Company registration number 15343098 (England and Wales)
ALTUS VENTURES GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
ALTUS VENTURES GROUP LIMITED
COMPANY INFORMATION
Directors
Mr O Greif
(Appointed 11 December 2023)
Mr Alex Jackson
(Appointed 11 December 2023)
Company number
15343098
Registered office
One Ground Floor
3 London Square
Cross Lanes
Guildford
Surrey
GU1 1UJ
Auditor
Alliotts LLP
3 London Square
Cross Lanes
Guildford
GU1 1UJ
ALTUS VENTURES GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 29
ALTUS VENTURES GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the period ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of a holding company.of Dura Capital Limited.

Review of the business

The c ompany was incorporated on 11 December 20 23.

The directors believe there is a significant opportunity for Dura Capital Limited to develop the market with a continuously available range of good value products. This can be met by partnering with a diversified range of banks and deposit takers to meet the needs of both the adviser and direct to consumer markets.

Dura Capital Limited currently operates with two Appointed Representatives: Arcus Partners (AR) Limited and SEHA FS Ltd (trading as hop Investing). SEHA FS Ltd was previously authorised under a different principal firm and transitioned to Dura as its principal in November 2025.

On behalf of the board

Mr Alex Jackson
Director
12 August 2026
ALTUS VENTURES GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

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

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr O Greif
(Appointed 11 December 2023)
Mr Alex Jackson
(Appointed 11 December 2023)
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 directors' responsibilities

The directors are responsible 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s 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. They 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.

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 auditor of the company 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 auditor of the company is aware of that information.

ALTUS VENTURES GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Mr Alex Jackson
Director
12 August 2026
ALTUS VENTURES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALTUS VENTURES GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Altus Ventures Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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 group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the period then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

Emphasis of matter

We draw your attention to Note 1.5 to the Financial Statements in relation to the Going Concern position of the company.

The directors confirm that the company issued and allotted 1 ordinary share of £1.00 on 31 July 2026. The share was issued with a share premium of £896,813.

Thus, t he Directors continue to adopt the going concern basis of accounting in preparing the financial statements. Our opinion is not modified in this respect.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

ALTUS VENTURES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALTUS VENTURES GROUP LIMITED
- 5 -

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the 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 the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

ALTUS VENTURES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALTUS VENTURES GROUP LIMITED
- 6 -

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Financial Conduct Authority regulatory requirements, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the design of the company's remuneration policies.

ALTUS VENTURES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALTUS VENTURES GROUP LIMITED
- 7 -

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims;

- reading minutes of meetings of those charged with governance, and reviewing correspondence with HMRC, and the Financial Conduct Authority; and

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Meredith BA FCA DChA (Senior Statutory Auditor)
For and on behalf of Alliotts LLP, Statutory Auditor
Chartered Accountants
3 London Square
Cross Lanes
Guildford
GU1 1UJ
12 August 2026
ALTUS VENTURES GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
Period
ended
31 December
2024
Notes
£
Turnover
3
361,361
Cost of sales
(27,077)
Gross profit
334,284
Distribution costs
(38,786)
Administrative expenses
(774,885)
Operating loss
4
(479,387)
Interest payable and similar expenses
7
(9,732)
Loss before taxation
(489,119)
Tax on loss
8
8,517
Loss for the financial period
20
(480,602)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
ALTUS VENTURES GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Period
ended
31 December
2024
£
Loss for the period
(480,602)
Other comprehensive income
-
Cash flow hedges gain arising in the period
-
0
Total comprehensive income for the period
(480,602)
Total comprehensive income for the period is all attributable to the owners of the parent company.
ALTUS VENTURES GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
Notes
£
£
Fixed assets
Goodwill
10
23,918
Total intangible assets
23,918
Current assets
Debtors
14
7,465
Investments
15
1,242
Cash at bank and in hand
378,540
387,247
Creditors: amounts falling due within one year
16
(587,020)
Net current liabilities
(199,773)
Total assets less current liabilities
(175,855)
Creditors: amounts falling due after more than one year
17
(303,747)
Net liabilities
(479,602)
Capital and reserves
Called up share capital
19
1,000
Profit and loss reserves
20
(480,602)
Total equity
(479,602)
The financial statements were approved by the board of directors and authorised for issue on 12 August 2026 and are signed on its behalf by:
12 August 2026
Mr Alex Jackson
Director
Company registration number 15343098 (England and Wales)
ALTUS VENTURES GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
Notes
£
£
Fixed assets
Investments
11
539,550
Current assets
Debtors
14
1,000
Creditors: amounts falling due within one year
16
(728,173)
Net current liabilities
(727,173)
Total assets less current liabilities
(187,623)
Creditors: amounts falling due after more than one year
17
(303,747)
Net liabilities
(491,370)
Capital and reserves
Called up share capital
19
1,000
Profit and loss reserves
20
(492,370)
Total equity
(491,370)

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £492,370.

