Asper Investment Management Limited - Period Ending 2021-03-31

Registration number: 10075247

Asper Investment Management Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2021

Asper Investment Management Limited

Contents

Company Information	1
Strategic Report	2 to 4
Directors' Report	5 to 6
Statement of Directors' Responsibilities	7
Independent Auditor's Report	8 to 12
Consolidated Profit and Loss Account	13
Consolidated Statement of Comprehensive Income	14
Consolidated Balance Sheet	15
Balance Sheet	16
Consolidated Statement of Changes in Equity	17
Statement of Changes in Equity	18
Consolidated Statement of Cash Flows	19
Notes to the Financial Statements	20 to 42

Asper Investment Management Limited

Company Information

Directors

E Tinker L Quiroga L Pettinicchio A Clements A Sykes O Delpon de Vaux

Registered office

25th Floor The Shard 32 London Bridge Street London SE1 9SG

Auditors

Bourner Bullock Chartered Accountants Sovereign House 212-224 Shaftesbury Avenue London WC2H 8HQ

Page 1

Asper Investment Management Limited

Strategic Report for the Year Ended 31 March 2021

Introduction
The directors present their strategic report for the year ended 31 March 2021.

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 has seen good progress in business development opportunities in the year and are 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 £1,557,414 (2020: £629,763). 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.

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 having a large number of investors that reduce the risk of a loss or default if a large investor was unable to provide funds on time. 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.

Operational Risk
The Group has created a control framework to ensure any financial loss as a result of operational failure 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 its revenue in Euros. This 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.

Page 2

Asper Investment Management Limited

Strategic Report for the Year Ended 31 March 2021

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 2021.

1. 2025 Strategy: Asper finalized its strategic plan to 2025, which is centred on the growth of its existing platforms in Ireland, Sweden and Netherlands and the establishment of new sustainable real asset platforms.

2. Business Development: This is a vital component of the 2025 Strategy. The firm has made significant progress in raising 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 skills development 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. ESG: ESG principles are 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 presented it’s first ESG report to suppliers in 2020.

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 AGM 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.

Page 3

Asper Investment Management Limited

Strategic Report for the Year Ended 31 March 2021

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 £7,699,321 (2020: £6,235,612). The cash balance for the Group at the balance sheet date was £4,109,811 (2020: £2,167,380). Gross profit margin for the Group for the year was 46% (2020: 29%) and Net profit margin was 20% (2020: 10%).

 

Approved by the Board on 26 July 2021 and signed on its behalf by:

.........................................
L Pettinicchio
Director

Page 4

Asper Investment Management Limited

Directors' Report for the Year Ended 31 March 2021

The directors present their report and the for the year ended 31 March 2021.

Results and dividends
The profit for the year, after taxation, amounted to £1,557,414 (2020: £629,763)

Directors of the group

The directors who held office during the year were as follows:

E Tinker

L Quiroga

L Pettinicchio

A Clements

A Sykes

O Delpon de Vaux

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 remain static in the coming year, due to the revenue and cost base expected to remain flat.

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.

Page 5

Asper Investment Management Limited

Directors' Report for the Year Ended 31 March 2021

Reappointment of auditors

The auditors Bourner Bullock are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 26 July 2021 and signed on its behalf by:

L Pettinicchio
Director

Page 6

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 Board on 26 July 2021 and signed on its behalf by:

.........................................
L Pettinicchio
Director

Page 7

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 2021, 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 2021 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

•	the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
•	the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the parent Company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 8

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.

Page 9

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:

Page 10

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.

Page 11

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.

......................................
Russell Joseph (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor

Chartered Accountants
Sovereign House
212-224 Shaftesbury Avenue
London
WC2H 8HQ

26 July 2021

Page 12

Asper Investment Management Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2021

	Note	2021 £	(As restated) 2020 £
Turnover	4	7,699,321	6,235,612
Cost of sales		(4,174,146)	(4,454,352)
Gross profit		3,525,175	1,781,260
Administrative expenses		(1,444,371)	(1,158,500)
Other operating income	6	74,754	126,613
Operating profit before tax	6	2,155,558	749,373
Other interest receivable and similar income	7	5,411	2,222
Interest payable and similar expenses	8	(173,993)	7,087
		(168,582)	9,309
Profit before tax		1,986,976	758,682
Taxation	12	(429,562)	(128,919)
Profit for the financial year		1,557,414	629,763

The notes on pages 20 to 42 form an integral part of these financial statements.

