Company registration number 04643643 (England and Wales)
ADELANTE ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ADELANTE ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Director
Mr J Adams
Company number
04643643
Registered office
C/O Streets
Orderly House
Dragoon Road
Colchester
CO2 7FU
Auditor
Streets Audit LLP
Orderly House
Dragoon Road
Colchester
CO2 7FU
Business address
19 Berkeley Street
London
W1J 8ED
ADELANTE ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 17
ADELANTE ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents the strategic report for the year ended 31 December 2025.

Review of the business

The Company’s business continued to evolve following the loss of the Investment Management Agreement with the Adelante Exotic Debt Fund from the previous year which had been put into voluntary liquidation. A review of the business following discussions with the FCA led to the decision being made to withdraw from the Investment Management business completely and so our Managed Accounts business was terminated at the end of May, which coincided with a relinquishing of the FCA authorisations and associated regulation.

As a result earnings from investment advisory services which are derived from fund management fees relating to size of assets under management ('AUM') were lower than the previous year, and expenses continued to be cut to minimize losses.

Going concern

The business is performing at a small loss in its current format. The loss for the year at £17,660 compares with a loss of £12,271 for the year ending December 2024.

With its strong balance sheet and substantial retained earnings the Company has a large capital buffer with net current assets of £363,10 6 (mainly a short-dated gilt holding) and cash reserves of £21,580 the Group remains in a strong position going forward.

Therefore the director is of the view that the going concern basis of preparation of the financial statements is appropriate.

Principal risks and uncertainties

Financial risk

As an investment manager, the Group's operations are exposed to a small number of financial risks that include FX risk from our small Foreign Exchange Holdings and also some interest rate risk around our cash investments in the gilts market.

The Group does not use derivative financial instruments or manage interest rate costs, and as such no hedge accounting has been applied in this accounting period. It tends to sell Euros earnt in the business when it feels the rate is attractive and allows this position to accrue when it feels the exchange rate is less attractive for conversion to GBP.

Given the size of the Group, the director has not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The director sets policies that are then implemented.

Development and performance

Liquidity risk

The company manages its working capital to ensure there are sufficiently available funds for operations and current working capital requirements.

Key performance indicators

The director considers minimising any losses, and maximizing the returns on our cash / gilt holdings to be key performance indicators.

During the year the Company generated £41,833 in management and research fees (2024: £75,344, management fees).

ADELANTE ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Promoting the success of the company

The director has considered the need to promote the success of the Company for the benefit of the members as a whole and to have regard to its stakeholders. In regard to this they have taken note of the following points:

All strategic decisions during the year were taken with a view to maximising the success of the Company in the long term by maintaining the Company’s reputation;

The Company paid all suppliers promptly and delivered a high quality, compliant service to its customers;

The Company's operations had no material impact on the community other than spending money in businesses near the office and revenue for suppliers in the UK;

We encourage flexible working arrangements for our staff and reduced our office space to lower our carbon footprint.

The Company is totally reliant on its good reputation with its customers to maintain success as it is a small group with limited marketing resources; and

The Company has only one member.

On behalf of the board

Mr J Adams
Director
22 June 2026
ADELANTE ASSET MANAGEMENT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activities of the Company are the provision of research services to allow the Director to conduct proprietary investment management.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr J Adams
Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J Adams
Director
22 June 2026
ADELANTE ASSET MANAGEMENT LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies 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; and

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ADELANTE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ADELANTE ASSET MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Adelante Asset Management Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

ADELANTE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ADELANTE ASSET MANAGEMENT LIMITED (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

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

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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

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

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

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

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The audit tests, including planning procedures, adopted for the audit of these financial statements are designed to assess and detect the risk of irregularities, including fraud. Our risk assessment of the likelihood of irregularities included the high degree of involvement of the experienced directors, which reduces the risk of irregularities. The audit team was competent to assess the risk and identify any potential irregularities. A thorough understanding of the processes, frameworks and authorisations in place was obtained from the directors and tested throughout the audit.

