Asper Investment Management Limited - Period Ending 2022-03-31
Asper Investment Management Limited - Period Ending 2022-03-31
Registration number:
Asper Investment Management Limited
for the Year Ended 31 March 2022
Asper Investment Management Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Consolidated Profit and Loss Account |
|
|
Consolidated Statement of Comprehensive Income |
|
|
Consolidated Balance Sheet |
|
|
Balance Sheet |
|
|
Consolidated Statement of Changes in Equity |
|
|
Statement of Changes in Equity |
|
|
Consolidated Statement of Cash Flows |
|
|
Notes to the Financial Statements |
Asper Investment Management Limited
Company Information
|
Directors |
E Tinker L Quiroga L Pettinicchio A Clements A Sykes O Delpon de Vaux |
|
Registered office |
|
|
Auditors |
|
Asper Investment Management Limited
Strategic Report for the Year Ended 31 March 2022
Introduction
The directors present their strategic report for the year ended 31 March 2022.
Principal activity
The principal activity of the company is to provide investment management services to institutional investors in European sustainable real assets, principally renewable energy. It provides three types of service to its clients: discretionary managed funds, direct managed accounts and advisory services in support of transactions, asset management and strategic development.
Business review
The Group was authorised by the Financial Conduct Authority on the 6 December 2016 and was granted a variation of permit on 28 November 2017 to become a full scope UK AIFM.
The company’s investment products are performing in line with expectations and the company launched a new investment product focussed on investments in UK onshore wind. The company has also seen good progress in business development opportunities in the year and is confident this will continue in the year to 31 March 2022.
Results
The profit for the year is set out in the statement of profit and loss on page 13. The Group is reporting a profit after taxation for the year of £1,806,808 (2021: £1,557,414). The directors have not declared the payment of a dividend during the year.
Principal risks and uncertainties
Market Risk
The Group may be affected by the performance of the underlying assets which the Group manages which could impact the valuation of these assets. It may also be affected by macroeconomic conditions in the global financial markets. The Group may also be affected by changes to regulation that impacts the underlying assets that the Group manages and changes to regulation directly affecting the Company and the services it provides.
Liquidity Risk
The Group may be exposed to a shortfall in liquidity if it does not receive management fees from investors and other group counterparties. This risk is mitigated by the Group’s investor base comprising of a diversified pool of well-established institutional scale investors that reduces that risk of a loss or default.
Liquidity is managed by the Directors by maintaining a sufficient cash balance with a reputable bank and monitoring the liquidity position on a regular basis.
Asper Investment Management Limited
Strategic Report for the Year Ended 31 March 2022
Operational Risk
The Group has created a control framework to ensure any financial loss as a result of operational risks, cyber security risk and key persons risks is minimised. Plans have also been made to minimise any disruption to the ordinary course of business during emergencies such as Disaster Recovery, IT and data back-up. Insurance policies are in place and the Group reviews these annually.
Currency Risk
The Group receives a substantial portion of its revenue in Euros whereas a substantial portion of its cost base is in GBP. Income is hedged to mitigate any volatility in the exchange rate. The Group has a relatively small proportion of its assets and liabilities denominated in foreign currencies. Exchange differences on the translation of all balance sheet items are taken to the statement of profit and loss.
Section 172 (1) Statement
The board of directors of Asper Investment Management Ltd (Asper) consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the year ended 31 March 2022.
1. 2025 Strategy: Asper is on track to deliver its strategic plan to 2025, which is focussed on the growth of its existing platforms in Ireland, Sweden and Netherlands and the establishment of new sustainable real asset platforms.
2. Business Development: The firm has raised new capital during the year for its new UK onshore wind focussed investment product and has made significant progress in raising further new capital from existing and new investors to deploy into new sustainable asset opportunities.
3. Our employees are fundamental to the delivery of our 2025 strategy. Asper has created a skillsdevelopment programme to provide directors and employees with the structure and opportunity to meet their long-term goals. A set of short and long-term objectives are agreed collaboratively and reviewed on a regular basis to ensure the employee is receiving the correct support to achieve the objectives. Asper has created a culture where providing feedback to colleagues is widely encouraged.
4. Sustainability: Sustainability is fully integrated into Asper’s investment and portfolio management process. The investment portfolio are signed up to GRESB, an ESG benchmarking framework for assets in comparable industries. Asper has also signed up to PRI, the world’s leading proponent of responsible investment, where it has achieved an A rating in both Infrastructure and Strategy/Governance areas. Asper publishes an annual Sustainability Report and hosts a variety of forums for its stakeholders to discuss the content and themes contained in those reports.
Asper Investment Management Limited
Strategic Report for the Year Ended 31 March 2022
5. Clients: Asper actively works with its clients to ensure it is meeting their investment objectives and providing the high level of service they expect and deserve. There is regular dialogue with all investors regarding the investment thesis, market opportunities and the performance of the fund they have invested in. Every year Asper hosts an Investor Day for all investors to attend and discuss a wide range of subjects in greater detail. There are also regular Advisory Committee meetings with a group of investors in each fund to discuss forthcoming key strategic decisions.
6. Suppliers: Asper has a large number of suppliers providing a variety of different services. Supplier relationship management plays a key part in ensuring a high-quality level of service is received consistently. Asper employees will carry out due diligence on key new suppliers to ensure they are able to meet the expected standards. In these situations it is likely that the Board will be required to provide approval before a new engagement is agreed. Asper expects all suppliers and sub-tier suppliers to abide by all applicable national and international laws.
Financial key performance indicators
The group's key financial and other performance indicators during the year were as follows:
Turnover for the Group for the year was £7,631,455 (2021: £7,699,321). The cash balance for the Group at the balance sheet date was £4,492,134 (2021: £4,109,811). Gross profit margin for the Group for the year was 57% (2021: 46%) and Net profit margin was 24% (2021: 20%).
Approved by the
.........................................
Director
Asper Investment Management Limited
Directors' Report for the Year Ended 31 March 2022
The directors present their report and the for the year ended 31 March 2022.
Results and dividends
The profit for the year, after taxation, amounted to £1,806,808 (2021: £1,557,414)
Directors of the group
The directors who held office during the year were as follows:
Environmental matters
Energy consumption and energy efficiency
The company and no individual subsidiary has consumed more than 40,000kWh of energy in the year and the group has taken the exemption not to disclose information regarding greenhouse gas emissions in accordance with Part 7A of The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
Future developments
The directors expect the level of activity to steadily increase in the coming year as Asper progresses with its business plan. This growth in activity will result in increased revenues and costs in a profitable manner.
Disclosure of information to the auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
• so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
• the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Asper Investment Management Limited
Directors' Report for the Year Ended 31 March 2022
Reappointment of auditors
The auditors Bourner Bullock are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
Director
Asper Investment Management Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 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 apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The 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.
The directors confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the company’s auditors are unaware. They have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Approved by the
.........................................
Director
Asper Investment Management Limited
Independent Auditor's Report to the Members of Asper Investment Management Limited
Opinion
We have audited the financial statements of Asper Investment Management Limited (the 'parent Company') and its subsidiaries (the 'group') for the year ended 31 March 2022, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's and the parent Company's affairs as at 31 March 2022 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Asper Investment Management Limited
Independent Auditor's Report to the Members of Asper Investment Management Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and 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 our knowledge and understanding of the group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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 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. |
Asper Investment Management Limited
Independent Auditor's Report to the Members of Asper Investment Management Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and 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 group or 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.
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:
Asper Investment Management Limited
Independent Auditor's Report to the Members of Asper Investment Management Limited
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include compliance with Financial Conduct Authority regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Asper Investment Management Limited
Independent Auditor's Report to the Members of Asper Investment Management Limited
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 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
114 St Martin's Lane
Covent Garden
WC2N 4BE
Asper Investment Management Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2022
|
Note |
2022 |
2021 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit before tax |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(19,912) |
(168,582) |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
Asper Investment Management Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2022
|
2022 |
2021 |
|
|
Profit for the year |
|
|
|
Foreign currency translation gains/(losses) |
|
|
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
Asper Investment Management Limited
(Registration number: 10075247)
Consolidated Balance Sheet as at 31 March 2022
|
Note |
2022 |
2021 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Investments |
|
- |
|
|
Other financial assets |
727,818 |
236,847 |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Other reserves |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
Director
Asper Investment Management Limited
(Registration number: 10075247)
Balance Sheet as at 31 March 2022
|
Note |
2022 |
2021 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
Other financial assets |
727,813 |
236,845 |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
90,357 |
90,357 |
|
|
Share premium reserve |
10,143 |
10,143 |
|
|
Profit and loss account |
5,793,146 |
3,676,693 |
|
|
Shareholders' funds |
5,893,646 |
3,777,193 |
The company made a profit after tax for the financial year of £2,116,453 (2021 - profit of £1,929,016).
Approved and authorised by the
.........................................
Director
Asper Investment Management Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2022
Equity attributable to the parent company
|
Share capital |
Share premium |
Foreign currency translation |
Profit and loss account |
Total |
Total equity |
|
|
At 1 April 2021 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
|
Other comprehensive income |
- |
- |
|
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
|
|
At 31 March 2022 |
|
|
|
|
|
|
|
Share capital |
Share premium |
Foreign currency translation |
Profit and loss account |
Total |
Total equity |
|
|
At 1 April 2020 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
|
Other comprehensive income |
- |
- |
|
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
|
Asper Investment Management Limited
Statement of Changes in Equity for the Year Ended 31 March 2022
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 April 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
At 31 March 2022 |
|
|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 April 2020 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
At 31 March 2021 |
|
|
|
|
Asper Investment Management Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2022
|
Note |
2022 |
2021 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
- |
|
|
|
Income tax expense |
|
|
|
|
Foreign exchange (gains) / losses |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in debtors |
( |
|
|
|
Increase/(decrease) in creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Advances of loans, classified as investing activities |
( |
|
|
|
Acquisition of other financial assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
- |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 April |
|
2,167,380 |
|
|
Cash and cash equivalents at 31 March |
4,492,134 |
4,109,811 |
|
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
General information |
Asper Investment Management Limited is a private company limited by shares, incorporated and registered in England and Wales under the Companies Act.
The functional currency of the company is considered to be Pounds Sterling because that is the primary currency of the economic environment in which the company operates.
The address of its registered office is:
United Kingdom
|
Accounting policies |
Basis of preparation of financial statements
These 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 the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
As a qualifying entity the Company has taken advantage of the exemption under section 1.12 of FRS102 not to prepare a Statement of Cash Flows and section 33.6 of FRS 102 Key Management Personnel Compensation.
The following principal accounting policies have been applied:
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries (''the Group'') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Any excess of the cost of the business contribution over the acquirer's interest in the fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
The subsidiaries have a year end of 31 December 2021. The consolidated financial statements for the Group include the results from 1 April 2021 to 31 March 2022 for the subsidiaries.
Going concern
The Directors have assessed the Group and Company's ability to continue as a going concern and are satisfied that the Group and Company have the suitable resources required to continue the business for the foreseeable future. The Directors continue to adopt the going concern basis in preparing the director's report and financial statements.
Revenue
Revenue is recognised to the extent that is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue 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 contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Group 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;
• the costs incurred and the costs to complete the contract can be measured reliably.
General Partner Share
Components of the Group act as general partner to a number of limited partnerships. Under the terms of the Limited Partnership Agreements dated 1 December 2017, the Group are entitled to a General Partners share which is calculated in proportion to the amount of funds committed during the period, adjusted for certain costs.
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Other revenue
Other revenue is expenses recharged to investment products which are recognised based on the same criteria as revenue.
Other grants
Foreign currency translation
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items are measured at fair value using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Operating leases: the Group as lessee
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Pensions
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
Taxation
Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.
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 and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have been 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;
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
• Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Computer software |
20% straight line |
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Computer equipment |
33% straight line |
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Financial instruments
The Group 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 non-puttable 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 financed at a rate of interest that is not a market rate or in the case of an out-right, short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are 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 Consolidated Statement of Profit and Loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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 Group would receive for the asset if it were to be sold at the balance sheet date.
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.
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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
|
2022 |
2021 |
|
|
Rendering of services |
|
|
|
Other revenue |
|
|
|
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2022 |
2021 |
|
|
UK |
|
|
|
Europe |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Other operating income |
|
- |
|
Renewable energy related grant income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2022 |
2021 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Other interest receivable and similar income |
|
2022 |
2021 |
|
|
Interest income |
|
|
|
Interest payable and similar expenses |
|
2022 |
2021 |
|
|
Foreign exchange (gains)/losses |
|
|
|
Other finance costs |
- |
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2022 |
2021 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2022 |
2021 |
|
|
Directors |
|
|
|
Support staff |
|
|
|
|
|
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
2,088,137 |
1,967,970 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2022 |
2021 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2022 |
2021 |
|
|
Other fees to auditors |
||
|
Audit-related assurance services |
|
|
|
Subsidiary related audit services and non-audit services |
|
|
|
|
|
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Taxation |
Tax charged/(credited) in the income statement
|
2022 |
2021 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2022 |
2021 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
|
Tax increase arising from overseas tax suffered/expensed |
|
|
|
Other tax effects for reconciliation between accounting profit and tax expense |
|
|
|
Total tax charge |
|
|
The current effective UK corporation tax rate for the financial period is 19%. The UK corporation tax rate will now remain at 19% until 31 March 2023. On 3 March 2021, it was announced that the main rate of corporation tax will increase to 25% for the financial year 2023.
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Intangible assets |
Group and Company
|
Computer software |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2021 |
|
|
|
Disposals |
( |
( |
|
At 31 March 2022 |
|
|
|
Amortisation |
||
|
At 1 April 2021 |
|
|
|
Amortisation charge |
|
|
|
Amortisation eliminated on disposals |
( |
( |
|
At 31 March 2022 |
|
|
|
Carrying amount |
||
|
At 31 March 2022 |
|
|
|
At 31 March 2021 |
|
|
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Tangible assets |
Group and Company
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2021 |
|
|
|
Additions |
|
|
|
At 31 March 2022 |
|
|
|
Depreciation |
||
|
At 1 April 2021 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2022 |
|
|
|
Carrying amount |
||
|
At 31 March 2022 |
|
|
|
At 31 March 2021 |
|
|
|
Investments |
Group and Company
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2022 |
2021 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
1 Royal Plaza, Royal Avenue, St Peter Port, GY1 2HL |
|
|
|
|||
|
Guernsey |
|||||||
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
|
1 Royal Plaza, Royal Avenue, St Peter Port, GY1 2HL |
|
|
|
|||
|
Guernsey |
|||||||
|
|
The Shard 25th Floor, 32 London Bridge Street, London, England, SE1 9SG |
|
|
|
|||
|
England and Wales |
|||||||
|
|
1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey GY1 2HL |
|
|
|
|||
|
Guernsey |
|||||||
|
|
1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey GY1 2HL |
|
|
|
|||
|
Guernsey |
|||||||
|
|
9th Floor One Minster Court, London, EC3R 7AA |
|
|
|
|||
|
England and Wales |
|||||||
|
|
The Shard 25th Floor, 32 London Bridge Street, London, England, SE1 9SG |
|
|
|
|||
|
England and Wales |
|||||||
|
|
412F, Route d'Esch, 2086 |
|
|
|
|||
|
Luxembourg |
|||||||
|
|
412F, Route d'Esch, 2086 |
|
|
|
|||
|
Luxembourg |
|||||||
|
|
Stationsplein 91, 5211 BM ‘s-Hertogenbosch |
|
|
|
|||
|
Netherlands |
|||||||
|
|
16 Charlotte Square, Edinburgh, EH2 4DF |
|
|
|
|||
|
Scotland |
|||||||
* indicates direct investment of the company
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Subsidiary undertakings
|
Asper Renewable Power GP (Guernsey) Ltd The principal activity of Asper Renewable Power GP (Guernsey) Ltd is |
|
Asper RPP2 General Partner (Guernsey) Ltd The principal activity of Asper RPP2 General Partner (Guernsey) Ltd is |
|
Asper RPP2 Nominees Limited The principal activity of Asper RPP2 Nominees Limited is |
|
Asper Second GP(1) Limited The principal activity of Asper Second GP(1) Limited is |
|
Asper Second GP(2) Limited The principal activity of Asper Second GP(2) Limited is |
|
Asper Second General Partner LLP The principal activity of Asper Second General Partner LLP is |
|
Asper Renewables (Nominees) Limited The principal activity of Asper Renewables (Nominees) Limited is |
|
Asper Columba GP S.a.r.l. The principal activity of Asper Columba GP S.a.r.l. is |
|
Asper Dorothea GP S.a.r.l. The principal activity of Asper Dorothea GP S.a.r.l. is |
|
Asper Investment Management NL BV The principal activity of Asper Investment Management NL BV is |
|
Asper Iona SLP GP LLP The principal activity of Asper Iona SLP GP LLP is |
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
On 24 December 2020, Asper Investment Management NL BV was established as a 100% owned subsidiary of Asper Investment Management Limited. However no trading occurred until after 31 March 2021 and so the results of Asper Investment Management NL BV were only consolidated into the group for the year ending 31 March 2022.
On 18 June 2021, Asper Iona SLP GP LLP was established as a 100% owned subsidiary of Asper Investment Management Limited. 100% ownership is arrived at via 50% direct ownership and 50% indirect ownership. The results of Asper Iona SLP GP LLP were consolidated into the group from this date.
The dormant entities have been excluded from the consolidation on the basis that they are immaterial.
As at 31 March 2022:
The profit for the financial period of Asper Renewable Power GP (Guernsey) Ltd was £7,287 and the aggregate amount of capital and reserves at the end of the period was £19,089.
The profit for the financial period of Asper RPP2 General Partner (Guernsey) Limited was £1,507 and the aggregate amount of capital and reserves at the end of the period was £24,415.
The profit for the financial period of Asper Columba GP S.a.r.l. was £14,198 and the aggregate amount of capital and reserves at the end of the period was £21,798.
The profit for the financial period of Asper Dorothea GP S.a.r.l. was £7,033 and the aggregate amount of capital and reserves at the end of the period was £15,437.
The loss for the financial period of Asper Investment Management NL B.V. was £262,431 and the aggregate amount of capital and reserves at the end of the period was negative £262,430.
The loss for the financial period of Asper Iona SLP GP LLP was £15,717 and the aggregate balance on the members accounts at the end of the period was negative £15,717.
The fund to which Asper Renewable Power GP (Guernsey) Limited is the general partner reached its termination date on 30 June 2021. During the winding up period, Asper Renewable Power GP (Guernsey) Limited will conduct no further business except for actions necessary in connection with the winding up process.
The fund to which Asper RPP2 General Partner (Guernsey) Limited is the general partner reached its termination date on 28 May 2022. During the winding up period, Asper RPP2 General Partner (Guernsey) Limited will conduct no further business except for actions necessary in connection with the winding up process.
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Group and Company
Fixed asset investments - other loans
|
£ |
|
|
Cost or valuation |
|
|
Additions |
605,770 |
Included within fixed asset investments - other loans are amounts due from third parties with a value of £605,770 (2020 - £416,430). These amounts are due in more than 5 years.
Company
|
2022 |
2021 |
|
|
Investments in subsidiaries |
|
|
|
Fixed asset investments - other loans |
605,770 |
- |
|
|
|
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Other financial assets |
Group
|
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 April 2021 |
236,847 |
236,847 |
|
Additions |
490,971 |
490,971 |
|
At 31 March 2022 |
727,818 |
727,818 |
|
Carrying amount |
||
|
At 31 March 2022 |
|
727,818 |
Company
|
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 April 2021 |
236,845 |
236,845 |
|
Additions |
490,968 |
490,968 |
|
At 31 March 2022 |
727,813 |
727,813 |
|
Carrying amount |
||
|
At 31 March 2022 |
|
727,813 |
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Debtors |
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2022 |
2021 |
2022 |
2021 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2022 |
2021 |
2022 |
2021 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
|
|
|
|
Amounts owed to group undertakings |
- |
- |
|
- |
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
- |
|
|
Accruals and deferred income |
|
|
|
|
|
|
Income tax liability |
347,288 |
201,496 |
347,288 |
201,496 |
|
|
|
|
|
|
||
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
90,357 |
|
90,357 |
Rights, preferences and restrictions
|
Ordinary Shares have the following rights, preferences and restrictions: |
|
Obligations under leases and hire purchase contracts |
Group and Company
Operating leases
The total of future minimum lease payments is as follows:
|
2022 |
2021 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
- |
|
|
- |
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Analysis of changes in net debt |
Group
|
At 1 April 2021 |
Foreign exchange movements |
Other non-cash changes |
At 31 March 2022 |
|
|
Cash and cash equivalents |
||||
|
Cash |
4,109,811 |
52,628 |
329,695 |
4,492,134 |
|
|
||||
|
|
|
|
|
|
|
Related party transactions |
Company
|
Transactions with directors |
|
2022 |
At 1 April 2021 |
Advances to directors |
At 31 March 2022 |
|
E Tinker |
|||
|
Interest free loan |
|
|
|
|
L Quiroga |
|||
|
Interest free loan |
|
|
|
|
L Pettinicchio |
|||
|
Interest free loan |
|
|
|
|
A Clements |
|||
|
Interest free loan |
|
|
|
|
A Sykes |
|||
|
Interest free loan |
|
|
|
|
O Delpon de Vaux |
|||
|
Interest free loan |
|
|
|
Asper Investment Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
2021 |
At 1 April 2020 |
Advances to directors |
At 31 March 2021 |
|
E Tinker |
|||
|
Interest free loan |
- |
|
|
|
L Quiroga |
|||
|
Interest free loan |
- |
|
|
|
L Pettinicchio |
|||
|
Interest free loan |
- |
|
|
|
A Clements |
|||
|
Interest free loan |
- |
|
|
|
A Sykes |
|||
|
Interest free loan |
- |
|
|
|
O Delpon de Vaux |
|||
|
Interest free loan |
- |
|
|
|
|
During the year, each individual director was advanced £1,279 (2021: £8,897) through an interest free loan. No repayments were made in either the current or the prior year by any of the directors. At the year end, each director owed Asper Investment Management Limited £10,176 (2021: £8,897).
Transactions with other related parties
Where applicable the Company has taken advantage of the exemption per FRS102 Section 33.1A not to disclose transactions with companies which are wholly owned within the Group.
|
Parent and ultimate parent undertaking |
The directors control the company. No single Director held a controlling interest in the Company at the date of this report or at any stage during the financial year ended 31 March 2022.