South River Asset Management Limited - Limited company accounts 25.1

REGISTERED NUMBER: 04195976 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2025

for

South River Asset Management Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

J R Macrae

S D Watson

REGISTERED OFFICE:

55 Hersham Road,

Walton-On-Thames

Surrey

KT12 1LJ

REGISTERED NUMBER:

04195976 (England and Wales)

AUDITORS:

Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1 Charterhouse Mews

London

EC1M 6BB

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF BUSINESS

During the year ended 30 June 2025, the Company continued to operate with limited activity as it progressed through a period of transition. Following the change in ownership, the wider group had undergone a restructuring process, which resulted in a reduction in trading activity within South River Asset Management Limited.

However, 2024/25 marked a period of renewed strategic focus, during which the Company actively explored new business opportunities with a view to repositioning itself for future growth.

PRINCIPAL RISKS AND UNCERTAINTIES

In pursuing its objectives, the Company is exposed to a range of risks and uncertainties, including macroeconomic conditions, regional and market developments, and internal operational factors. These include, but are not limited to, credit, interest rate, currency, and liquidity risks. These risks are typical for businesses operating in the investment management sector and are not considered exceptional in either nature or scale.

At the management level, key strategic risks are regularly assessed with a view to ensuring that appropriate mitigation strategies are in place. Risks are evaluated based on their potential impact and likelihood, and are managed accordingly through the Company's internal control framework.

The softer global economic backdrop during the financial year had a limited impact on the Company, primarily due to the ongoing restructuring which curtailed trading activity. Management continues to monitor economic developments and believes the Company remains well-positioned, with any future adverse impacts expected to be minimal.

Looking ahead to 2025/26, the Company will continue to assess and build the necessary capabilities across its target segments and geographies to support a regionally tailored growth strategy.

The financial statements have been prepared on a going concern basis. Management remains focused on cost discipline and operational efficiency to support future profitability. Although 2024/25 presented macroeconomic challenges, such as rising interest rates and cost-of-living pressures, the Company believes it has laid a solid foundation for long-term sustainable growth.

KEY PERFORMANCE INDICATORS

For the year ended 30 June 2025, the Company reported a loss of £4,427, compared to a profit of £138,675 in the prior year. Management believes that the underlying performance of the company is stable, with investment for growth ongoing.

The small loss reflects this commitment to growth, with costs slightly exceeding turnover during the year. However, funds under management continued to grow and new clients signed up which, we believe, bodes well for revenue-generating assets under management going forward.

Despite this progress, liquidity remains a concern due to the relatively illiquid nature of the fund, and cash flow will continue to be closely monitored. Solvency, liquidity, and funding are regularly assessed by management based on forward-looking information. As at the reporting date, due to reliance on the fund and group entities abilities to fund the company's costs, management believes that no material uncertainties have been identified that would cast doubt over the Company's ability to continue as a going concern.

The Company's solvency, liquidity as well as its funding is continuously monitored, considering all available future related information. No events have been identified nor were conditions found which may indicate significant risks regarding its financial position.

ON BEHALF OF THE BOARD:

J R Macrae - Director

10 November 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of asset management.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

J R Macrae

S D Watson

Other changes in directors holding office are as follows:

T H G Lyle ceased to be a director after 30 June 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations made during the year ended 30 June 2025 (2024 : £Nil).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Anstey Bond LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J R Macrae - Director

10 November 2025

Opinion

We have audited the financial statements of South River Asset Management Limited (the 'company') for the year ended 30 June 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 June 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 Auditors' 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.

Material uncertainty related to going concern

We draw attention to Note 2 in the financial statements, accounting policies - going concern, which indicates the company has continued to reduce its cost base however relies on the liquidity of related parties to continue to meet costs as they fall due.