We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

ADELANTE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ADELANTE ASSET MANAGEMENT LIMITED (CONTINUED)
- 7 -

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

- Had a direct effect on the determination of material of amounts and disclosures in the financial statements. These included the UK Companies Act, pensions legislation, tax legislation; and

- Do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included the Financial Conduct Authority regulations.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the company for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:

The company earns fees based on the assets under management. These calculations were reviewed on a sample basis to ensure that income was not overstated by the company.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

- enquiring of management in relation to actual and potential litigation and claims, and instances of non-compliance with laws and regulations.

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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to him 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 member for our audit work, for this report, or for the opinions we have formed.

ADELANTE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ADELANTE ASSET MANAGEMENT LIMITED (CONTINUED)
- 8 -
Michael Greene BSc FCCA (Senior Statutory Auditor)
For and on behalf of Streets Audit LLP, Statutory Auditor
Chartered Accountants
Orderly House
Dragoon Road
Colchester
CO2 7FU
22 June 2026
ADELANTE ASSET MANAGEMENT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
43,709
78,872
Cost of sales
-
0
5,944
Gross profit
43,709
84,816
Administrative expenses
(73,515)
(109,340)
Operating loss
4
(29,806)
(24,524)
Amounts written off investments
7
12,146
12,253
Loss before taxation
(17,660)
(12,271)
Tax on loss
8
-
0
4
Loss for the financial year
(17,660)
(12,267)
Retained earnings brought forward
290,766
303,033
Retained earnings carried forward
273,106
290,766

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ADELANTE ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
73
479
Current assets
Debtors
10
31,648
26,439
Investments
11
319,782
299,798
Cash at bank and in hand
21,580
68,263
373,010
394,500
Creditors: amounts falling due within one year
12
(9,977)
(14,213)
Net current assets
363,033
380,287
Net assets
363,106
380,766
Capital and reserves
Called up share capital
13
90,000
90,000
Profit and loss reserves
273,106
290,766
Total equity
363,106
380,766
The financial statements were approved and signed by the director and authorised for issue on 22 June 2026
Mr J Adams
Director
Company registration number 04643643 (England and Wales)
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Adelante Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Streets, Orderly House, Dragoon Road, Colchester, CO2 7FU. The principal place of business is 19 Berkeley Street, London, W1J 8ED.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.

The financial statements of the company are consolidated in the financial statements of Adelante Asset Holdings Limited.These consolidated financial statements are available from its registered office, C/o Streets, Orderly House, Dragoon Road, Colchester, United Kingdom, CO2 7FU.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less estimated residual over its expected useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line
Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments in gilts are measured at market value.

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

These financial statements do not contain significant judgements or key estimates.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Management fees
21,062
78,872
Expense recharges
21,000
-
Interest
1,647
-
43,709
78,872
4
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Exchange losses
817
2,459
Depreciation of tangible fixed assets
406
674
Operating lease charges
9,350
21,076
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,000
5,200
For other services
All other non-audit services
250
215
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration and fund management
1
1
7
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
12,146
12,253
8
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
(4)
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 15 -

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(17,660)
(12,271)
Expected tax credit based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
(4,415)
(3,068)
Effects of:
Expenses that are not deductible in determining taxable profit
-
0
250
Unutilised tax losses carried forward
7,405
5,778
Adjustments in respect of prior years
-
0
(4)
Depreciation on assets not qualifying for tax allowances
101
169
Revaluation of investments
(3,037)
(3,063)
Capital allowances
(54)
(66)
Taxation charge/(credit) in the financial statements
-
(4)
9
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2025 and 31 December 2025
7,991
4,468
12,459
Depreciation and impairment
At 1 January 2025
7,817
4,163
11,980
Depreciation charged in the year
100
306
406
At 31 December 2025
7,917
4,469
12,386
Carrying amount
At 31 December 2025
74
(1)
73
At 31 December 2024
174
305
479
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
21,600
17,354
Amounts owed by group undertakings
8,120
5,890
Prepayments and accrued income
1,928
3,195
31,648
26,439
11
Current asset investments
2025
2024
£
£
Listed investments
319,782
299,798
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,355
5,975
Taxation and social security
1,110
1,609
Accruals and deferred income
7,512
6,629
9,977
14,213
13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
90,000
90,000
90,000
90,000
14
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
9,600
3,750
Years 2-5
4,000
-
0
13,600
3,750
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
15
Related party transactions