Page 13

Asper Investment Management Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2021

	2021 £	2020 £
Profit for the year	1,557,414	629,763
Foreign currency translation gains/(losses)	188,026	(65,609)
Total comprehensive income for the year	1,745,440	564,154
Total comprehensive income attributable to:
Owners of the company	1,745,440	564,154

The notes on pages 20 to 42 form an integral part of these financial statements.

Page 14

Asper Investment Management Limited

(Registration number: 10075247)
Consolidated Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	13	9,642	15,173
Tangible assets	14	17,883	10,849
Investments	15	-	416,430
Other financial assets	16	236,847	-
		264,372	442,452
Current assets
Debtors	17	425,867	500,709
Cash at bank and in hand		4,109,811	2,167,380
		4,535,678	2,668,089
Creditors: Amounts falling due within one year	19	(1,048,400)	(1,104,331)
Net current assets		3,487,278	1,563,758
Net assets		3,751,650	2,006,210
Capital and reserves
Called up share capital	21	90,357	90,357
Share premium reserve		10,143	10,143
Other reserves		229,684	41,658
Profit and loss account		3,421,466	1,864,052
Total equity		3,751,650	2,006,210

Approved and authorised by the Board on 26 July 2021 and signed on its behalf by:
 

.........................................

L Pettinicchio
Director

The notes on pages 20 to 42 form an integral part of these financial statements.

Page 15

Asper Investment Management Limited

(Registration number: 10075247)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	13	9,642	15,173
Tangible assets	14	17,883	10,849
Investments	15	106,842	523,272
Other financial assets	16	236,845	-
		371,212	549,294
Current assets
Debtors	17	383,652	356,107
Cash at bank and in hand		4,015,171	2,080,645
		4,398,823	2,436,752
Creditors: Amounts falling due within one year	19	(992,842)	(1,137,869)
Net current assets		3,405,981	1,298,883
Net assets		3,777,193	1,848,177
Capital and reserves
Called up share capital	21	90,357	90,357
Share premium reserve		10,143	10,143
Profit and loss account		3,676,693	1,747,677
Shareholders' funds		3,777,193	1,848,177

The company made a profit after tax for the financial year of £1,929,016 (2020 - profit of £373,823).

Approved and authorised by the Board on 26 July 2021 and signed on its behalf by:
 

.........................................

L Pettinicchio
Director

The notes on pages 20 to 42 form an integral part of these financial statements.

Page 16

Asper Investment Management Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2021
Equity attributable to the parent company

	Share capital £	Share premium £	Foreign currency translation £	Profit and loss account £	Total £	Total equity £
At 1 April 2020	90,357	10,143	41,658	1,864,052	2,006,210	2,006,210
Profit for the year	-	-	-	1,557,414	1,557,414	1,557,414
Other comprehensive income	-	-	188,026	-	188,026	188,026
Total comprehensive income	-	-	188,026	1,557,414	1,745,440	1,745,440
At 31 March 2021	90,357	10,143	229,684	3,421,466	3,751,650	3,751,650

	Share capital £	Share premium £	Foreign currency translation £	Profit and loss account £	Total £	Total equity £
At 1 April 2019	90,357	10,143	107,267	1,234,289	1,442,056	1,442,056
Profit for the year	-	-	-	629,763	629,763	629,763
Other comprehensive income	-	-	(65,609)	-	(65,609)	(65,609)
Total comprehensive income	-	-	(65,609)	629,763	564,154	564,154
At 31 March 2020	90,357	10,143	41,658	1,864,052	2,006,210	2,006,210

The notes on pages 20 to 42 form an integral part of these financial statements.

Page 17

Asper Investment Management Limited

Statement of Changes in Equity for the Year Ended 31 March 2021

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 April 2020	90,357	10,143	1,747,677	1,848,177
Profit for the year	-	-	1,929,016	1,929,016
Total comprehensive income	-	-	1,929,016	1,929,016
At 31 March 2021	90,357	10,143	3,676,693	3,777,193

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 April 2019	90,357	10,143	1,373,854	1,474,354
Profit for the year	-	-	373,823	373,823
Total comprehensive income	-	-	373,823	373,823
At 31 March 2020	90,357	10,143	1,747,677	1,848,177

The notes on pages 20 to 42 form an integral part of these financial statements.