The company incurred a loss of £4,427 during the year ended 30 June 2025 and, as of that date the company's current liabilities were significantly less than its total assets by £141,187 the liquidity of the performance fee balance of approximately £177,000 has been noted to be difficult to liquidate and invoice due to the nature of the funds under management. Until such a time as there is an exit these funds may not be available to use to meet the company's liabilities as they fall due. As stated in Note 2 the company will continue to rely on support from related parties for finance and liquidity where applicable.

These matters along with the information stated in Note 2 indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of the matter.

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.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed the non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represent a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Colin Ellis FCCA CF (Senior Statutory Auditor)

for and on behalf of Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1 Charterhouse Mews

London

EC1M 6BB

13 November 2025

TURNOVER

163,523

175,000

Administrative expenses

(167,776

)

(36,325

)

OPERATING (LOSS)/PROFIT

(4,253

)

138,675

Interest payable and similar expenses

5

(174

)

-

(LOSS)/PROFIT BEFORE TAXATION

(4,427

)

138,675

Tax on (loss)/profit

6

-

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(4,427

)

138,675

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(4,427

)

138,675

CURRENT ASSETS

Debtors

7

284,652

202,847

Cash at bank

-

19

284,652

202,866

CREDITORS

Amounts falling due within one year

8

(143,465

)

(57,252

)

NET CURRENT ASSETS

141,187

145,614

TOTAL ASSETS LESS CURRENT
LIABILITIES

141,187

145,614

CAPITAL AND RESERVES

Called up share capital

9

1,225,000

Retained earnings

10

(1,083,813

)

(1,079,386

)

SHAREHOLDERS' FUNDS

141,187

145,614

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2025 and were signed on its behalf by:

J R Macrae - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 July 2023

1,225,000

(1,218,061

)

6,939

Changes in equity

Total comprehensive income

-

138,675

Balance at 30 June 2024

1,225,000

(1,079,386

)

145,614

Changes in equity

Total comprehensive income

-

(4,427

)

(4,427

)

Balance at 30 June 2025

1,225,000

(1,083,813

)

141,187

Cash flows from operating activities

Cash generated from operations

1

155

(6,504

)

Finance costs paid

(174

)

-

Net cash from operating activities

(19

)

(6,504

)

Cash flows from financing activities

Amount introduced by directors

-

150

Net cash from financing activities

-

150

Decrease in cash and cash equivalents

(19

)

(6,354

)

Cash and cash equivalents at beginning of
year

2

19

6,373

Cash and cash equivalents at end of year

2

-

19

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

(Loss)/profit before taxation

(4,427

)

138,675

Finance costs

174

-

(4,253

)

138,675

Increase in trade and other debtors

(81,805

)

(129,150

)

Increase/(decrease) in trade and other creditors

86,213

(16,029

)

Cash generated from operations

155

(6,504

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2025

30.6.25

1.7.24

£

Cash and cash equivalents

-

19

Year ended 30 June 2024

30.6.24

1.7.23

£

Cash and cash equivalents

19

6,373

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.24

Cash flow

At 30.6.25

£

Net cash

Cash at bank

19

(19

)

-

19

(19

)

-

Total

19

(19

)

-

1.	STATUTORY INFORMATION

South River Asset Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below.

Going concern

The Company has taken steps to reduce its cost base and anticipates trading on a cash neutral basis in the foreseeable future and does not currently expect to require external funding to finance its working capital, (excluding related parties).

The owner, Mr J Macrae, will continue to provide financial support to the Company for the foreseeable future if required. Ensuring the Company has sufficient assets to meet its liabilities as they fall due for the twelve months from the date these financial statements are signed.

The financial statements have been prepared on the going concern basis. The directors have taken into account future trading potential and reductions in the cost base when determining its ability to trade as a going concern.

In considering the going concern management have considered the FCA capital adequacy requirements, the balance sheet shows a value above the requirements, however due to the illiquidity of some assets there is a shortfall. The FCA has been notified of this shortfall and management are in the process of restoring the capital adequacy of the company in accordance with the FCA regulations and guidance.

