Registration number:
Asset Value Investors Limited
for the Year Ended 30 September 2025
Asset Value Investors Limited
Company Information
|
Directors |
J Kidd A Bartlett D Budge T Treanor J Bauernfreund K Lau |
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Registered office |
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Auditors |
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Asset Value Investors Limited
Strategic Report for the Year Ended 30 September 2025
The directors present their strategic report for the year ended 30 September 2025.
Business review
The principal activity of the company is to manage its investments under contract for its clients. The company is regulated by the Financial Conduct Authority.
The company continues to provided investment management services to a range of clients under contract. The company aims to deliver superior returns while minimising risks and specialises in investment in securities that for a number of reasons may be selling on anomalous valuations. The company is confident that it will continue to provide the strong performance that its clients require.
Future Outlook
The strong general performance of most major global stock markets in 2024 has largely continued in 2025 with many global indices having reached all-time highs during the year. This is despite the continuing conflicts between Russia and Ukraine, and separately, between Israel and Palestine, which add to the difficulty in predicting and navigating macroeconomic events. As such, we expect that returns will continue to be difficult to generate due to a multitude of headwinds and risks. The company continues to operate a hybrid model with employees permitted to work up to half their weekly hours from home.
Principal risks and uncertainties
As an investment management business, the company is exposed to the risks and uncertainties of the financial markets. The directors expect that the company will continue to be profitable in the coming year while the level of funds under management will be subject to any inflows and outflows from clients as well as market movements.
Key performance indicators
The key performance indicators are considered to be assets under management, profit before tax, and retention of quality staff. At 30 September 2025 the company had approximately £1.68bn in assets under management (2024: £1.58bn). Profit before tax for the year ended 30 September 2025 amounted to £3,823,781 (2024: £3,248,755). During the year the average monthly number of employees was 23 (2024: 23) and staff turnover was 34% (2024: 17%).
Financial instruments
The company is exposed to credit risk as evidenced by its trade debtor balances. The company has no material exposure to either liquidity risk or price risk. Trade debtor balances are regularly monitored by the credit control department to help ensure prompt payment.
Directors' statement of compliance with duty to promote the success of the Company
The company has to date not adopted any corporate governance code, but as an entity regulated by the FCA, it has incorporated a governance system that is primarily structured to ensure regulatory compliance, which is to the benefit of our primary stakeholders, our investors (clients) alongside the regulators. We also take due regard in our decision-making processes for our shareholders, employees, vendors, diversity & inclusion, and the planet.
Asset Value Investors Limited
Strategic Report for the Year Ended 30 September 2025
Approved and authorised by the
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Asset Value Investors Limited
Directors' Report for the Year Ended 30 September 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
Results and dividends
The profit for the year, after taxation, amounted to £2,864,511 (2024: £2,431,524).
During the year the company paid dividends of £1,610,828 (2024: £1,480,689).
Subsequent to the balance sheet date the directors declared and paid a further interim dividend of £446,436. Additionally, following the realisation of a portion of the company's holdings of investment trust companies giving rise to cash receipts of £1,645,000, the company paid a special interim dividend of £3 per share, being £1,488,120 in aggregate.
Directors of the company
The directors who held office during the year were as follows:
Qualifying third party indemnity provisions
The Company has made qualifying third party indemnities for the benefit of its Directors which were made during the year and remain in force at the date of this report.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Public disclosures
The Company has documented the disclosures required by the FCA under MIFIDPRU 8. These are available from the Company's website www.assetvalueinvestors.com.
Reappointment of auditors
Blick Rothenberg Audit LLP resigned as the Company's auditors, and EVMS Partners LLP were appointed to fill the casual vacancy arising. EVMS Partners LLP has indicated its willingness to continue in office and the directors will propose a motion re-appointing them at a board meeting.
Approved and authorised by the
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Asset Value Investors Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Asset Value Investors Limited
Independent Auditor's Report to the Members of Asset Value Investors Limited
Opinion
We have audited the financial statements of Asset Value Investors Limited (the 'company') for the year ended 30 September 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 30 September 2025 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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Asset Value Investors Limited
Independent Auditor's Report to the Members of Asset Value Investors Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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 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 Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
Asset Value Investors Limited
Independent Auditor's Report to the Members of Asset Value Investors Limited
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 to 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, applicable tax legislation and the relevant rules of the Financial Conduct Authority ('FCA') and the Securities and Exchange Commission ('SEC').
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 journal entries and other adjustments. Another focus area was non-compliance with the rules of the FCA. The Company was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following:
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
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reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; |
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enquiring of management in relation to any potential litigation and claims; and |
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testing the appropriateness of journal entries and other adjustments. |
Another focus area was non-compliance with the rules of the FCA and SEC. The Company was authorised and regulated by the FCA and SEC throughout the period. Our procedures to respond to risks identified included the following:
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reviewing correspondence between the Company and the FCA and SEC; |
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performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and |
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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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Asset Value Investors Limited
Independent Auditor's Report to the Members of Asset Value Investors Limited
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.
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For and on behalf of
London
EC4M 7JU
Asset Value Investors Limited
Profit and Loss Account for the Year Ended 30 September 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
3,000,357 |
2,825,612 |
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Gain on financial assets at fair value through profit and loss |
|
|
|
|
Income from other fixed assets investments |
|
|
|
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Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
- |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
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|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Asset Value Investors Limited
(Registration number: 01881101)
Balance Sheet as at 30 September 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
|
|
|
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Fixed asset investments |
|
|
|
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Other financial investments |
3,843,681 |
2,451,646 |
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Current assets |
|||
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Debtors |
|
|
|
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Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
|
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Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
256,254 |
256,254 |
|
|
Capital redemption reserve |
400,987 |
445,978 |
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|
Other reserves |
(136,441) |
- |
|
|
Retained earnings |
3,931,422 |
2,513,048 |
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Shareholders' funds |
4,452,222 |
3,215,280 |
Approved and authorised by the
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Asset Value Investors Limited
Statement of Changes in Equity for the Year Ended 30 September 2025
|
Share capital |
Capital redemption reserve |
Other reserves |
Retained earnings |
Total |
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|
At 1 October 2024 |
|
|
- |
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
(44,991) |
- |
44,991 |
- |
|
Share-based payment transactions |
- |
- |
- |
119,700 |
119,700 |
|
Employee Benefit Trust purchase of shares |
- |
- |
(136,441) |
- |
(136,441) |
|
At 30 September 2025 |
|
|
( |
|
|
|
Share capital |
Capital redemption reserve |
Other reserves |
Retained earnings |
Total |
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|
At 1 October 2023 |
|
|
- |
|
|
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Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 30 September 2024 |
256,254 |
445,978 |
- |
2,513,048 |
3,215,280 |
Asset Value Investors Limited
Statement of Cash Flows for the Year Ended 30 September 2025
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Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Amortisation of intangible assets |
|
|
|
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Depreciation of tangible assets |
|
|
|
|
Revaluation of investments |
( |
( |
|
|
Interest receivable |
( |
( |
|
|
Finance costs |
|
- |
|
|
Share based payment transactions |
|
- |
|
|
Income from fixed asset investments |
( |
( |
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|
Taxation charge |
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|
|
|
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||
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Working capital adjustments |
|||
|
(Increase)/decrease in trade debtors |
( |
|
|
|
Increase in trade creditors |
|
|
|
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Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Purchase of intangible fixed assets |
( |
( |
|
|
Purchase of listed investments |
( |
( |
|
|
Income from investments |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
- |
|
|
Payments for purchase of own shares |
( |
- |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 October |
|
|
|
|
Cash and cash equivalents at 30 September |
1,020,076 |
1,613,781 |
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Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom, and registered in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Foreign currency 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.
Revenue recognition
Turnover represents amounts receivable in respect of the Company's activities in providing investment management services, exclusive of Value Added Tax. Income from management fees is recognised on an accruals basis in line with the terms of the various contracts.
Operating leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.
Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Pensions
The Company contributes to personal pension plan arrangements on behalf of directors and employees. The pension cost charge represents contributions payable during the year. The Company itself does not operate a pension scheme.
Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable 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:
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• |
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 |
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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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years
.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold improvements |
Straight-line 10 years |
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Furniture |
Straight-line 3 years |
|
Office equipment |
Straight-line 3 years |
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Computer equipment |
Straight-line 3 years |
Other investments
Other investments represent units in investment funds which are initially and subsequently measured at fair value, with changes in fair value recognised in profit or loss.
Dividends from fund investments are recognised in income when receivable.
Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Other financial instruments
The company does not trade in financial instruments and, apart from its fixed asset investments, 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, and 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.
Dividends
Dividends on ordinary shares are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Employee benefit trust
During the year ended 30 September 2022, the Company established The Asset Value Investors Limited Employee Benefit Trust ('the Trust'). In accordance with the provisions in FRS 102 for accounting for immediate payment arrangements, the assets and liabilities of the Trust are included in the company's financial statements. Acquisition of the Company's shares by the Trust are measured at the cost of consideration paid, and included in other reserves as a deduction from equity.
Share based payments
The Company operates equity-settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options) of the Company. The options are measured at fair value at the date of grant, based on recent transactions in the company's shares. The fair value is then expensed on a straight line basis over the vesting period, based on the Company's estimate of the number of shares that will eventually vest, updated at each balance sheet date. The options issued to employees are treated as a capital contribution from the Company.
Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Turnover |
The whole of the turnover is attributable to the Company's principal activity.
All turnover arose within the United Kingdom.
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - other |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Share-based payment expenses |
|
- |
|
|
|
Prior to the year end a bonus of £902,281 (2024: £834,019) plus social security costs of £135,342 (2024: £115,094) was accrued but not allocated to directors and employees of the company.
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Directors |
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|
|
Other departments |
|
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Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
1,725,146 |
1,629,777 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
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Other fees to auditors |
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All other non-audit services |
|
|
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Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
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Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
- |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Share-based payment |
|
- |
|
Timing differences on revaluation of fixed asset investments |
- |
|
|
Other timing differences |
- |
|
|
|
|
|
2024 |
Asset |
Liability |
|
Timing differences on revaluation of fixed asset investments |
- |
|
|
Other timing differences |
- |
|
|
- |
|
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
1,610,828 |
1,480,689 |
||
Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Intangible assets |
|
Other intangible assets |
|
|
Cost |
|
|
At 1 October 2024 |
|
|
At 30 September 2025 |
|
|
Amortisation |
|
|
At 1 October 2024 |
|
|
Amortisation charge |
|
|
At 30 September 2025 |
|
|
Carrying amount |
|
|
At 30 September 2025 |
- |
|
At 30 September 2024 |
|
Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Tangible assets |
|
Leasehold improvements |
Office equipment |
Computer equipment |
Furniture |
Total |
|
|
Cost |
|||||
|
At 1 October 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
- |
|
|
Disposals |
( |
- |
- |
- |
( |
|
At 30 September 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 October 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
( |
- |
- |
- |
( |
|
At 30 September 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 September 2025 |
|
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Fixed asset investments |
|
2025 |
2024 |
|
|
Artwork |
19,500 |
19,500 |
|
Other financial investments |
|
Investments in funds |
|
|
Cost or valuation |
|
|
At 1 October 2024 |
2,451,646 |
|
Fair value adjustments |
762,985 |
|
Additions |
629,050 |
|
At 30 September 2025 |
3,843,681 |
|
Carrying amount |
|
|
At 30 September 2025 |
|
|
At 30 September 2024 |
|
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Creditors |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
157,339 |
157,946 |
|
Other current financial liabilities |
|
|
|
|
|
Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Provisions for liabilities |
|
Deferred tax |
|
|
At 1 October 2024 |
|
|
Additional provisions |
|
|
At 30 September 2025 |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £1 each |
253,595 |
253,595 |
253,595 |
253,595 |
|
A Ordinary shares of £0.01 each |
265,900 |
2,659 |
265,900 |
2,659 |
|
|
|
|
|
|
The holders of A Ordinary shares may transfer shares held by them to persons who are then already members of the Company without requiring the consent of the holders of a majority in number of the Ordinary and A Ordinary shares then in issue. Otherwise the rights and obligations attached to Ordinary and A Ordinary shares rank pari passu in all respects.
|
Share-based payments |
Scheme details and movements
|
Commitments under operating leases |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
Asset Value Investors Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Analysis of changes in net debt |
|
At 1 October 2024 |
Cash flows |
At 30 September 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,613,781 |
(593,705) |
1,020,076 |
|
|
|||
|
Related party transactions |
Summary of transactions with key management
Cost of sales includes distributor fees of £167,613 (2024: £128,552) due to Goodhart Partners LLP, a shareholder. £48,115 (2024: £39,106) was outstanding at the year end and is included in creditors.
The. company's directors are considered to be key management personnel. Total remuneration in respect of these individuals was £1,725,146 (2024: £1,629,777). Dividends of £970,000 (2024: £863,906) were paid to key management personnel during the year.
|
Controlling Party |
In the opinion of the directors there is no controlling party.
|
Non adjusting events after the financial period |
|
|