Page 18

Asper Investment Management Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2021

	Note	2021 £	2020 £
Cash flows from operating activities
Profit for the year		1,557,414	629,763
Adjustments to cash flows from non-cash items
Depreciation and amortisation	6	13,266	9,996
Profit on disposal of tangible assets		-	(221)
Finance income	7	(5,411)	(2,222)
Finance costs	8	3,143	1,986
Income tax expense	12	429,562	128,919
Foreign exchange (gains) / losses		188,026	(65,610)
		2,186,000	702,611
Working capital adjustments
Decrease in debtors	17	54,671	253,584
(Decrease)/increase in creditors	19	(257,427)	377,067
Cash generated from operations		1,983,244	1,333,262
Income taxes paid	12	(207,895)	(356,815)
Net cash flow from operating activities		1,775,349	976,447
Cash flows from investing activities
Interest received		5,411	2,222
Acquisitions of tangible assets		(14,769)	(10,932)
Proceeds from sale of tangible assets		-	1,485
Advances of loans, classified as investing activities	15	416,430	(416,430)
Acquisition of other financial assets	16	(236,847)	-
Net cash flows from investing activities		170,225	(423,655)
Cash flows from financing activities
Interest paid	8	(3,143)	(1,986)
Net increase in cash and cash equivalents		1,942,431	550,806
Cash and cash equivalents at 1 April		2,167,380	1,616,574
Cash and cash equivalents at 31 March		4,109,811	2,167,380

The notes on pages 20 to 42 form an integral part of these financial statements.

Page 19

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

1	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:
25th Floor
The Shard
32 London Bridge Street
London
SE1 9SG
United Kingdom

2	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:

Page 20

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

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 2020. The consolidated financial statements for the Group include the results from 1 April 2020 to 31 March 2021 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.

Reclassification of comparative amounts

An amount of £4,343,883 was reclassified from administration costs to cost of sales because in the Directors' opinion this is a more accurate reflection of the group's activities.

Page 21

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

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.

Other grants

Grants receivable in the form of cash are recognised at the amount of cash receivable and included in other operating income. A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions on the recipient is recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Page 22

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Foreign currency translation

Functional and presentation currency
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.

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.

Page 23

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

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.

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:

Page 24

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

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

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.

Page 25

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

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.

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.

Page 26

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

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.

3	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.

Page 27

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

4

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

	2021 £	2020 £
Rendering of services	6,004,529	4,388,642
Other revenue	1,694,792	1,846,970
	7,699,321	6,235,612

The analysis of the group's turnover for the year by market is as follows:

	2021 £	2020 £
UK	2,065,803	3,306,939
Europe	5,633,518	2,079,164
Rest of world	-	849,509
	7,699,321	6,235,612

5	Other operating income

The analysis of the group's other operating income for the year is as follows:

	2021 £	2020 £
Renewable energy related grant income	74,754	126,613

6	Operating profit

Arrived at after charging/(crediting)

	2021 £	2020 £
Depreciation expense	7,735	4,465
Amortisation expense	5,531	5,531
Foreign exchange losses/(gains)	170,850	(9,073)
Operating lease expense - property	117,427	142,051
Operating lease expense - plant and machinery	2,830	2,748
Profit on disposal of property, plant and equipment	-	(221)

Page 28

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

7	Other interest receivable and similar income

	2021 £	2020 £
Interest income	5,411	2,222

8	Interest payable and similar expenses

	2021 £	2020 £
Foreign exchange (gains)/losses	170,850	(9,073)
Other finance costs	3,143	1,986
	173,993	(7,087)

9	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2021 £	2020 £
Wages and salaries	2,691,510	2,401,915
Social security costs	345,174	304,098
Pension costs, defined contribution scheme	108,416	127,495
	3,145,100	2,833,508

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2021 No.	2020 No.
Directors	6	6
Support staff	10	8
	16	14

Page 29

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

10	Directors' remuneration

The directors' remuneration for the year was as follows:

	2021 £	2020 £
Remuneration	1,915,340	1,880,040
Contributions paid to money purchase schemes	52,630	80,616
	1,967,970	1,960,656

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2021 No.	2020 No.
Accruing benefits under money purchase pension scheme	6	6

In respect of the highest paid director:

	2021 £	2020 £
Remuneration	371,376	360,170
Company contributions to money purchase pension schemes	4,000	16,116

11	Auditors' remuneration

	2021 £	2020 £
Other fees to auditors
Audit-related assurance services	18,101	17,150
Subsidiary related audit services and non-audit services	32,915	31,651
	51,016	48,801

Page 30

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

12

Taxation

Tax charged/(credited) in the income statement

	2021 £	2020 £
Current taxation
UK corporation tax	429,562	79,829
UK corporation tax adjustment to prior periods	-	49,090
	429,562	128,919

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2020 - lower than the standard rate of corporation tax in the UK) of 19% (2020 - 19%).