Revenue recognition

Revenue 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, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contact when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- costs incurred and the costs to complete the contract can be measured reliably.

Performance fees

Performance fee revenue is recognised only when it is probable that the economic benefits associated with the transaction will flow to the company, and the amount of revenue can be measured reliably. In line with this, the company recognises performance fees only once the underlying investment fund has crystallised its gains or where the funds investments have increased in value significantly to make an economic benefit highly probable, typically upon the occurrence of an exit event, such as a sale or realisation of the fund’s investments or a revaluation of an investment.

Prior to crystallisation, revenue is only recognised in respect of performance fees when a gain is highly probable, as the company does not have an unconditional right to the income and there remains significant uncertainty regarding the quantum and timing of any amounts ultimately receivable.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

- at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;

- at cost less impairment for all other investments.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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 liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using effective interest method.

Provisions

Provisions (i.e. Liabilities of uncertain timing, amount or outcome) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that the economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

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.

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 date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation are included in the profit and loss account for the period.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

112,000

2,901

The average number of employees during the year was as follows:

2025

2024

Director

3

2025

2024

£

Directors' remuneration

102,000

2,901

Compensation to director for loss of office

10,000

-

4.	AUDITORS' REMUNERATION

2025

2024

Auditor's remuneration

£

10,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

Interest charge

174

-

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30 June 2025 nor for the year ended 30 June 2024.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

19,463

44,900

Amounts owed by group undertakings

-

947

Other debtors

5,000

36,000

VAT

11,666

-

Prepayments and accrued income

248,523

121,000

284,652

202,847

Accrued income relates to fees due under the Company’s investment management agreement with a fund.

Due to the illiquid nature of the fund's investments, these fees will only become payable following liquidity events, such as the sale of underlying assets.

Although the fees are contractually earned and estimable based on NAV, the directors have applied a significant adjustment (c.99%) to the gross income calculation to reflect the uncertainty surrounding the timing and recoverability of these amounts due to investments nature. This adjustment has been made as a matter of prudence and does not reflect a write-down in the underlying fund’s asset valuations, but rather a revenue recognition judgement in line with FRS 102 to avoid overstating income before it is reasonably certain to be realised.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

13,115

5,758

VAT

-

3,913

Directors' loan accounts

150

Accruals and deferred income

130,200

47,431

143,465

57,252

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

1,225,000

Ordinary

£1

1,225,000

10.

RESERVES

Retained

earnings

£

At 1 July 2024

(1,079,386

)

Deficit for the year

(4,427

)

At 30 June 2025

(1,083,813

)

11.	PROVISION FOR LOSS DUE TO FRAUDULENT ACTIVITY

Included within the bad debt provision in the profit and loss is an amount of £-5,000 (2024 : £Nil) relating to funds held by a service organisation on behalf of the company. These funds were misappropriated due to fraudulent activity at the service organisation. Shortly after the year end a payment was received as a final settlement and included within debtors as a reversal of the previously held provision.

12.	RELATED PARTY DISCLOSURES

As at the balance sheet date, included within debtors was the amount £Nil (2024: £946), due from FC CB Limited a related party under common control of J R Macrae, for transactions paid for by South River Management Limited on behalf of group companies.

As at the balance sheet date, included within debtors was the amount £19,124, (2024: £44,900) and £Nil (2024: £36,000) due from a fund under management that is led by the principal J R Macrae a Director of South River Asset Management Limited. The amounts are in relation to services rendered to the fund by South River Asset Management and expenses paid on its behalf that are due to be reimbursed respectively.

As at the balance sheet date, included within debtors was the amount £219,912 (2024: £121,000) being accrued for in relation to performance fees and management fees in relation to a fund under management that is led by the principal J R Macrae a Director of South River Asset Management Limited.

13.	ULTIMATE CONTROLLING PARTY

Prior to the year end a share transfer has been completed and the directors consider the ultimate controlling party to be Mr J R Macrae by virtue of shareholding.