Company Information
Contents
Directors' report
For the year ended 31 March 2025
The directors present their report together with the Strategic Report and financial statements for the year ended 31 March 2025.
The profit for the year, after taxation, amounted to £1,060,070 (2024 - £662,092).
The directors did not recommend payment of a dividend during the year.
The directors who served during the year were:
The directors are responsible for preparing the Directors' report, the Strategic report and the 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 of the profit or loss of the company for that period.
In preparing these 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 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 March 2025
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be continued in the directors' report. It has done so in respect of future developments, engagement with employees, suppliers, customers and others.
This report was approved by the board on 16 July 2025 and signed on its behalf by:
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Strategic report
For the year ended 31 March 2025
The directors present their Strategic report of the company for the year ended 31 March 2025.
The directors are satisfied with the results for the year and expect growth in the future performance of the company. We are pleased to report that we made positive headway in the year.
Foreign currency risk
The company's main revenues are received in USD making it susceptible to foreign currency risk but to the extent only of transaction exposure. The company accepts the risk of currency movement and deals with potential earnings volatility.
Liquidity risk
The company is not exposed to significant liquidity risks.
Interest rate risk
The company has interest bearing assets. Interest bearing assets include only cash balances, which earn interest at the
existing market rate.
The company's main revenues are received in USD making it susceptible to foreign currency risk but to the extent only of transaction exposure. The company accepts the risk of currency movement and deals with potential earnings volatility.
Liquidity risk
The company is not exposed to significant liquidity risks.
Interest rate risk
The company has interest bearing assets. Interest bearing assets include only cash balances, which earn interest at the
existing market rate.
Given the nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
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Strategic report (continued)
For the year ended 31 March 2025
Rhodon Investment Management Ltd was founded by Steve Roth in 2018 as the sole owner. The aim of the company is to successfully run an investment management company.
The board of directors of Rhodon Investment Management Limited consider we have acted in a way which we consider to be fair to all persons, be they individuals, or companies who have a direct, or indirect interest in how we work and the services we provide. We have acted, both individually and together, in a way that we consider in good faith would be the most likely to promote the success of the company. The directors continue to have regard to the interests of the company’s employees, suppliers and investors, including the impact of its activities on the company’s reputation when making decisions.
We recognise our responsibility under section 172 of the UK Companies Act 2006 and the intention of the directors in making this statement, is to provide some insight into how, as a board, we think and as a company we seek to interact with our stakeholders.
Our philosophy is to provide value in the services we deliver to our clients, which in turn creates client loyalty. If we retain clients by providing relevant and professional services, we will be able to create a positive and rewarding work environment for our employees; and this will in turn benefit companies who support us in delivering our services and ultimately, over the long term, will contribute value to those shareholders who have had the trust, confidence and belief to invest in what we do.
The directors consider the following to be incremental in promoting the long-term success of the company:
Employees: The most important asset of the company is its people. We are committed to recruiting and retaining a diverse team of the highest quality. Our people must be intelligent, creative, knowledgeable, and experienced. We strive to build a culture that motivates our people to work, learn and grow.
Competitive advantage: One of the most significant competitive advantages of the company is its willingness and ability to nimbly shift exposures to different strategies, or within strategies, through active re-allocation of capital.
Engagement with employees
Recruitment and retention of staff is a critical business activity. We help to engage with team members by offering competitive remuneration packages, and rewarding performance with bonuses at all levels. The company also provides training and career development support for its employees.
The board of directors of Rhodon Investment Management Limited consider we have acted in a way which we consider to be fair to all persons, be they individuals, or companies who have a direct, or indirect interest in how we work and the services we provide. We have acted, both individually and together, in a way that we consider in good faith would be the most likely to promote the success of the company. The directors continue to have regard to the interests of the company’s employees, suppliers and investors, including the impact of its activities on the company’s reputation when making decisions.
We recognise our responsibility under section 172 of the UK Companies Act 2006 and the intention of the directors in making this statement, is to provide some insight into how, as a board, we think and as a company we seek to interact with our stakeholders.
Our philosophy is to provide value in the services we deliver to our clients, which in turn creates client loyalty. If we retain clients by providing relevant and professional services, we will be able to create a positive and rewarding work environment for our employees; and this will in turn benefit companies who support us in delivering our services and ultimately, over the long term, will contribute value to those shareholders who have had the trust, confidence and belief to invest in what we do.
The directors consider the following to be incremental in promoting the long-term success of the company:
Employees: The most important asset of the company is its people. We are committed to recruiting and retaining a diverse team of the highest quality. Our people must be intelligent, creative, knowledgeable, and experienced. We strive to build a culture that motivates our people to work, learn and grow.
Competitive advantage: One of the most significant competitive advantages of the company is its willingness and ability to nimbly shift exposures to different strategies, or within strategies, through active re-allocation of capital.
Engagement with employees
Recruitment and retention of staff is a critical business activity. We help to engage with team members by offering competitive remuneration packages, and rewarding performance with bonuses at all levels. The company also provides training and career development support for its employees.
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Strategic report (continued)
For the year ended 31 March 2025
Engagement with suppliers, customers and others
To enable us to deliver services to our clients we are highly reliant on those firms who provide services to us, understanding that without their skills and expertise the proposition we make to our clients would be lessened. We seek to work with all our suppliers as if they are an extension of Rhodon Investment Limited, working in a way that is constructive and collaborative whilst recognising and appreciating the value they bring.
Without clients we would have no employees or shareholders. As a supplier of services, we recognise the services we provide are integral to our relationship with our clients. Should we fail to deliver on the promises and commitments we make to our clients, we will be unlikely to retain them. We therefore seek to establish a close working partnership with our clients, believing this provides the best opportunity to deliver value to all who have an ultimate interest in the outcome of the services provided by us and our clients.
To enable us to deliver services to our clients we are highly reliant on those firms who provide services to us, understanding that without their skills and expertise the proposition we make to our clients would be lessened. We seek to work with all our suppliers as if they are an extension of Rhodon Investment Limited, working in a way that is constructive and collaborative whilst recognising and appreciating the value they bring.
Without clients we would have no employees or shareholders. As a supplier of services, we recognise the services we provide are integral to our relationship with our clients. Should we fail to deliver on the promises and commitments we make to our clients, we will be unlikely to retain them. We therefore seek to establish a close working partnership with our clients, believing this provides the best opportunity to deliver value to all who have an ultimate interest in the outcome of the services provided by us and our clients.
This report was approved by the board on 16 July 2025 and signed on its behalf by:
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Independent auditor's report to the members of Rhodon Investment Management Limited
For the year ended 31 March 2025
We have audited the financial statements of Rhodon Investment Management Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, 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).
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.
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Independent auditor's report to the members of Rhodon Investment Management Limited (continued)
For the year ended 31 March 2025
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report and the Strategic 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 Directors' report or the Strategic 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:
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 recevied all the information and explanations we require for our audit.
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Independent auditor's report to the members of Rhodon Investment Management Limited (continued)
For the year ended 31 March 2025
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, including
knowledge specific to auditing regulated investment management firms;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing regulated investment management firms;
∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
knowledge of actual, suspected and 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 directors and other management at the planning stage, and
from our knowledge and experience of regulated investment management firms;
statements of the company through discussions with directors and other management at the planning stage, and
from our knowledge and experience of regulated investment management firms;
∙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, The Financial
Services and Markets Act 2000, employment legislation, and taxation legislation.
effect on the financial statements or the operations of the company including the Companies Act 2006, The Financial
Services and Markets Act 2000, employment legislation, and taxation legislation.
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 risks of fraud and non-compliance with laws
and regulations.
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, particularly in relation to expenditure;
∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the prior period;
variances from the prior period;
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias
on the part of the company's management;
on the part of the company's management;
∙tested the occurrence of revenue by agreeing management and performance fees to third party confirmations and
investigated any material variances from expectations; and
investigated any material variances from expectations; and
∙carried out substantive testing of expenditure.
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Independent auditor's report to the members of Rhodon Investment Management Limited (continued)
For the year ended 31 March 2025
Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included agreeing financial statement disclosures to underlying supporting documentation and enquiring of management
as to actual and potential litigation and claims.
included agreeing financial statement disclosures to underlying supporting documentation and enquiring of management
as to actual and potential litigation and claims.
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 March 2025
Page 10
Statement of financial position
As at 31 March 2025
The financial statements were approved and authorised for issue by the board on 16 July 2025 and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 March 2025
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Statement of cash flows
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
Rhodon Investment Management Limited is a private company limited by shares and incorporated in England & Wales. The registered office of the company is c/o Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and its principal place of business is 16 Berkeley Square, Suite 3.10, London W1J 8DZ. The registration number of the company is 11274910.
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:
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.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
All other operating income relates to fund reimbursements.
Administrative expenses are accounted for on an accruals basis.
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Notes to the financial statements
For the year ended 31 March 2025
2.Significant accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the 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 reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
∙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; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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 reporting date.
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 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:
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.
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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Notes to the financial statements
For the year ended 31 March 2025
2.Significant accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the company's Statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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Notes to the financial statements
For the year ended 31 March 2025
2.Significant accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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Notes to the financial statements
For the year ended 31 March 2025
2.Significant accounting policies (continued)
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 Statement of profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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 Statement of profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Notes to the financial statements
For the year ended 31 March 2025
2.Significant accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
The directors believe that there are no areas involving significant estimation uncertainty or the application of significant judgement.
The whole of the revenue is attributable to the company's principal activity.
All revenue arose from activities performed within the United Kingdom.
All revenue arose from activities performed within the United Kingdom.
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Notes to the financial statements
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
There were no factors that may affect future tax charges.
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Notes to the financial statements
For the year ended 31 March 2025
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Notes to the financial statements
For the year ended 31 March 2025
An analysis of changes in net debt has not been presented as all of the company's cash flows relate to movements
in cash, and the company has no items to include in such an analysis.
in cash, and the company has no items to include in such an analysis.
Profit and loss account
The profit and loss account includes all current and prior year retained profits and losses.
The profit and loss account includes all current and prior year retained profits and losses.
The company had no contingent liabilities as at 31 March 2025 or 31 March 2024.
The company had no capital commitments as at 31 March 2025 or 31 March 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 £3,737 (2024 - £1,321 ). Contributions totaling £770 were payable to the fund at the reporting date (2024 - £257).
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 £
Page 24
Notes to the financial statements
For the year ended 31 March 2025
The ultimate controlling party of the company is Steven Roth .
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