For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2026 and are signed on its behalf by:
12 August 2026
Mr Alex Jackson
Director
Company registration number 15343098 (England and Wales)
ALTUS VENTURES GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 December 2023
-
-
-
Period ended 31 December 2024:
Loss and total comprehensive income
-
(480,602)
(480,602)
Issue of share capital
19
1,000
-
1,000
Balance at 31 December 2024
1,000
(480,602)
(479,602)
ALTUS VENTURES GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 December 2023
-
-
-
Period ended 31 December 2024:
Profit and total comprehensive income
-
(492,370)
(492,370)
Issue of share capital
19
1,000
-
1,000
Balance at 31 December 2024
1,000
(492,370)
(491,370)
ALTUS VENTURES GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 14 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
24
266,348
Interest paid
(990)
Income taxes paid
(24,314)
Net cash inflow from operating activities
241,044
Investing activities
Purchase of business
134,189
Purchase of investments
4,549
Proceeds from disposal of investments
(1,242)
Net cash generated from investing activities
137,496
Net increase in cash and cash equivalents
378,540
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
378,540
ALTUS VENTURES GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 15 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
25
976,398
Interest paid
(24,991)
Net cash inflow from operating activities
951,407
Investing activities
Proceeds from disposal of subsidiaries
(539,550)
Proceeds from disposal of investments
(411,857)
Net cash used in investing activities
(951,407)
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
-
0
ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Altus Ventures Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Altus Ventures Group Limited and all of its subsidiaries. The subsidiary, Dura Capital Limited is regulated by the FCA.

1.1
Reporting period

This is the first set of accounts for the entity and as such the reporting period is greater than 12 months, period from incorporation on 11 December 2023 to 31 December 2024.

1.2
Basis of preparation

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. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Altus Ventures Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

These financial statements are prepared on the going concern basis. The Directors confirm that the company issued and allotted 1 ordinary share of £1.00 on 31 July 2026. The share was issued with a share premium of £896,813.

Thus, t he Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales related taxes. The following criteria must also be met before turnover is recognised:

Turnover from the promotion of structured products is based on a margin when the product is launched to the market. The company has no on-going commitments to service structured products and revenue is recognised at the point of the individual product launches.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in ‘intangible assets’.

Goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. Goodwill amortisation is calculated by applying the straight-line method to its estimated useful life of 10 years. Goodwill is being amortised to ‘administrative expenses’ in profit or loss and is presented in ‘amortisation of intangible assets.

Estimates of the useful economic life of goodwill are based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

In the opinion of the directors, the financial statements do not include any significant estimates or judgements.

3
Turnover
2024
£
Turnover analysed by class of business
Turnover on launch of structured products
361,361
2024
£
Turnover analysed by geographical market
United Kingdom
361,361
4
Operating loss
2024
£
Operating loss for the period is stated after charging:
Amortisation of intangible assets
2,174
Impairment of intangible assets
411,857
ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 22 -
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
-
Audit of the financial statements of the company's subsidiaries
28,418
6
Employees

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

Group
Company
2024
2024
Number
Number
3
0

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
34,148
-
0
Social security costs
2,702
-
Pension costs
1,936
-
0
38,786
-
0
7
Interest payable and similar expenses
2024
£
Other finance costs:
Unwinding of discount on provisions
8,742
Other interest
990
Total finance costs
9,732
8
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
1,351
Adjustments in respect of prior periods
(9,868)
Total current tax
(8,517)
ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 23 -

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

2024
£
Loss before taxation
(489,119)
Expected tax charge based on the standard rate of corporation tax in the UK of 0%
-
Tax effect of expenses that are not deductible in determining taxable profit
(6)
Adjustments in respect of prior years
(9,868)
Subsidiary: expected tax charged based on the standard rate of corporation tax in the UK of 25.00%
1,357
Taxation credit
(8,517)
9
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
Notes
£
In respect of:
Goodwill
10
411,857
Recognised in:
Administrative expenses
411,857

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 24 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 11 December 2023
-
0
Additions - business combinations
437,949
At 31 December 2024
437,949
Amortisation and impairment
At 11 December 2023
-
0
Amortisation charged for the period
2,174
Impairment losses
411,857
At 31 December 2024
414,031
Carrying amount
At 31 December 2024
23,918

More information on impairment movements in the period is given in note 9.

