Company Registration No. 04643643 (England and Wales)
ADELANTE ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
ADELANTE ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
J Adams
P Dahan
(Appointed 13 June 2019)
Company number
04643643
Registered office
4-8 Heddon Street
London
W1B 4BS
Auditor
Whittles
Whittle & Partners LLP
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
ADELANTE ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 18
ADELANTE ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The directors present the strategic report for the year ended 31 December 2019.
Business review and future developments
Earnings from investment advisory services are derived from fund management fees and a substantial element of the company's turnover is linked to performance and size of assets under management ('AUM'). The Firm’s AUM has increased slightly over the year as while the Exotic Fund’s NAV decreased slightly, the managed accounts performed well. The managed account business generated satisfactory returns.
The Company maintains its Exotic Debt Fund which it feels retains substantial potential for investors although is subject to geo-political event volatility. This can go both ways, and currently seems to be at a cyclical low.
The Company has also received further expressions of interest to manage external accounts.
However there are some new expenses with research and other ancillary costs that will need to be monitored in what remains a challenging environment for any Fund Management business.
Going concern
The business is performing satisfactorily in its current format. After returning a profit in 2018 it suffered a loss of £
20,169
in 2019. With its strong balance sheet and substantial retained earning’s it has a large capital buffer with net current assets of £5
80,089
and cash reserves of £509,687 the Company is in a strong position going forward.
Therefore the director is of the view that the going concern basis of preparation of the financial statements is appropriate.
Principal risks and uncertainties
Financial risk
As an investment manager, the company's operations are exposed to a number of financial risks that include the effects of changes in market prices, liquidity risk and interest rate risk on the AUM. These risks impact the fees payable on AUM.
The company has in place a risk and investment management process that seeks to limit the possible adverse effects on financial performance of AUM in adverse market developments. Our investment management process sets great store on capital preservation, which has worked well in volatile markets.
The company does not use derivative financial instruments or manage interest rate costs, and as such no hedge accounting has been applied in this accounting period. It tends to sell Euros earnt in the business when it feels the rate is attractive and allows the Euro position to accrue when it feels the exchange rate is less attractive for conversion to GBP.
Given the size of the company, the
d
irector
s
has not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The
d
irector
s
set policies that are then implemented
by staff
. The company has specific guidelines agreed by the
d
irector
s
to manage interest rate risk, credit risk and circumstances where it would be appropriate to use financial instruments to manage these.
Price risk
The company constantly reviews changes of market prices of AUM to ensure adverse movements are identified early and corrective action taken where necessary.
Liquidity risk
The company manages its working capital to ensure there are sufficiently available funds for operations and current working capital requirements.
ADELANTE ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
Key performance indicators
The
d
irector
s
consider management fees generated from the underlying fund to be a key performance indicator.
During the year the company generated £294,757 (2018: £319,160) of management fees.
J Adams
Director
26 March 2020
ADELANTE ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2019.
Principal activities
The principal activities of the Company are the provision of investment management services to an investment fund registered in Guernsey and small managed account business.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Adams
P Dahan
(Appointed 13 June 2019)
Results and dividends
The results for the year are set out on page 8.
During the year the company declared and paid interim dividends of £2,000 (2018:£5,000) which related to the results attained in 2018. The Director recommends a final dividend of £2,000 for the year.
Auditor
In accordance with the company's articles, a resolution proposing that Whittles be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
J Adams
Director
26 March 2020
ADELANTE ASSET MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
ADELANTE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADELANTE ASSET MANAGEMENT LIMITED
- 5 -
Opinion
We have audited the financial statements of Adelante Asset Management Limited (the 'company') for the year ended 31 December 2019 which comprise the statement of income and retained earnings, the balance sheet 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 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
.
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.
ADELANTE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADELANTE ASSET MANAGEMENT LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
ADELANTE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADELANTE ASSET MANAGEMENT LIMITED
- 7 -
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.
Rachel Skells BA FCA (Senior Statutory Auditor)
for and on behalf of Whittles
26 March 2020
Chartered Accountants
Statutory Auditor
Whittle & Partners LLP
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
ADELANTE ASSET MANAGEMENT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
2019
2018
Notes
£
£
Turnover
3
294,826
319,230
Cost of sales
(17,574)
(23,763)
Gross profit
277,252
295,467
Administrative expenses
(297,430)
(268,314)
Operating (loss)/profit
4
(20,178)
27,153
Interest receivable and similar income
7
9
24
(Loss)/profit before taxation
(20,169)
27,177
Tax on (loss)/profit
8
-
6
(Loss)/profit for the financial year
(20,169)
27,183
Retained earnings brought forward
513,262
491,079
Dividends
9
(2,000)
(5,000)
Retained earnings carried forward
491,093
513,262
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ADELANTE ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 9 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,004
318
Current assets
Debtors
11
93,551
98,385
Cash at bank and in hand
509,687
530,657
603,238
629,042
Creditors: amounts falling due within one year
12
(23,149)
(26,098)
Net current assets
580,089
602,944
Total assets less current liabilities
581,093
603,262
Capital and reserves
Called up share capital
14
90,000
90,000
Profit and loss reserves
491,093
513,262
Total equity
581,093
603,262
The financial statements were approved by the board of directors and authorised for issue on 26 March 2020 and are signed on its behalf by:
J Adams
Director
Company Registration No. 04643643
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 10 -
1
Accounting policies
Company information
Adelante Asset Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4-8 Heddon Street, London, W1B 4BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
.
The financial statements of the company are consolidated in the financial statements of
Adelante Asset Holdings Limited.
These consolidated financial statements are available from its registered office
, 4-8 Heddon Street, London, W1B 4BS.
1.2
Going concern
At 31 December 2019, the company had net current assets of £580,089 and cash reserves of £509,687, which is sufficient to cover current liabilities for a period of 12 months from the date of signing the financial statements.
true
Therefore the director is of the view that the going concern basis of preparation of the financial statements is appropriate.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less estimated residual over its expected useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.
Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
Assets and liabilities held in foreign currencies are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 12 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 13 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2019
2018
£
£
Turnover analysed by class of business
Management fees
294,756
319,160
Other income
70
70
294,826
319,230
2019
2018
£
£
Other significant revenue
Interest income
9
24
4
Operating (loss)/profit
2019
2018
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
2,932
145
Fees payable to the company's auditor for the audit of the company's financial statements
4,100
4,100
Depreciation of owned tangible fixed assets
273
246
Profit on disposal of tangible fixed assets
-
(27)
Operating lease charges
44,744
44,744
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Employees
6
5
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
5
Employees
(Continued)
- 14 -
Their aggregate remuneration comprised:
2019
2018
£
£
Wages and salaries
83,654
78,885
Social security costs
4,725
4,422
Pension costs
911
631
89,290
83,938
6
Directors' remuneration
2019
2018
£
£
Remuneration for qualifying services
25,667
18,013
7
Interest receivable and similar income
2019
2018
£
£
Interest income
Interest on bank deposits
9
24
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 15 -
8
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
-
5
Adjustments in respect of prior periods
-
(11)
Total current tax
-
(6)
The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
(Loss)/profit before taxation
(20,169)
27,177
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
(3,832)
5,164
Tax effect of expenses that are not deductible in determining taxable profit
338
660
Tax effect of utilisation of tax losses not previously recognised
-
(5,696)
Unutilised tax losses carried forward
3,577
-
Depreciation on assets not qualifying for tax allowances
52
41
Under/(over) provided in prior years
-
(11)
Capital allowances
(135)
(164)
Taxation charge/(credit) for the year
-
(6)
9
Dividends
2019
2018
£
£
Final paid
2,000
5,000
The proposed final dividend is subject to approval by shareholders and has not been included as a liability in these financial statements.
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 16 -
10
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2019
25,075
14,577
39,652
Additions
-
959
959
At 31 December 2019
25,075
15,536
40,611
Depreciation and impairment
At 1 January 2019
25,075
14,259
39,334
Depreciation charged in the year
-
273
273
At 31 December 2019
25,075
14,532
39,607
Carrying amount
At 31 December 2019
-
1,004
1,004
At 31 December 2018
-
318
318
11
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
35,019
48,225
Amounts owed by group undertakings
13,696
12,121
Other debtors
16,820
13,423
Prepayments and accrued income
28,016
24,616
93,551
98,385
12
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
5,341
3,579
Corporation tax
5
5
Other taxation and social security
6,264
9,600
Accruals and deferred income
11,539
12,914
23,149
26,098
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 17 -
13
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
911
631
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
14
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
90,000 Ordinary of £1 each
90,000
90,000
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2019
2018
£
£
Within one year
44,744
33,558
Between two and five years
78,302
-
123,046
33,558
16
Ultimate controlling party
The ultimate parent company is Adelante Asset Holdings Limited which owns a 100% shareholding.
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 18 -
17
Pillar 3 disclosures
The European Capital Requirements Directive introduced consistent capital adequacy standards and an associated supervisory framework in the EU based on the Basel II rules. The Directive is enforced in the UK by the Financial Conduct Authority (“FCA”). The framework consists of three ‘pillars’.
• Pillar 1 - This specifies the minimum capital requirements.
• Pillar 2 - This supervisory review process requires an assessment to be made of whether additional capital should be held against risks not covered by Pillar 1.
• Pillar 3 - This introduces public disclosure of qualitative and quantitative information and is designed to promote market discipline by providing market participants with key information on a firm’s risk exposures and risk management processes.
The Company has capital resources at the balance sheet date of £
581,093
all of which is tier one capital. The firm’s internal assessment of its risk capital requirement is £
67,000
which represents
the net wind down costs of the company.
The company has exposure to credit risk of £15,000, market risk of £20,000, but
is not exposed to any significant interest risk or securiti
s
ation risk.
2019-12-31
2019-01-01
false
CCH Software
CCH Accounts Production 2019.301
J Adams
P Dahan
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2019-01-01
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bus:Director2
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bus:RegisteredOffice
2019-01-01
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core:RetainedEarningsAccumulatedLosses
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core:RetainedEarningsAccumulatedLosses
2017-12-31
04643643
core:RetainedEarningsAccumulatedLosses
2019-12-31
04643643
core:RetainedEarningsAccumulatedLosses
2018-12-31
04643643
core:ShareCapital
2019-12-31
04643643
core:ShareCapital
2018-12-31
04643643
2018-12-31
04643643
core:RetainedEarningsAccumulatedLosses
2018-01-01
2018-12-31
04643643
core:ComputerEquipment
2019-12-31
04643643
core:ComputerEquipment
2018-12-31
04643643
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
04643643
core:CurrentFinancialInstruments
core:WithinOneYear
2018-12-31
04643643
core:CurrentFinancialInstruments
2019-12-31
04643643
core:CurrentFinancialInstruments
2018-12-31
04643643
core:FurnitureFittings
2019-01-01
2019-12-31
04643643
core:ComputerEquipment
2019-01-01
2019-12-31
04643643
core:UKTax
2018-01-01
2018-12-31
04643643
core:UKTax
2019-01-01
2019-12-31
04643643
1
2019-01-01
2019-12-31
04643643
1
2018-01-01
2018-12-31
04643643
2
2018-01-01
2018-12-31
04643643
3
2019-01-01
2019-12-31
04643643
3
2018-01-01
2018-12-31
04643643
core:FurnitureFittings
2018-12-31
04643643
core:ComputerEquipment
2018-12-31
04643643
2018-12-31
04643643
core:FurnitureFittings
2019-12-31
04643643
core:WithinOneYear
2019-12-31
04643643
core:WithinOneYear
2018-12-31
04643643
core:BetweenTwoFiveYears
2019-12-31
04643643
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
04643643
bus:FRS102
2019-01-01
2019-12-31
04643643
bus:Audited
2019-01-01
2019-12-31
04643643
bus:FullAccounts
2019-01-01
2019-12-31
xbrli:pure
xbrli:shares
iso4217:GBP