The company operated an investment management agreement with the director of the company and his spouse. During the year net fees of £20,833 (2024: £50,000) were charged for this service. Expenses were recharged to the director of £21,000 and £21,600 (2024: £15,000) was receivable at the year end.

16
Ultimate controlling party

The ultimate parent company is Adelante Asset Holdings Limited which owns a 100% shareholding. The registered office of Adelante Asset Holdings Limited is c/o Street Whittles, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE.

2025-12-31 2025-01-01 false false false CCH Software CCH Accounts Production 2026.100 Mr J Adams 04643643 2025-01-01 2025-12-31 04643643 bus:Director1 2025-01-01 2025-12-31 04643643 bus:RegisteredOffice 2025-01-01 2025-12-31 04643643 2025-12-31 04643643 2024-01-01 2024-12-31 04643643 core:RetainedEarningsAccumulatedLosses 2024-12-31 04643643 core:RetainedEarningsAccumulatedLosses 2023-12-31 04643643 core:ShareCapital 2025-12-31 04643643 core:ShareCapital 2024-12-31 04643643 core:RetainedEarningsAccumulatedLosses 2025-12-31 04643643 core:RetainedEarningsAccumulatedLosses 2024-12-31 04643643 2024-12-31 04643643 core:ShareCapitalOrdinaryShareClass1 2025-12-31 04643643 core:ShareCapitalOrdinaryShareClass1 2024-12-31 04643643 core:FurnitureFittings 2025-12-31 04643643 core:ComputerEquipment 2025-12-31 04643643 core:FurnitureFittings 2024-12-31 04643643 core:ComputerEquipment 2024-12-31 04643643 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 04643643 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 04643643 core:FurnitureFittings 2025-01-01 2025-12-31 04643643 core:ComputerEquipment 2025-01-01 2025-12-31 04643643 core:UKTax 2025-01-01 2025-12-31 04643643 core:UKTax 2024-01-01 2024-12-31 04643643 1 2025-01-01 2025-12-31 04643643 1 2024-01-01 2024-12-31 04643643 2 2025-01-01 2025-12-31 04643643 2 2024-01-01 2024-12-31 04643643 3 2025-01-01 2025-12-31 04643643 3 2024-01-01 2024-12-31 04643643 core:FurnitureFittings 2024-12-31 04643643 core:ComputerEquipment 2024-12-31 04643643 2024-12-31 04643643 core:CurrentFinancialInstruments 2025-12-31 04643643 core:CurrentFinancialInstruments 2024-12-31 04643643 core:CurrentFinancialInstruments core:ListedExchangeTraded 2025-12-31 04643643 core:CurrentFinancialInstruments core:ListedExchangeTraded 2024-12-31 04643643 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 04643643 bus:OrdinaryShareClass1 2025-12-31 04643643 bus:OrdinaryShareClass1 2024-12-31 04643643 core:WithinOneYear 2025-12-31 04643643 core:WithinOneYear 2024-12-31 04643643 core:BetweenTwoFiveYears 2025-12-31 04643643 core:BetweenTwoFiveYears 2024-12-31 04643643 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 04643643 bus:FRS102 2025-01-01 2025-12-31 04643643 bus:Audited 2025-01-01 2025-12-31 04643643 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP