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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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ASERTIS LTD
CONTENTS
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ASERTIS LTD
COMPANY INFORMATION
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ASERTIS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The Directors who served during the year were:
I J Madej (resigned 1 January 2025)
J B Sackett (resigned 2 May 2025) On 8 May 2026, S Dhall was appointed as a Director.
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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ASERTIS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ASERTIS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASERTIS LTD
FOR THE YEAR ENDED 31 DECEMBER 2025
We have audited the financial statements of Asertis Ltd (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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.
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ASERTIS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASERTIS LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
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ASERTIS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASERTIS LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙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;
∙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 and taxation 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; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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 a sample of journal entries to identify unusual transactions;
∙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;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙review of legal and professional expenditure in order to identify any undisclosed actual and potential litigation and claims.
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ASERTIS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASERTIS LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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ASERTIS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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ASERTIS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
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ASERTIS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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ASERTIS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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ASERTIS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Asertis Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 100 Barbirolli Square, Manchester, M2 3AB.
The financial statements are presented in Sterling (£), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The Directors believe that it is appropriate to prepare the financial statements on a going concern basis which assumes that the Company will continue in operational existence for at least 12 months from the date of the signing of the financial statements.
The Directors have prepared forecasts which demonstrate that the Company has adequate cash and financing facilities. The review performed has considered downside scenarios that could reasonably arise within the period along with any mitigations associated with it. These scenarios have shown that the Company can continue to operate within its funding requirements. On the basis of these reviews, the Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing the financial statements. The Directors therefore believe that it remains appropriate to prepare the financial statements on a going concern basis.
Litigation funding income/(loss) represents the difference between the carrying amount and the consideration received plus the cumulative gain that had been recognised in Other Comprehensive Income once a case concludes.
In addition, litigation funding income/(loss) includes the cumulative loss on litigation funding cases which have been impaired less any impairment loss previously recognised.
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit or loss for the year, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Current asset investments are litigation funding cases in progress.
The Company has applied the choice as noted in FRS 102.12.2 to apply IAS 39 for recognition and measurement. The version of IAS 39 which has been applied was released in March 2009 and is effective from 30 June 2009. IAS 39, set out four categories of financial assets, being financial assets held at fair value through profit & loss, held-to-maturity investments, loans and receivables, and available-for-sale financial assets. Litigation funding cases in progress are classified as available-for-sale financial assets in accordance with IAS 39.9(c) and, as a result, are measured at fair value plus transaction costs that are directly attributable to the origination of the financial asset (IAS 39.43) on initial recognition and subsequently at fair value. Unless there is an objective trigger event, the fair value of the litigation funding case in progress is considered to be the deployed funds plus notional borrowing costs incurred, subject to any indications of impairment. Where appropriate, litigation funding cases in progress may be revalued on occurrence of certain objective events. The Company operates under a valuation policy that relies on objective events to drive valuation changes, in order to minimise reliance on management judgement. In the absence of quoted prices for identical assets or binding sale agreements the fair value is estimated using a discounted cashflow model that takes into account the probability of a successful outcome against a range of settlement options, from which the most likely outcome is selected and discounted back to present value using the prevailing market rate of interest for a similar financial asset. Objective events within the scope of this policy include, but may not be limited to:
∙a significant positive ruling or other objective event but where there is not yet a trial court judgement;
∙a favourable trial court judgement;
∙a favourable judgement on the first appeal;
∙the exhaustion of as-of-right appeals; and
∙in arbitration cases, where there are limited opportunities for appeal, issuance of a tribunal award.
Any fair value adjustments to the value of litigation funding cases in progress are recognised through other comprehensive income.
The policy also calls for impairment losses when there are objective negative events at various stages in a litigation, such as unfavourable court judgements.
In determining the fair value of such cases, Asertis may rely on expert third-parties. This may include advice in relation to the legal merits of a given case, or the underlying asset position supporting the Company's view on the recoverability of the anticipated future receipts arising from the case. For available-for-sale financial assets, IAS 39.55(b) sets out that the gain or loss arising from a change in fair value of said asset should "be recognised in other comprehensive income, except for impairment losses and foreign exchange gains and losses". This is the case each year until the asset is derecognised and, at that point in time, the "cumulative gain or loss previously recognised in other comprehensive income shall be reclassified from equity to profit and loss as a reclassification adjustment".
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
The Company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow Group companies, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 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 and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Ordinary shares are classified as equity.
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Recording and valuation of Litigation funding cases in progress (note 10) Fair values of the litigation funding cases in progress are determined based on the specifics of each case. The value will change should it be determined that the case is progressing in such a way that the Company would expect to receive a different amount from that invested to date having regard to an objective event such as a favourable court ruling. Fair value is determined based on the Directors' expectation, at the reporting date, of the likely outcome of each case and their best estimate of the return on each case, including consideration as to the financial recoverability of such outcome, discounted at the prevailing market rate of interest for a similar financial asset. In estimating the fair value of litigation funding cases in progress, the Directors may rely on information provided by expert third parties in order to form their view. These third parties may provide information to the Directors in relation to the legal merits of a given claim, or as to the likely financial recoverability of any favourable settlement or judgement in the event such agreements may require enforcement. Valuation of earnout When estimating the likely value of the earnout due to the Sellers of KP Law Limited, the Company adopts the same valuation approach as that used for the valuation of litigation funding cases in progress.
