No Value Reported No Value Reported No Value Reported No Value Reported No Value Reported No Value Reported iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares SC299239 2024-11-01 2025-10-31 SC299239 2025-10-31 SC299239 2023-11-01 2024-10-31 SC299239 2 2024-11-01 2025-10-31 SC299239 2 2023-11-01 2024-10-31 SC299239 2024-10-31 SC299239 bus:Director1 2024-11-01 2025-10-31 SC299239 bus:Director2 2024-11-01 2025-10-31 SC299239 bus:Director3 2024-11-01 2025-10-31 SC299239 bus:Director5 2024-11-01 2025-10-31 SC299239 bus:Director4 2024-11-01 2025-10-31 SC299239 bus:MediumEntities 2024-11-01 2025-10-31 SC299239 bus:Audited 2024-11-01 2025-10-31 SC299239 bus:FullAccounts 2024-11-01 2025-10-31 SC299239 bus:LargeCompaniesRegimeForAccounts 2024-11-01 2025-10-31 SC299239 bus:Director1 2024-11-01 2025-10-31 SC299239 2024-11-01 2025-10-31 SC299239 bus:PrivateLimitedCompanyLtd 2024-11-01 2025-10-31
Aubrey Capital Management Limited
Registration Number SC299239 (Scotland)
Financial Statements
for the year ended 31 October 2025
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Index
Page
Officers and professional advisers
2
Strategic Report
3 - 4
Directors' Report
5 - 6
Independent auditor's report to the members
7 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated and Company statement of Financial Position
12
Statements of Changes in Equity - Group
13
Statements of Changes in Equity - Company
14
Consolidated Statements of Cash Flows
15
Notes to the Financial Statements
16 - 25
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Officers and professional advisers
Directors
A Dalrymple
L I Larrain Vergara
F Larrain Cruzat
A H Ward
L J Inglis
I R Hay
J M Martyrossian
R O Brewis
J D Ewart
J M Gumpel (Resigned 21 July 2025)
F J M M G Berghmans (Resigned 1 October 2025)
Registered Office
10 Coates Crescent
Edinburgh
EH3 7AL
Bankers
Coutts 25 St Andrew Square Edinburgh EH2 1AF
Auditor
CT Audit Limited
Chartered Accountants & Statutory Auditor
61 Dublin Street
Edinburgh
EH3 6NL
Solicitor
Dickson Minto WS
16 Charlotte Square
Edinburgh
EH2 4DF
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Strategic Report
The directors present their strategic report for Aubrey Capital Management Limited for the year ended 31 October 2025.
1.
REVIEW AND ANALYSIS OF THE BUSINESS DURING THE CURRENT YEAR
Aubrey Capital Management Limited is a specialist Investment Manager with a particular focus on growth equities and Global and Regional Conviction Funds and mandates. During the prior year the Company set up the Aubrey Capital Management EBT Limited, the employee benefit trust.
Key performance indicators
The group is reporting a loss before taxation of £1,389,452 (2024: loss of £711,452) for the financial year to 31 October 2025. Funds under management have increased from £782.03m as at 31 October 2024 to £877.0m as at 31 October 2025.
Development and financial performance
The loss for the year, before taxation, amounted to £1,389,452 (2024: £711,452).
2024/2025 has been challenging for Aubrey. Emerging markets have remained in the shadow of the US and AI-driven technology and global investors and have flocked to this trend. Falling income has been exacerbated by rising costs which, in the case of some of our major 3rd party suppliers, have increased by 30% or more. This meant that early losses in the financial year became normalised and sustained for the majority of the year. Additional costs savings have been implemented, including staff redundancies, as well as wholesome adjustments to our spending habits related to travel, client and staff entertaining. The firms Directors and certain higher paid members of staff have taken salary cuts and two members of staff have reduced their pay to 50% with commission incentives to balance that out. Three of Aubrey's Directors had BIK loans and they were called in during the year in order to help the cash situation.