The differences are reconciled below:

	2021 £	2020 £
Profit before tax	1,986,976	758,682
Corporation tax at standard rate	377,525	144,149
Effect of expense not deductible in determining taxable profit (tax loss)	29,967	775
Increase in UK and foreign current tax from adjustment for prior periods	-	49,090
Tax (decrease)/increase from effect of capital allowances and depreciation	(286)	62
Tax decrease from other short-term timing differences	(49,090)	-
Tax increase arising from overseas tax suffered/expensed	1,039	-
Other tax effects for reconciliation between accounting profit and tax expense	70,407	(65,157)
Total tax charge	429,562	128,919

The rate of taxation is expected to follow the standard rate of UK corporation tax in future periods. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

Page 31

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

13	Intangible assets

Group and Company

	Computer software £	Total £
Cost or valuation
At 1 April 2020	26,873	26,873
At 31 March 2021	26,873	26,873
Amortisation
At 1 April 2020	11,700	11,700
Amortisation charge	5,531	5,531
At 31 March 2021	17,231	17,231
Carrying amount
At 31 March 2021	9,642	9,642
At 31 March 2020	15,173	15,173

Page 32

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

14	Tangible assets

Group and Company

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2020	18,302	18,302
Additions	14,769	14,769
At 31 March 2021	33,071	33,071
Depreciation
At 1 April 2020	7,453	7,453
Charge for the year	7,735	7,735
At 31 March 2021	15,188	15,188
Carrying amount
At 31 March 2021	17,883	17,883
At 31 March 2020	10,849	10,849

15	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
			2021	2020
Subsidiary undertakings
Asper Renewable Power GP (Guernsey) Ltd*	1 Royal Plaza, Royal Avenue, St Peter Port, GY1 2HL	Ordinary Shares	100%	100%
	Guernsey
Asper RPP2 General Partner (Guernsey) Ltd*	1 Royal Plaza, Royal Avenue, St Peter Port, GY1 2HL	Ordinary Shares	100%	100%
	Guernsey

Page 33

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
Asper RPP2 Nominees Limited*	The Shard 25th Floor, 32 London Bridge Street, London, England, SE1 9SG	Ordinary Shares	100%	100%
	England and Wales
Asper Second GP(1) Limited*	1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey GY1 2HL	Ordinary Shares	100%	100%
	Guernsey
Asper Second GP(2) Limited*	1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey GY1 2HL	Ordinary Shares	100%	100%
	Guernsey
Asper Second General Partner LLP*	9th Floor One Minster Court, London, EC3R 7AA	Ordinary Shares	100%	100%
	England and Wales
Asper Renewables (Nominees) Limited*	The Shard 25th Floor, 32 London Bridge Street, London, England, SE1 9SG	Ordinary Shares	100%	100%
	England and Wales
Asper Columba GP S.a.r.l.*	412F, Route d'Esch, 2086	Ordinary Shares	100%	100%
	Luxembourg
Asper Dorothea GP S.a.r.l.*	412F, Route d'Esch, 2086	Ordinary Shares	100%	100%
	Luxembourg
Asper Investment Management NL BV*	Stationsplein 91, 5211 BM ‘s-Hertogenbosch	Ordinary	100%	0%
	Netherlands

* indicates direct investment of the company

Page 34

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Subsidiary undertakings

Asper Renewable Power GP (Guernsey) Ltd The principal activity of Asper Renewable Power GP (Guernsey) Ltd is Investment Management

Asper RPP2 General Partner (Guernsey) Ltd The principal activity of Asper RPP2 General Partner (Guernsey) Ltd is Investment Management

Asper RPP2 Nominees Limited The principal activity of Asper RPP2 Nominees Limited is Dormant

Asper Second GP(1) Limited The principal activity of Asper Second GP(1) Limited is Dormant

Asper Second GP(2) Limited The principal activity of Asper Second GP(2) Limited is Dormant

Asper Second General Partner LLP The principal activity of Asper Second General Partner LLP is Dormant

Asper Renewables (Nominees) Limited The principal activity of Asper Renewables (Nominees) Limited is Dormant

Asper Columba GP S.a.r.l. The principal activity of Asper Columba GP S.a.r.l. is Investment Management

Asper Dorothea GP S.a.r.l. The principal activity of Asper Dorothea GP S.a.r.l. is Investment management

Asper Investment Management NL BV The principal activity of Asper Investment Management NL BV is Investment Management

Page 35

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

On 27 June 2019, Asper Columba GP S.a.r.l. was established as a 100% owned subsidiary of Asper Investment Management Limited. The results of Asper Columba GP S.a.r.l. were consolidated into the group from this date.