11
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
12
-
0
539,550
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 11 December 2023
-
Additions
951,407
At 31 December 2024
951,407
Impairment
At 11 December 2023
-
Impairment losses
411,857
At 31 December 2024
411,857
Carrying amount
At 31 December 2024
539,550
ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 25 -
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Dura Capital Ltd
(a)
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

(a)
One Ground Floor, 3 London Square, Cross Lanes, Guildford, Surrey, England, GU1 1UJ
13
Financial instruments
Group
Company
2024
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
1,242
-

Financial assets measured at fair value through profit or loss comprise current asset investments.

Financial assets at fair value through profit or loss

FRS102 requires three-level hierarchy disclosure for categorising financial assets and liabilities at fair value and requires enhanced disclosure about fair value measurement. The fair value hierarchy classifies financial assets and liabilities according to the source of inputs ranked according to availability of observable market prices used in measuring fair value as follows:

Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly.

Level 3: Inputs are unobservable (ie for which market data is unavailable) for the asset or liability.

The level of fair value hierarchy within which the fair value measurement categorised in its entirety should be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.

The categorisation of the Company's investment within the hierarchy is based upon the pricing transparency of each investments and does not necessarily correspond to the director's perceived risk of investment, The investment are classified within Level 2 as they have been observed using market prices.

The determination of what constitutes "observable" requires significant, judgement by the directors. The directors consider observable data to be that market data which is readily available, regularly distribute or updated, reliable and verifiable, not proprietary, provided by multiple, independent sources that are actively involved in the relevant market.

The following tables analyse within the fair value hierarchy the Company's investments measured at fair value:

Level 2
£
Financial assets at fair value through profit or loss
1,242
ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
13
Financial instruments
(Continued)
- 26 -

There were no transfers between levels during the current year.

Determining the fair value of the subsidiary's investments considers factors specific to the investment.

There have been no changes to the fair value for which investments are measured at using Level 2 inputs.

14
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
3,352
-
0
Unpaid share capital
1,000
1,000
Prepayments and accrued income
3,113
-
0
7,465
1,000
15
Current asset investments
Group
Company
2024
2024
£
£
Unlisted investments
1,242
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2024
£
£
Trade creditors
145,394
-
0
Amounts owed to group undertakings
-
0
440,000
Corporation tax payable
1,613
-
0
Other creditors
258,683
258,683
Accruals and deferred income
181,330
29,490
587,020
728,173
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
£
£
Other creditors
303,747
303,747
ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 27 -
18
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
1,936

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £1 each
1,000
1,000
20
Reserves
Profit and loss reserves

The profit and loss account represents accumulated post-tax profits net of dividend payments.

21
Acquisition of a business

On 11 March 2024 the group acquired 100% percent of the issued capital of .

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Investments
4,549
-
4,549
Trade and other receivables
38,112
-
38,112
Cash and cash equivalents
334,189
-
334,189
Trade and other payables
(78,948)
-
(78,948)
Tax liabilities
(34,444)
-
(34,444)
Total identifiable net assets
263,458
-
263,458
Goodwill
437,949
Total consideration
701,407
The consideration was satisfied by:
£
Cash
200,000
Deferred consideration
501,407
701,407
ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
21
Acquisition of a business
(Continued)
- 28 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
366,248
Profit after tax
26,308
22
Events after the reporting date

We note that the company issued and allotted 1 O rdinary class A share of £1.00 each on 5 August 2026, each share being issued as £896,814 and paid in full.

23
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
£
Group
Other related parties
192,280
Company
Other related parties
192,280

The group owed £192,280 to Altus Ventures Limited which is a related party by virtue of common control. This balance is interest free and repayable on demand.

The group has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

24
Cash generated from group operations
2024
£
Loss after taxation
(480,602)
Adjustments for:
Taxation credited
(8,517)
Finance costs
9,732
Amortisation and impairment of intangible assets
414,031
Decrease in provisions
(510,149)
Movements in working capital:
Decrease in debtors
31,647
Increase in creditors
810,206
Cash generated from operations
266,348
ALTUS VENTURES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 29 -
25
Cash generated from operations - company
2024
£
Loss after taxation
(492,370)
Adjustments for:
Finance costs
33,733
Other gains and losses
411,857
Decrease in provisions
(8,742)
Movements in working capital:
Increase in creditors
1,031,920
Cash generated from operations
976,398
26
Analysis of changes in net funds - group
11 December 2023
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
-
378,540
378,540
27
Analysis of changes in net funds - company
11 December 2023
31 December 2024
£
£
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