Our partnerships with Treetop Asset Management and LarrainVial have been in sharp focus during the year: the former given their intention to divest their holdings in Aubrey; the latter in their supporting activity to help us with that transaction, as well as their plans to launch new products that are mutually beneficial and raised revenue for both parties. This activity has taken some time, but has finally launched in the new financial year.
Distribution and marketing activity continues apace globally and the year's best news came in the launch of a new sub-strategy which was seeded ($55m) by a Texan public institution, with incentives to help raise money.
Happily the month-on-month situation improved towards the end of the financial year such that monthly breakeven is within sight. With continued financial pressure, combined with the new business currently being generated, it is expected that Aubrey will regain profitability in 2025.
Financial position at the reporting date
The Group's balance sheet has decreased from net assets of £713,023 to a net liability position of £676,429.
2.
PRINCIPAL RISKS AND UNCERTAINTIES FACING THE BUSINESS
The Directors well understand the risks involved within a business linked to investment sentiment, the most obvious being that any period of persistent market weakness impacts directly on the income stream for the company by way of reduced management fee income, the likelihood of redemptions and difficulty in marketing.
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Strategic Report
3.
Section 172 statement
Section 172 of the Companies Act 2006 requires the Directors to act in a way that they consider to be in good faith, and would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so the Directors have regard to (among other matters):
•
the likely consequences of long-term decision making
•
the interests of the Group's employees
•
the need to foster the Group's business relationships with suppliers, clients and others
•
the impact of the Group's operations on the community and the environment
•
the desirability of the Group maintaining a reputation for high standards of business conduct
•
the need to act fairly between members of the Group
The directors meet regularly to discuss their duties and they can access professional advice on these from an independent provider if necessary, and fulfil their duties through a governance framework.
Regular meeting and reviews are held with all employees to ensure that their skills are developed, performance managed, and health and wellbeing maintained in the workplace.
Business relationships with all customers are maintained and developed through regular contact and discussion. Key suppliers are regularly reviewed by the Directors and the terms of the relationships considered as to their appropriateness for the Group and fairness to other parties.
The impact of the Group's business on the community and environment is considered to be low due to the nature of its activities and limited physical footprint, but the Directors endeavour to take this into account how any actual or perceived detrimental impacts can be minimised where relevant. This is also a factor in Aubrey's investment process.
The nature of the Group's activities and regulatory environment it operates in necessitates that high levels of business conduct, ethics, and integrity is maintained and this is monitored by the Directors regularly.
Engagement with members of the Group is maintained through communication with the Board where appropriate, with recognition of the need to act fairly between members in line with the Group's approach to business conduct.
This report was approved by the board of directors on 25 February 2025 and signed on behalf of the board by:
_______________________
25 February 2025
A Dalrymple
Director
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Directors' Report
The directors present their report and the audited financial statements of the group and company for the year ended 31 October 2025.
Principal activities
The principal activity of the Group during the year was fund management.
1.
Directors
The directors who served during the year were as follows:
A Dalrymple
L I Larrain Vergara
F Larrain Cruzat
A H Ward
L J Inglis
I R Hay
J M Martyrossian
R O Brewis
J D Ewart
J M Gumpel (Resigned 21 July 2025)
F J M M G Berghmans (Resigned 1 October 2025)
Dividends
Dividends of £nil were paid in the year (2024: £nil).
2.
Future developments
Future plans and developments are set out in the Strategic Report on page 3.
Financial instruments
The Group's activities expose it to a number of financial risks including credit risk, foreign currency risk and liquidity risk.
Credit risk
The Group's principal financial assets are bank balances and investments. The credit risk on liquid funds and investments with financial institutions is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies.
Foreign currency risk
The Group's principal foreign currency exposures arise from trading operations in overseas markets. The Group reviews exposure to foreign currencies on a regular basis by considering the effect on the Group's net asset value and income of a movement in rates of exchange to which the Group's assets, liabilities, income and expenses are exposed. It is currently not the Group's policy to hedge against foreign currency risk.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group reviews cash requirements on a regular basis and holds funds in current or deposit accounts as appropriate.
Disclosure of information in the strategic report
The strategic report is set out on page 3 and 4.
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Directors' Report
Energy and carbon report
As the Group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under the regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
3.
Directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have prepared the group and company financial statements in accordance with "FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" 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 group and company and of the profit or loss of the group and company for that period. In preparing the financial statements, the directors are required to:
•
select suitable accounting policies and then apply them consistently;
•
state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
•
make judgements and estimates that are reasonable and prudent; and
•
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group and company's transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006.
4.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
•
so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and
•
they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 25 February 2025 and signed on behalf of the board by:
_______________________
25 February 2025
A Dalrymple
Director
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Independent auditor's report to the members
Opinion
We have audited the financial statements of Aubrey Capital Management Limited (the 'parent company') and its subsidiaries (the 'group') which comprise the consolidated income statement, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS102 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 October 2025 and of group's loss for the year then ended;
•
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•
have been properly prepared in accordance with the requirements of the Companies Act 2006.
0.1
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 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.
0.2
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 entity'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.
0.3
Other information
The other information comprises 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 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.
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Independent auditor's report to the members
Opinions 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
•
the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
0.4
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 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, 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.
0.5
Responsibilities of Directors
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 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 to cease operations, or have no realistic alternative but to do so.
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Independent auditor's report to the members
0.6
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and 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 gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates and considered the risk of acts by the entity which were contrary to applicable laws and regulations, including fraud. This included gaining an understanding of the control environment for monitoring compliance with laws and regulations.
•
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
We focussed on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:
•
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
•
Reviewing minutes of meetings of those charged with governance;
•
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
•
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
•
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
•
Performing analytical procedures to identify any unexpected movements which may indicate irregularities and substantiated the explanations given for these movements.
•
Reviewing the accounting policies and the application of these policies to ensure compliance with the standard and consistency of application.
•
Specific consideration was given to transactions with related parties.
There are inherent limitations in an audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would be to become aware of it. We also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Independent auditor's report to the members
0.7
Use of this report
This report is made solely to the company's shareholder, 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 shareholder 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 shareholder as a body, for our audit work, for this report, or for the opinions we have formed.
.
.
.
.
61 Dublin Street
_______________________
.
Edinburgh
Barry Truswell
Senior Statutory Auditor
For and on behalf of
CT Audit Limited
Chartered Accountants & Statutory Auditor
.
EH3 6NL
61 Dublin Street
Edinburgh
EH3 6NL
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Consolidated Statement of Comprehensive Income
Notes
Group 2025 £
Group 2024 £
Turnover
2
3,868,915
4,308,285
Administrative expenses
(5,188,611)
(4,973,651)
Losses on revaluation of assets
944
72,515
Operating loss
3
1,320,640
737,881
Interest receivable and similar income
6,411
26,487
Interest payable and similar expenses
75,223
Loss before taxation
1,389,452
711,394
Tax on loss
8
Loss for the financial year
1,389,452
711,394
All the activities of the group are from continuing operations.
The group has no other recognised items of income and expenses other than the results for the year as set out above.
The notes on pages 16 to 25 form part of these financial statements.
Aubrey Capital Management Limited
Financial Statements for the year ended 31 October 2025
Consolidated and Company statement of Financial Position
Notes
Group 2025 £
Group 2024 £
Company 2025 £
Company 2024 £
Fixed assets
Tangible assets
9
59,215
66,462
59,215
66,462
Investments
10
50,191
204,760
50,192
204,761
109,406
271,222
109,407
271,223
Current assets
Debtors: Amounts falling due within one year
11
841,059
1,782,551
911,465
1,782,551
Cash at bank and in hand
418,445
1,296,882
418,445
1,296,882
1,259,504
3,079,433
1,329,910
3,079,433
Current liabilities
Creditors: amounts falling due within one year
12
(585,339)
(1,097,632)
(507,925)
(1,040,218)
Net current assets
674,165
1,981,801
821,985
2,039,215
Total assets less current liabilities
783,571
2,253,023
931,392
2,310,438
Non-current liabilities
Creditors: amounts falling due after more than one year
13
(1,460,000)
(1,540,000)
-
-
Net (liabilities) / assets
676,429
713,023
931,392
2,310,438
Capital and reserves
Called up share capital
15
2,599
2,599
2,599
2,599
Share premium account
15
1,894,301
1,894,301
1,894,301
1,894,301
Shares EBT Trust
15
(1,597,415)
(1,597,415)
-
-
Capital redemption reserve
16
702
702
702
702
Profit and loss account
16
(976,616)
412,836
(966,210)
412,836
Shareholder's (deficit) / funds
(676,429)
713,023
931,392
2,310,438
The loss for the financial year of the parent company was £1,379,046 (2024: £711,394 loss)
The financial statements were approved and authorised for issue by the Board of Directors on 25 February 2025.
Signed on behalf of the Board of Directors
_______________________
_______________________
A Dalrymple
L I Larrain Vergara
The notes on pages 16 to 25 form part of these financial statements.
Company registration number: SC299239
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Statements of Changes in Equity - Group
Called up share capital £
Share premium £
Shares EBT Trust £
Capital redemption reserve £
Profit and loss account £
Total £
Balance at 1 November 2023
3,125
1,445,808
-
15
1,124,230
2,573,178
Changes in equity
Loss for the year
-
-
-
-
(711,394)
(711,394)
Total comprehensive income
-
-
-
-
(711,394)
(711,394)
Issue of shares
161
448,493
-
-
-
448,654
Cancellation of treasury shares
(687)
-
-
687
-
-
Purchase of treasury shares into trust
-
-
(1,597,415)
-
-
(1,597,415)
Balance at 31 October 2024
2,599
1,894,301
(1,597,415)
702
412,836
713,023
Balance at 01 November 2024
2,599
1,894,301
(1,597,415)
702
412,836
713,023
Changes in equity
Loss for the year
-
-
-
-
1,389,452
(1,389,452)
Total comprehensive income
-
-
-
-
(1,389,452)
(1,389,452)
Balance at 31 October 2025
2,599
1,894,301
(1,597,415)
702
(976,616)
(676,429)
1
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Statements of Changes in Equity - Company
Called up share capital £
Share premium £
Capital redemption reserve £
Profit and loss account £
Total £
Balance at 1 November 2023
3,125
1,445,808
15
1,124,230
2,573,178
Changes in equity
Loss for the year
-
-
-
(711,394)
(711,394)
Total comprehensive income
-
-
-
(711,394)
(711,394)
Issue of shares
161
448,493
-
-
448,654
Cancellation of treasury shares
(687)
-
687
-
-
Purchase of treasury shares into trust
-
-
-
-
-
Balance at 31 October 2024
2,599
1,894,301
702
412,836
2,310,438
Balance at 01 November 2024
2,599
1,894,301
702
412,836
2,310,438
Changes in equity
Loss for the year
-
-
-
(1,379,046)
(1,379,046)
Total comprehensive income
-
-
-
(1,379,046)
(1,379,046)
Balance at 31 October 2025
2,599
1,894,301
702
(966,210)
931,392
1
-
-
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Consolidated Statements of Cash Flows
Group 2025 £
Group 2024 £
Cash flows used in operations
Loss for the financial year
(1,389,452)
(711,394)
Adjustments to reconcile loss
Other interest receivable and similar income
(6,411)
(26,487)
Finance costs
75,223
-
Depreciation of tangible assets
9,122
10,474
Loss on fair value of investments
944
72,515
Trade and other debtors
941,494
(352,629)
Trade and other creditors
(545,029)
153,739
Accrued (income)/expenses
12,734
(136,830)
Net cash flows used in operations
901,375
(990,612)
Interest paid
75,223
-
Interest received
6,411
26,487
Net cash flows used in operating activities
970,187
(964,125)
Cash flows from / (used in) investing activities
Payments to acquire investments
(1,597,415)
Proceeds from sale of other investments
153,625
195,950
Purchase of tangible assets
1,875
-
Cash flows from / (used in) investing activities
151,750
(1,401,465)
Cash flows (used in) / from financing activities
Proceeds from issue of ordinary shares
448,654
Proceeds from issue of new loans
1,600,000
Repayment of loan liability
60,000
-
Cash flows (used in) / from financing activities
60,000
2,048,654
Net increase/(decrease) in cash and cash equivalents
(878,437)
(316,936)
Cash and cash equivalents at beginning of the year
1,296,882
1,613,818
Cash and cash equivalents at end of the year
418,445
1,296,882
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
1.
Summary of significant accounting policies
1.1
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Coates Crescent, Edinburgh, EH3 7AL.
1.2
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and with the Companies Act 2006.
1.3
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Asset class
Useful life / depreciation rate
Fixtures and fittings
20% straight line
Computer equipment
25% Straight line
No depreciation is provided on antique furniture as the Group's policy is to maintain its condition and the Directors therefore consider the furniture to have an unlimited useful economic life.
1.4
Repayment of loan
Investments are shown at their market value. The surplus or deficit arising from the annual revaluation is transferred to the statement of comprehensive income.
Investments in funds are measured at fair value as released by the relevant investment manager on the closing day.
Investments where no reliable fair value can be estimated are carried at cost, subject to any provision for impairment.
1.5
Investment in subsidiary
The investment in the subsidiary is measured at cost less impairment.
1.6
Employee Benefit Trust
On 24 October 2024, the company established the Aubrey Capital Management EBT Limited (the Trust). During that year, the Trust purchased 25,900 shares at cost of £1,597,415. As at 31 October 2025 the Trust held 25,900 shares in the company. Shares held by the Trust are solely for distribution to employees. Payments made by the Trust of £1,597,415 are capital contributions and are adjusted within consolidated capital and reserves in the financial statements. The assets and liabilities of the Trust have been included in the consolidated financial statements.
1.7
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
1.8
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
1.9
Defined contribution plans
The company provides for amounts payable to defined contribution pension schemes for certain employees.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
2.
Turnover
Turnover arises from:
Group 2025 £
Group 2024 £
Rendering of services
3,868,915
4,308,285
The analysis of turnover by geographical area is as follows:
1
1
1
1
Group 2025 £
Group 2024 £
United Kingdom
1,359,205
1,484,748
Rest of Europe
1,740,570
2,105,917
Rest of World
769,140
717,620
Total turnover
3,868,915
4,308,285
3.
Operating loss
Operating loss is stated after charging / (crediting):
1
1
1
1
Group 2025 £
Group 2024 £
Depreciation of tangible fixed assets
9,122
10,474
Profit on revaluation of investments
944
72,515
Fees payable for the audit of the financial statements
12,800
12,335
Fees payable for other audit services
1,275
1,200
Fees payable to auditor for non- audit services
20,764
20,884
Operating lease rentals
168,438
170,969
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
4.
Particulars of employees
The average monthly number of employees, including directors, during the year was as follows:
1
1
1
1
Group 2025
Group 2024
Administrative staff
19
21
Management staff
9
9
28
30
The aggregate payroll costs incurred during the year, relating to the above, were:
1
1
1
1
Group 2025 £
Group 2024 £
Wages and salaries
2,666,898
2,612,361
Social security costs
353,243
374,865
Other pension costs
221,480
189,061
3,241,621
3,176,287
Included in wages and salaries are redundancy costs of £113,686 (2024: £nil).
5.
Key management personnel
The aggregate remuneration for key management personnel in the year was £1,952,057 (2024: £1,823,090) including social security costs and benefits in kind. Remuneration levels are set by the Board of Directors.
6.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Group 2025 £
Group 2024 £
Remuneration
1,585,689
1,530,496
Company contributions to defined contribution pension plans
134,423
76,658
1,720,112
1,607,154
The number of directors who accrued benefits under company pension plans was as follows:
Group
Group
2025
2024
Defined contribution plans
9
9
Remuneration of the highest paid director in respect of qualifying services:
Group 2025 £
Group 2024 £
Aggregate remuneration
225,472
200,396
Company contributions to defined contribution pension plans
19,570
7,088
245,042
207,484
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
7.
Interest receivable and similar income
Group 2025 £
Group 2024 £
Interest on loans and receivables
-
8,780
Interest on cash and cash equivalents
6,411
17,707
Total other interest receivable and similar income
6,411
26,487
Interest payable and similar expenses
Group 2025 £
Group 2024 £
Loan interest payable and similar expenses
75,223
-
Total interest payable and similar expenses
75,223
-
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
8.
Tax
Tax on loss
1
1
1
1
Group 2025 £
Group 2024 £
Current tax
United Kingdom corporation tax
-
-
Total current tax
-
-
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is the same as (2024: higher than) the standard rate of corporation tax in the UK of 25%.
Group 2025 £
Group 2024 £
Loss before tax from operations
(1,389,452)
(711,394)
Corporation tax calculated at 25.0%
(347,363)
(177,849)
Tax effect of
-
Expenses not deductible for tax purposes
23,962
23,503
-
Deferred tax
323,401
154,346
Tax charge
-
-
The company has an unrecognised deferred tax asset of £734,753 (2024: £413,957) which has arisen from short term timing differences and losses carried forward. Its recoverability is dependent upon future profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
9.
Tangible assets
Balances at year end and movements for the year
Group
Antique Furniture £
Fixtures and fittings £
Computer equipment £
Total £
Cost
At 01 November 2024
54,186
49,432
75,762
179,380
Additions
-
-
1,875
1,875
At 31 October 2025
54,186
49,432
77,637
181,255
Depreciation
At 01 November 2024
-
(45,544)
(67,374)
(112,918)
Charge for the year
-
(2,132)
(6,990)
(9,122)
At 31 October 2025
-
(47,676)
(74,364)
(122,040)
Net book value
At 01 November 2024
54,186
3,888
8,388
66,462
At 31 October 2025
54,186
1,756
3,273
59,215
Company
Antique Furniture £
Fixtures and fittings £
Computer equipment £
Total £
Cost
At 01 November 2024
54,186
49,432
75,762
179,380
Additions
-
-
1,875
1,875
At 31 October 2025
54,186
49,432
77,637
181,255
Depreciation
At 01 November 2024
-
(45,544)
(67,374)
(112,918)
Charge for the year
-
(2,132)
(6,990)
(9,122)
At 31 October 2025
-
(47,676)
(74,364)
(122,040)
Net book value
At 01 November 2024
54,186
3,888
8,388
66,462
At 31 October 2025
54,186
1,756
3,273
59,215
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
10.
Investments
Movement in investments
Group
Shares in group undertakings £
Other investments £
Total £
Cost or valuation
At 01 November 2024
55
204,705
204,760
Additions
-
-
-
Disposals
-
(154,569)
(154,569)
At 31 October 2025
55
50,136
50,191
Impairment
At 01 November 2024
-
-
-
Impairments
-
-
-
At 31 October 2025
-
-
-
Carrying amount
At 31 October 2024
55
204,705
204,760
At 31 October 2025
55
50,136
50,191
Company
Shares in group undertakings £
Other investments £
Total £
Cost or valuation
At 01 November 2024
56
204,705
204,761
Additions
-
-
-
Disposals
-
(154,569)
(154,569)
At 31 October 2025
56
50,136
50,192
Impairment
At 01 November 2024
-
-
-
Impairments
-
-
-
At 31 October 2025
-
-
-
Carrying amount
At 31 October 2024
56
204,705
204,761
At 31 October 2025
56
50,136
50,192
The Group's and the Company's investments are categorised into the FRS 102 hierarchy consisting of the following three levels:
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
(1) The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
(2) Inputs other than quoted prices included within Level 1 that are observable (i.e.: developed using market data) for the asset or liability, either directly or indirectly.
(3) Inputs are unobservable (i.e.: for which market data is unavailable) for the asset or liability.
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.
Details of the valuation policies used by the Company are given in note 3.
The following table sets out the fair value measurements using the FRS 102 hierarchy at 31 October
2025
2024
£
£
Level 1
-
154,624
Level 3
50,136
50,136
Total
50,136
204,760
The level 1 investment represented the market value of two holdings in quoted investment funds, which the Company manages.The level 1 investment was valued at the bid price of the investment funds as at the year end date. Movements in market value were taken to profit or loss.
The level 3 investment has been valued at cost less any provision for impairment on the basis that no reliable fair value can be estimated.
15.
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Subsidiary undertakings
Registered office
Class of share
Percentage of shares held
Aubrey Capital International Limited
10 Coates Crescent, Edinburgh, United Kingdom, EH3 7AL
Ordinary
100
Aubrey Capital Management EBT Limited
10 Coates Crescent, Edinburgh, United Kingdom, EH3 7AL
Ordinary
100
Aubrey Capital International Limited and Aubrey Capital Management EBT Limited were incorporated in the United Kingdom. Aubrey Capital International Limited was dormant during the year.
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
11.
Debtors
Debtors comprise:
Group 2025 £
Group 2024 £
Company 2025 £
Company 2024 £
Trade debtors
55,253
43,653
125,659
43,653
Other debtors
217,716
1,165,809
217,716
1,165,809
Prepayments and accrued income
568,090
573,089
568,090
573,089
841,059
1,782,551
911,465
1,782,551
12.
Creditors: amounts falling due within one year
Creditors: amounts falling due within one year comprise:
Group 2025 £
Group 2024 £
Company 2025 £
Company 2024 £
Trade creditors
27,864
16,739
27,864
16,739
Other creditors
89,223
66,117
9,224
8,703
Social security and other taxes
128,418
687,676
128,418
687,676
Accruals and deferred income
339,834
327,100
342,419
327,100
585,339
1,097,632
507,925
1,040,218
13.
Creditors: amounts falling due after more than one year
Creditors: amounts falling due after more than one year comprise:
1
1
1
1
1
1
1
1
Group 2025 £
Group 2024 £
Company 2025 £
Company 2024 £
Other creditors
1,460,000
1,540,000
-
-
1,460,000
1,540,000
-
-
14.
Employee Benefits
Defined benefit pension plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £221,480 (2024: £189,061)
15.
Called up share capital
Alloted, called up and fully paid
Group 2025 Number
Group 2024 Number
Ordinary shares of £0.01 each
259,831
259,831
Alloted, called up and fully paid
Group 2025 £
Group 2024 £
Ordinary shares of £0.01 each
2,599
2,599
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
16.
Reserves
Share premium account
This reserve represents the amount received in excess of the nominal value of shares issued, less transaction costs.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Shares EBT Trust
This reserve represents shares purchased by Aubrey Capital Management EBT Limited in treasury. The shares are held by the Trust for distribution to employees.
Reserve for own shares
This reserve records the net cost of share issues from and buy backs into Treasury.
Profit and loss account
This reserve records retained earnings and accumulated losses.
17.
Analysis of changes in net debt
Group
Group 2024 £
Cash Flows £
Group 2025 £
Cash and cash equivalents
Cash
1,296,882
(878,437)
418,445
Borrowings
Debt due within one year
(60,000)
(20,000)
(80,000)
Debt due after one year
(1,540,000)
80,000
(1,460,000)
(1,600,000)
60,000
(1,540,000)
Total
(303,118)
(818,437)
(1,121,555)
18.
Operating leases
Group 2025 £
Group 2024 £
Company 2025 £
Company 2024 £
The total future minimum lease payments under non-cancellable operating leases are as follows:
Not later than 1 year
14,818
24,409
14,818
24,409
Later than 1 year and not later than 5 years
32,447
37
32,447
37
47,265
24,446
47,265
24,446
19.
Directors' benefits: advances, credit and guarantees
At the year end, £75,145 (2024: £428,628) was due from the directors. Interest totalling £2,132 (2024: £8,192) was charged on these loans, which was calculated with reference to HMRC's "approved" rate.
Aubrey Capital Management Limited
(Registration Number SC299239)
Financial Statements for the year ended 31 October 2025
Notes to the Financial Statements
20.
Related party transactions
Company
During the year ended 31 October 2025, ACM paid rent amounting to £79,082 (2024: £85,181) to a pension scheme where the beneficiary is one of the directors.
During the year ended 31 October 2025, dividends of £nil (2024: £nil) were paid to related parties.
21.
Mifidpru
In accordance with MIFIDPRU 8, the required disclosures in respect of risk management objectives and policies, with own funds requirements, and remuneration policy and practices are available from the company's registered office on request or on the Group's website.
22.
Ultimate controlling party
In the opinion of the directors, there is no ultimate controlling party.
23.
Subsequent events
On 26 January 2026, the Company cancelled 57,160 ordinary shares of £0.01 each. The nominal value of shares cancelled was £572. On the same date, the Company allotted 43,469 ordinary shares of £0.01 each for total consideration of £911,544. The nominal value of shares issued was £435, with the balance of £911,109 credited to the share premium account.
Appendix - Additional XBRL Tags and Values
Accounting standards applied
[Current]
bus_MediumEntities
Accounts status, audited or unaudited
[Current]
bus_Audited
Accounts type
[Current]
bus_FullAccounts
Applicable legislation
[Current]
bus_LargeCompaniesRegimeForAccounts
Average number of employees during the period
[Prior]
30
Average number of employees during the period
[Current]
28
Balance sheet date
[Current]
31 October 2025
Creditors [Multiple Tags or Values]
[Prior]
1,097,632
Creditors [Multiple Tags or Values]
[Current]
585,339
Date of auditor's report
[Current]
0001-01-01
Date of authorisation of financial statements for issue
[Current]
25 February 2025
Description of principal activities
[Current]
Fund management
Director signing Directors' Report
[Current]
bus_Director1
Director signing financial statements
[Current]
bus_Director1
End date for period covered by report
[Current]
31 October 2025
Entity current legal or registered name
[Current]
Aubrey Capital Management Limited
Entity is dormant [true/false]
[Current]
false
Entity trading status
[Current]
[default]
Equity [Multiple Tags or Values]
[Current]
1,352,858
Equity [Multiple Tags or Values]
[Prior]
1,426,046
Legal form of entity
[Current]
bus_PrivateLimitedCompanyLtd
Name of entity auditors
[Current]
CT Audit Limited
Name of entity officer
[Current]
A Dalrymple
Name of entity officer
[Current]
L I Larrain Vergara
Name of entity officer
[Current]
F Larrain Cruzat
Name of entity officer
[Current]
L J Inglis
Name of entity officer
[Current]
A H Ward
Name of individual auditor
[Current]
CT Audit Limited
Name of production software
[Current]
Draftworx Cloud
Name of senior statutory auditor
[Current]
CT Audit Limited
Other cash inflow (outflow), classified as investing activities [Multiple Tags or Values]
[Current]
153,625
Other operating expenses, format 2 [Multiple Tags or Values]
[Current]
5,188,611
Other operating expenses, format 2 [Multiple Tags or Values]
[Prior]
4,973,651
Own shares [Multiple Tags or Values]
[Current]
2,599
Own shares [Multiple Tags or Values]
[Prior]
2,599
Start date for period covered by report
[Current]
01 November 2024
Total assets [Multiple Tags or Values]
[Current]
1,368,910
Total assets [Multiple Tags or Values]
[Prior]
3,350,655
UK Companies House registered number
[Current]
SC299239
Version of production software
[Current]
2026.5.0.0
Appendix - Footnotes
Other finance costs
[Prior]
No Value Reported
Total current tax expense (credit)
[Current]
No Value Reported
Total current tax expense (credit)
[Prior]
No Value Reported
Cash payments to acquire equity or debt instruments of other entities, classified as investing activities
[Current]
No Value Reported
Proceeds from issuing shares
[Current]
No Value Reported
Repayments of borrowings, classified as financing activities
[Current]
No Value Reported