On 23 March 2020, Asper Dorothea GP S.a.r.l. was established as a 100% owned subsidiary of Asper Investment Management Limited. The results of Asper Dorothea GP S.a.r.l. were consolidated into the group from this date.

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.

The dormant entities have been excluded from the consolidation on the basis that they are immaterial.

As at 31 March 2021:

The profit for the financial period of Asper Renewable Power GP (Guernsey) Ltd was £1,199 and the aggregate amount of capital and reserves at the end of the period was £11,906.

The loss for the financial period of Asper RPP2 General Partner (Guernsey) Limited was £2,515 and the aggregate amount of capital and reserves at the end of the period was £23,111.

The loss for the financial period of Asper Columba GP S.a.r.l. was £42,120 and the aggregate amount of capital and reserves at the end of the period was £11,106.

The profit for the financial period of Asper Dorothea GP S.a.r.l. was £2,956 and the aggregate amount of capital and reserves at the end of the period was £13,594.

Asper Renewable Power GP (Guernsey) Limited is the general partner of Asper Renewable Power Partners L.P. Asper Renewable Power Partners L.P reached its termination date on 30 June 2021 and per the terms of the LPA will be kept in existence for two years following this date. During this period, Asper Renewable Power GP (Guernsey) Limited will conduct no further business except for actions necessary in connection with the winding up process.

Page 36

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Group and Company
Fixed asset investments - other loans

	£
Cost or valuation
At 1 April 2020	416,430
Repayment	(416,430)
At 31 March 2021	-

Included within fixed asset investments - other loans are amounts due from third parties with a value of £Nil (2020 - £416,430).

 

Company

	2021 £	2020 £
Investments in subsidiaries	106,842	106,842
Fixed asset investments - other loans	-	416,430
	106,842	523,272

Page 37

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

16	Other financial assets

Group

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
Additions	236,847	236,847
At 31 March 2021	236,847	236,847
Impairment
Carrying amount
At 31 March 2021	236,847	236,847

Company

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
Additions	236,845	236,845
At 31 March 2021	236,845	236,845
Impairment
Carrying amount
At 31 March 2021	236,845	236,845

Page 38

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

17

Debtors

	Group		Company
	2021 £	2020 £	2021 £	2020 £
Trade debtors	228,497	386,081	106,212	241,479
Amounts owed by group undertakings	-	-	80,070	-
Other debtors	102,443	36,542	102,443	36,542
Prepayments and accrued income	94,927	57,915	94,927	57,915
Income tax asset	-	20,171	-	20,171
	425,867	500,709	383,652	356,107

18	Cash and cash equivalents

	Group		Company
	2021 £	2020 £	2021 £	2020 £
Cash at bank	4,109,811	2,167,380	4,015,171	2,080,645

19

Creditors

		Group		Company
	Note	2021 £	2020 £	2021 £	2020 £
Due within one year
Trade creditors		75,332	158,849	41,614	67,323
Amounts due to related parties	24	-	-	-	3,357
Social security and other taxes		98,969	92,577	98,969	92,577
Outstanding defined contribution pension costs		-	22,346	-	22,346
Accruals and deferred income		672,603	830,559	650,763	952,266
Income tax liability	12	201,496	-	201,496	-
		1,048,400	1,104,331	992,842	1,137,869

Page 39

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

20	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 £108,416 (2020 - £127,495).

Contributions totalling £Nil (2020 - £22,346) were payable to the scheme at the end of the year and are included in creditors.

21	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	90,357	90,357	90,357	90,357

Rights, preferences and restrictions

Ordinary Shares have the following rights, preferences and restrictions: Ordinary shares have full voting rights in the company with respect to voting, dividends and capital distributions.

22	Obligations under leases and hire purchase contracts

Group and Company

Operating leases

The total of future minimum lease payments is as follows:

	2021 £	2020 £
Not later than one year	-	118,640

Page 40

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

23	Analysis of changes in net debt

Group

	At 1 April 2020 £	Financing cash flows £	Foreign exchange movements £	Other non-cash changes £	At 31 March 2021 £
Cash and cash equivalents
Cash	2,167,380	(3,143)	188,026	1,757,548	4,109,811
	2,167,380	(3,143)	188,026	1,757,548	4,109,811

Page 41

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

24	Related party transactions

Company
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.

25	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 2021.

Page 42