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk.
The Company's overall risk management programme focused on the unpredictability of financial markets and seeks to minimise potential adverse effects on its financial performance. Credit risk To mitigate recovery risk in the event of a successful claim, the Company's funding documentation provides for all claim proceeds to be routed through solicitors who then distribute the proceeds to the Company and others according to a pre-agreed priority order. The Company mitigates any potential risk it may have for being liable to pay other sides' costs in the event a litigation case is lost by requiring that ATE insurance is obtained, where appropriate, to cover this risk. Short term deposits are with major reputable banks. The credit risk associated with these investments is considered to be low. Liquidity risk The Company's debt is backed by investment into litigation cases and therefore repayment is contingent upon success of those cases. The Company ensures that its commitment to cases is appropriately backed by borrowing capacity in order to minimise liquidity risk. Cash flow and interest rate risk The Company's debt accrues interest at a fixed rate. Given this, and the comments above, the Directors do not deem cash flow and interest rate risk to be significant risks to the Company. Capital risk management The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and other stakeholders, and to maintain an optimal capital structure to allow the business to best achieve its aims.
At the period end the assets of the Company were held as security for loans in the ultimate parent Company, Legatus Holdings Limited. As at the year end, the amount outstanding for the Group was £386,274,338.
As part of the Company's normal course of business, the Company enters into contractual commitments to provide non-recourse funding to third parties to pursue litigation in progress. The unfunded portion of any such commitments is not reported in the Company's financial statements and therefore represents an off-balance sheet commitment. These commitments will be funded utilising the revolving credit facility available from Group and will be paid in stages as the litigation progresses. Due to the commercial sensitivity of these commitments, the quantum is not disclosed.
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Capital redemption reserve
Profit and loss account
The immediate parent and ultimate parent Company is
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ASERTIS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Interest on Amounts due from Group undertakings
Amounts due from subsidiary undertakings in respect of interest on loans that have been made available to provide litigation funding was presented in current asset investments. As the interest relates to debtors the amount of £6,785,341 has been reclassified from current asset investments to debtors. In addition, the interest income and the interest expense in relation to intercompany loans receivable for the prior year have been adjusted by £3,272,384 where previously these amounts were recognised as assets and liabilities on the balance sheet pending resolution of the litigation funding cases in progress to which the amounts relate.
Reclassification of debtors and creditors between current and non-current
One of the loans due from a subsidiary in the prior year of £98,166,333 had a contractual right to defer payment beyond 12 months and therefore has been reclassified to debtors due after more than one year from debtors due within one year.
Similarly, the revolving credit facility as at 31 December 2024 of £243,223,803 had a termination date of July 2029, including automatic roll-overs during the term. Accordingly, it has been reclassified to creditors due after more than one year from creditors due within one year.
Capitalisation of borrowing costs
In the prior year, the Company had an accounting policy to capitalise borrowing costs to its litigation funding case in progress. On review of this policy, and in accordance with FRS 102 and IAS 39, it has been determined that interest should be expensed through the profit and loss account.
Accordingly, interest payable of £13,717,451 has been expensed in the prior year. As the litigation funding cases in progress were carried at fair value, there is a consequential adjustment to the fair value gain through other comprehensive income of £13,717,451. This has resulted in an increase in deferred tax expense in other comprehensive income of £3,429,363 and a deferred tax credit in the profit and loss account of £3,429,363.
Presentation of the profit and loss account
Due to the nature of the Company's business it is considered appropriate to adapt the standard presentation of the profit and loss account. Accordingly, turnover and cost of sales has been replaced and presented as Litigation funding income/(loss) in both the current and prior year. There is no overall impact on the profit and loss or taxation for the prior year.
There is no impact on the net assets as at 31 December 2024 due to the above restatements.
Fair value adjustment to litigation funding cases in progress
In line with the accounting policy for litigation funding cases in progress applicable at 31 December 2025, it was identified that certain cases had a carrying value as at 31 December 2024 in excess of the anticipated recoverable amount at that date. This has resulted in a reduction in the carrying value of the litigation funding cases in progress as at 31 December 2024 of £4,007,527. This resulted in a reduction in the fair value through other comprehensive income of £2,682,893 and an increase in the loss of litigation funding income/(loss) of £1,324,634.
Similarly, an impairment was identified in relation to the carrying value of a litigation funding case held by one of the Company's subsidiaries as at 31 December 2024. This has resulted in a reduction in the carrying value of the amounts owed by Group undertakings as at 31 December 2024 of £2,480,000 and an increase in the administrative expenses.
The impact on the net assets as at 31 December 2024 is a reduction of £6,487,527.
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