fed has even gone one step further in this respect and has already talked about the extent of interest rate cuts in the coming year.
In 2024, all asset classes were under the influence of a relatively restrictive central bank policy in an attempt to bring high inflation under control. The associated rise in financing costs had an increasingly negative impact on companies' profitability. However, the resilience of companies and, not least, consumers meant that the number of insolvencies remained within normal limits and company profits were only proportionately impacted by higher costs due to price increases. In this environment, almost all Funds achieved significantly positive performance. At the same time, a new fund was launched in 2024, the Robus Recovery Fund III, which further diversifies the Company's product portfolio and also appeals to new customer groups.

Principal risks and uncertainties

The management of the business and the execution of the company’s strategy are subject to a number of risks. The main risk – as for every asset management firm – is that the Company does not manage to grow or at least maintain the amount of assets in the funds managed by the company, which would result in declining revenues for the Company in the event of a declining amount of assets in the funds managed by the Company.
The reasons for this could be the failure to launch additional funds and / or the failure to maintain the assets under management in the existing funds. Failure to maintain the assets under management in the existing funds could result from negative fund performance, which in itself would reduce assets and additionally might prompt investors to withdraw capital from the Funds. Additionally, investors could withdraw money from the Funds if and when their individual or collective outlook for the investment strategies applied for the Funds deteriorates.

Page 3

ROBUS CAPITAL MANAGEMENT LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Group

Over the course of the year, the Directors have assessed the short, medium and long term plans of the Company, specifically in respect of business development meaning the launching of new Funds as well as the continued strengthening of the employee base. The decisions made by the Board during each assessment had the intention to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to
a. the likely consequences of any decision in the long term,
b. the interests of the company's employees,
c. the need to foster the company's business relationships with suppliers, customers and others,
d. the impact of the company's operations on the community and the environment,
e. the desirability of the company maintaining a reputation for high standards of business conduct, and
f. the need to act fairly as between members of the company.

This report was approved by the board on 25 April 2025 and signed on its behalf.

Dieter Kaiser

Director

Page 4

ROBUS CAPITAL MANAGEMENT LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Robus Capital Management Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group and Company Statement of Changes in Equity, the Group Statement of Cash Flows, and the notes to the financial statements, 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 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 Group's or the parent 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 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.

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 Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5

ROBUS CAPITAL MANAGEMENT LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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:

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 Group's and the parent 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 Group or the parent 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 Group 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 for 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 was 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

Page 6

ROBUS CAPITAL MANAGEMENT LIMITED

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

FOR THE YEAR ENDED 31 DECEMBER 2024

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 receipt 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 Auditor's Report.

Use of our report

This report is made solely to the Company's members, as a body, 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.

Richard Hinton (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

25 April 2025

Page 7

ROBUS CAPITAL MANAGEMENT LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	3	7,295,281	8,020,825
Gross profit		7,295,281	8,020,825
Administrative expenses		(5,708,225)	(5,656,541)
Operating profit	4	1,587,056	2,364,284
Income from fixed assets investments		(352,862)	37,072
Interest receivable and similar income		60,269	54,814
Profit before taxation		1,294,463	2,456,170
Tax on profit	8	(177,470)	(646,894)
Profit for the financial year		1,116,993	1,809,276


Exchange movement on translation of subsidiaries	(66,865)	(21,012)
Other comprehensive income for the year	(66,865)	(21,012)
Total comprehensive income for the year	1,050,128	1,788,264

Profit for the year attributable to:
Owners of the parent Company	1,116,993	1,809,276
	1,116,993	1,809,276

Total comprehensive income for the year attributable to:
Owners of the parent Company	1,050,128	1,788,264
	1,050,128	1,788,264

The notes on pages 14 to 26 form part of these financial statements.

Page 8

REGISTERED NUMBER:07745735

ROBUS CAPITAL MANAGEMENT LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible Fixed Assets	9		57,446		76,653
Fixed Asset Investments	10		14,719,774		13,531,823
			14,777,220		13,608,476
Current assets
Debtors: amounts falling due within one year	11	2,662,247		1,734,090
Bank and cash balances		6,175,761		7,545,682
		8,838,008		9,279,772
Creditors: amounts falling due within one year	12	(2,357,396)		(2,558,232)
Net current assets			6,480,612		6,721,540
Total assets less current liabilities			21,257,832		20,330,016
Provisions for liabilities
Deferred taxation	13	(310,434)		(432,746)
			(310,434)		(432,746)
Net assets excluding pension asset			20,947,398		19,897,270
Net assets			20,947,398		19,897,270

Capital and reserves
Called up share capital	15	75	75
Share premium account		112,425	112,425
Foreign exchange reserve		(179,444)	(112,579)
Profit and loss account		21,014,342	19,897,349
		20,947,398	19,897,270

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.

Dieter Kaiser

Director

The notes on pages 14 to 26 form part of these financial statements.

Page 9

REGISTERED NUMBER:07745735

ROBUS CAPITAL MANAGEMENT LIMITED

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	9		12,973		10,649
Investments	10		14,283,697		13,468,962
			14,296,670		13,479,611
Current assets
Debtors: amounts falling due within one year	11	2,456,283		1,556,662
Bank and cash balances		5,577,498		6,772,875
		8,033,781		8,329,537
Creditors: amounts falling due within one year	12	(3,377,533)		(2,819,818)
Net current assets			4,656,248		5,509,719
Total assets less current liabilities			18,952,918		18,989,330

Provisions for liabilities
Deferred taxation	13	(310,434)		(432,746)
			(310,434)		(432,746)
Net assets excluding pension asset			18,642,484		18,556,584
Net assets			18,642,484		18,556,584

Capital and reserves
Called up share capital	15		75		75
Share premium account			112,425		112,425
Profit and loss account brought forward		18,444,084		17,070,087
Profit for the year		85,900		1,373,997
Profit and loss account			18,529,984		18,444,084
			18,642,484		18,556,584

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.

Dieter Kaiser

Director

The notes on pages 14 to 26 form part of these financial statements.

Page 10

ROBUS CAPITAL MANAGEMENT LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	75	112,425	(91,567)	18,088,073	18,109,006

Profit for the year	-	-	-	1,809,276	1,809,276
Exchange movement on translation of subsidiaries	-	-	(21,012)	-	(21,012)

At 1 January 2024	75	112,425	(112,579)	19,897,349	19,897,270

Profit for the year	-	-	-	1,116,993	1,116,993
Exchange movement on translation of subsidiaries	-	-	(66,865)	-	(66,865)
At 31 December 2024	75	112,425	(179,444)	21,014,342	20,947,398

The notes on pages 14 to 26 form part of these financial statements.

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ROBUS CAPITAL MANAGEMENT LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	75	112,425	17,070,087	17,182,587

Profit for the year	-	-	1,373,997	1,373,997

At 1 January 2024	75	112,425	18,444,084	18,556,584

Profit for the year	-	-	85,900	85,900
At 31 December 2024	75	112,425	18,529,984	18,642,484

The notes on pages 14 to 26 form part of these financial statements.

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ROBUS CAPITAL MANAGEMENT LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	1,116,993	1,809,276
Adjustments for:
Depreciation of tangible assets	29,484	27,596
Interest received	(60,269)	(54,814)
Taxation charge	177,470	646,894
(Increase) in debtors	(446,352)	(43,536)
(Decrease)/increase in creditors	(161,688)	460,652
(Decrease)/increase in amounts owed to groups	(19,785)	-
Net fair value losses/(gains) recognised in P&L	352,736	(37,072)
Corporation tax (paid)	(779,430)	(623,710)
Net cash generated from operating activities	209,159	2,185,286

Cash flows from investing activities
Purchase of tangible fixed assets	(11,985)	(20,085)
Purchase of unlisted and other investments	(2,025,047)	(3,137,732)
Sale of unlisted and other investments	464,548	97,936
Interest received	60,269	54,814
Net cash from investing activities	(1,512,215)	(3,005,067)

Net (decrease) in cash and cash equivalents	(1,303,056)	(819,781)
Cash and cash equivalents at beginning of year	7,545,682	8,386,475
Foreign exchange gains and losses	(66,865)	(21,012)
Cash and cash equivalents at the end of year	6,175,761	7,545,682

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	6,175,761	7,545,682
	6,175,761	7,545,682

The notes on pages 14 to 26 form part of these financial statements.

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ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Robus Capital Management Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. Its registered address is 2nd Floor, 9 Percy Street, London, W1T 1DL.

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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Management are also required to exercise judgment in applying the company's accounting policies. Due to the straightforward nature of the business, management consider that no critical judgments have been made in applying the company's accounting policies.

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

After making enquiries, the directors believe that the company is well placed to manage its business risks successfully, and has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

2.4

Turnover

Turnover comprises fund management and performance fees. Management fees are recognised as they accrue across the year. Performance fees are only recognised on crystallisation.

2.5

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.

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ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

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:

Motor vehicles	-	3	years
Fixtures and fittings	-	3	years
Office equipment	-	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 profit or loss.

2.6

Operating leases: the Group as lessee

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

2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
Investments in unlisted company shares, which have been classified as fixed asset investments as the Company intends to hold them on a continuing basis are remeasured to market value at each Balance Sheet date. Gains and loss on remeasurement are recognised in profit or loss for the period.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.9

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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

Page 15

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Financial instruments (continued)

flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one 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 consitute a financing transaction, like payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

Page 16

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation (continued)

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Turnover

The whole of the turnover is attributable to the provision of investment management services.
All turnover arose within the United Kingdom, other than £309,544 (2023: 334,125) which arose in the German subsidiary, Robus Capital Management GmbH.

Depreciation of tangible fixed assets	29,484	27,596
Exchange differences	164,065	140,014
Other operating lease rentals	160,646	161,134
Bad debt write-off	142,695	-

5.	Auditor's remuneration
		2024	2023
		£	£

Fees payable to the Group's auditor for the audit of the Group's annual accounts	22,990	18,000
Fees payable to the Company's auditor and its associates in respect of:
Other services	35,271	27,468

Page 17

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	3,749,537	3,609,428	1,455,000	1,387,995
Social security costs	344,836	353,240	164,813	183,801
	4,094,373	3,962,668	1,619,813	1,571,796

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

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Employees	13	15	4	4

7.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	1,455,000	1,387,995
	1,455,000	1,387,995

The highest paid director received remuneration of £606,250 (2023 -£606,250).

Page 18

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	104,133	446,272
	104,133	446,272
Foreign tax
Foreign tax on income for the year	195,649	200,622
Total current tax	299,782	646,894

Deferred tax
Deferred tax movement	(122,312)	-
Total deferred tax	(122,312)	-


	Tax on profit	177,470	646,894

Profit on ordinary activities before tax

691,442

2,456,170

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%	172,860	577,200
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	87,203	356
Differences in relation to foreign subsidiaries	39,719	87,376
Other differences	-	(18,038)
Other timing differences leading to an increase (decrease) in taxation	(122,312)	-
Total tax charge for the year	177,470	646,894

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Tangible fixed assets
	Group

	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£
Cost
At 1 January 2024	138,331	72,900	84,580	295,811
Additions	-	4,119	7,866	11,985
Exchange adjustments	(1,708)	-	-	(1,708)
At 31 December 2024	136,623	77,019	92,446	306,088
Depreciation
At 1 January 2024	94,436	53,126	71,596	219,158
Charge for the year on owned assets	15,100	8,252	6,132	29,484
At 31 December 2024	109,536	61,378	77,728	248,642
Net book value
At 31 December 2024	27,087	15,641	14,718	57,446
At 31 December 2023	43,895	19,774	12,984	76,653

Page 20

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.Tangible fixed assets (continued)

	Company

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost
At 1 January 2024	22,937	82,245	105,182
Additions	-	8,456	8,456
At 31 December 2024	22,937	90,701	113,638
Depreciation
At 1 January 2024	22,937	71,596	94,533
Charge for the year	-	6,132	6,132
At 31 December 2024	22,937	77,728	100,665
Net book value
At 31 December 2024	-	12,973	12,973
At 31 December 2023	-	10,649	10,649

Page 21

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Fixed asset investments
	Group

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 January 2024	30,339	13,501,484	13,531,823
Additions	-	2,025,047	2,025,047
Disposals	-	(464,548)	(464,548)
Revaluations	-	(352,763)	(352,763)
Amounts written off	(19,785)	-	(19,785)
At 31 December 2024	10,554	14,709,220	14,719,774

	Company

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 January 2024	400,791	13,068,171	13,468,962
Additions	-	1,651,831	1,651,831
Disposals	-	(464,548)	(464,548)
Revaluations	-	(352,763)	(352,763)
Amounts written off	(19,785)	-	(19,785)
At 31 December 2024	381,006	13,902,691	14,283,697

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Holding

	Robus (GP) S.a.r.l	Luxembourg	100%
	Robus Capital Management GmbH	Germany	100%

Page 22

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings (continued)

Unlisted investments measured at fair value represent amounts invested by the company in funds that it manages. The fair value is determined using the Net Asset Value of the fund at the balance sheet date.
During 2017, the company subscribed for €12,000 of share capital into Robus (GP) S.a.r.l, an entity incorporated in Luxembourg. This entity's registered office is Carré Bonn, 20, rue de la Poste, L-2346, Luxembourg. The net assets of this entity at 31 December 2024 were €37,820. This entity is not included as a consolidated subsidiary in these accounts due to the effect of consolidating not being material.
During 2018, the company subscribed for €50,000 of share capital into Robus Capital Management GmbH, an entity incorporated in Germany. This entity's registered office is Bockenheimer Landstraße 51 - 53, 60325, Frankfurt am Main, Germany. During 2019, the company subscribed for €350,000 of share capital into the entity. During 2020, the company subscribed for €1,000 of shares equity into the entity. The net assets of this entity at 31 December 2024 were €1,208,500.
During 2021, the company subscribed for AED 100,000 of share capital into Robus Capital Management, an entity incorporated in UAE. This entity's registered office is Dubai World Trade Centre Authority, Dubai - United Arab Emirates. The entity was dissolved on the 26th of August 2024.

11.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	597,141	285,330	450,839	202,674
Other debtors	62,317	65,296	26,078	28,563
Prepayments and accrued income	1,447,825	1,308,149	1,424,402	1,250,110
Corporation tax - UK	554,964	75,315	554,964	75,315
	2,662,247	1,734,090	2,456,283	1,556,662

12.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	-	(26)	-	-
Amounts owed to group undertakings	-	19,785	2,209,755	1,567,744
Corporation tax - Germany	-	17,206	-	-
Other taxation and social security	6,712	19,074	-	17,595
Other creditors	122,759	264,335	-	24,925
Accruals and deferred income	2,227,925	2,237,858	1,167,778	1,209,554
	2,357,396	2,558,232	3,377,533	2,819,818

13.	Deferred taxation

Page 23

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.Deferred taxation (continued)

Group

		2024
		£

	At beginning of year	(432,746)
	Charged to profit or loss	122,312
	At end of year	(310,434)

Company

		2024
		£

	At beginning of year	(432,746)
	Charged to profit or loss	122,312
	At end of year	(310,434)

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Accelerated capital allowances	5,589	5,589	5,589	5,589
Fair value movement on fixed asset investments	(316,023)	(438,335)	(316,023)	(438,335)
	(310,434)	(432,746)	(310,434)	(432,746)

Page 24

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Analysis of net debt

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

	Cash at bank and in hand	7,545,682	(1,369,921)	6,175,761
		7,545,682	(1,369,921)	6,175,761

15.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

750 (2023: 750) ordinary shares of £0.10 each	75	75

16.	Capital commitments
	At 31 December 2024 the Group and Company had capital commitments as follows:
		Group	Group
		2024	2023
		£	£

	Contracted for but not provided in these financial statements	-	99,180
		-	99,180

17.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	120,448	131,228
Later than 1 year and not later than 5 years	250,187	357,722
	370,635	488,950

18.	Controlling party

There is no ultimate controlling party.

Page 25

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Post balance sheet events

Subsequent to year end an interim dividend of £1,750 per £1.00 ordinary share has been declared and approved by the Board of Directors.

Page 26