Company Registration No. 04643643 (England and Wales)
ADELANTE ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
ADELANTE ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
J Adams
P Dahan
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 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 17
ADELANTE ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
The
Company
continued to trade throughout an extraordinary year and despite the challenges and logistical hurdles the business operated without interruption.
Earnings from investment advisory services which are derived from fund management fees relating to size of assets under management ('AUM') were considerable but slipped marginally. The Firm's AUM decreased over the year with a small slip in the managed account business, while the Exotic Fund's NAV decreased significantly. There was a small performance fee payable on the managed account business, carried over from the year before.
The Exotic Debt Fund retains substantial potential for investors but it is subject to geo-political event volatility, and in this case the coup d’etat in Sudan, which accounts for the majority of the Fund’s assets caused a large drawdown as did a substantial write-down of its Cuban debt position.
Going concern
The business is performing satisfactorily in its current format although the environment remains very challenging. After posting a profit of £40,837 in 2020 the business posted a loss of £17,516 mainly due to some exceptional costs in December.
With its strong balance sheet and substantial retained earning's it has a large capital buffer with net current assets of £602,313 and cash reserves of £544,563 the Company is in a strong position going forward.
Therefore the directors are 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 attempts to target capital preservation, which has worked well in volatile markets, although it is impossible to mitigate for extreme events .
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 and US dollars earnt in the business when it feels the rate is attractive and allows these positions to accrue when it feels the exchange rate is less attractive for conversion to GBP.
Given the size of the
Company
, the director
s
ha
ve
not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The director
s
set policies that are then implemented by the staff. The
Company
has specific guidelines agreed by the director
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.
ADELANTE ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Liquidity risk
The company manages its working capital to ensure there are sufficiently available funds for operations and current working capital requirements.
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 £509,5
3
0 (2020: £581,397) of management fees.
Promoting the success of the company
The director
s
ha
ve
considered the need to promote the success of the
Company
for the benefit of the members as a whole and to have regard to its stakeholders. In regard to this they have taken note of the following points:
All strategic decisions during the year were taken with a view to maximising the success of the
Company
in the long term by maintaining the Company’s reputation;
The
Company
paid all suppliers promptly and delivered a high quality, compliant service to its customers;
The
Company
's operations had no material impact on the community other than generating tax revenues for the UK , jobs for suppliers in the UK and employment of staff;
We encourage flexible working arrangements for our staff to reduce our carbon footprint.
The
Company
is totally reliant on its good reputation with its customers to maintain success as it is a small
company
with limited marketing resources; and
The
Company
has only one member.
J Adams
Director
31 March 2022
ADELANTE ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
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.
Results and dividends
The results for the year are set out on page 9.
During the year the company declared and paid interim dividends of £0 (2019:£2,000).
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
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.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of
important events occurring since the year end and future developments.
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
31 March 2022
ADELANTE ASSET MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 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 2021 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 2021 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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
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
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
The audit tests, including planning procedures, adopted for the audit of these financial statements are designed to assess and detect the risk of irregularities, including fraud. Our risk assessment of the likelihood of irregularities included the high degree of involvement of the experienced directors, which reduces the risk of irregularities. The audit team was competent to assess the risk and identify any potential irregularities. A thorough understanding of the processes, frameworks and authorisations in place was obtained from the directors and tested throughout the audit
.
ADELANTE ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADELANTE ASSET MANAGEMENT LIMITED
- 7 -
We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
-
Had a direct effect on the determination of material of amounts and disclosures in the financial statements. These included the UK Companies Act, pensions legislation, tax legislation; and
-
Do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included the Financial Conduct Authority regulations.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the company for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:
The company earns fees based on the assets under management. These calculations were reviewed on a sample basis to ensure that income was not overstated by the company.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
-
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
-
enquiring of management and concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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
- 8 -
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
31 March 2022
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 2021
- 9 -
2021
2020
Notes
£
£
Turnover
2
509,530
581,397
Cost of sales
(7,583)
(12,463)
Gross profit
501,947
568,934
Administrative expenses
(519,472)
(528,110)
Operating (loss)/profit
3
(17,525)
40,824
Interest receivable and similar income
7
9
13
(Loss)/profit before taxation
(17,516)
40,837
Tax on (loss)/profit
8
(Loss)/profit for the financial year
(17,516)
40,837
Retained earnings brought forward
531,930
491,093
Retained earnings carried forward
514,414
531,930
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 2021
31 December 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,101
1,800
Current assets
Debtors
10
109,087
209,593
Cash at bank and in hand
544,563
468,885
653,650
678,478
Creditors: amounts falling due within one year
11
(51,337)
(58,348)
Net current assets
602,313
620,130
Net assets
604,414
621,930
Capital and reserves
Called up share capital
13
90,000
90,000
Profit and loss reserves
514,414
531,930
Total equity
604,414
621,930
The financial statements were approved by the board of directors and authorised for issue on 31 March 2022 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 2021
- 11 -
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
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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
.
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.
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
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
33% 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.
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.11
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
in the period
are included in profit or loss.
1.12
The coronavirus pandemic has significantly disrupted individuals’ personal lives and businesses’ economic prospects in the UK and across the globe. The UK was in lockdown for the first quarter of 2021 and some restrictions and social distancing provisions remained in place during the year.
The company has not been negatively affected by COVID-19 and has continued to trade as before.
We have continued to prepare the accounts on a going concern basis and deem this appropriate. We do not consider that a material uncertainty about our going concern status currently exists. In making this assessment we have considered the likely trading conditions for a period of twelve months from the date of our approval of these accounts.
2
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Management fees
509,530
581,397
3
Operating (loss)/profit
2021
2020
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
3,303
(2,124)
Depreciation of owned tangible fixed assets
1,185
780
Operating lease charges
31,880
18,393
4
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,100
4,100
For other services
All other non-audit services
880
1,070
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Administration and fund management
5
5
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
296,727
300,228
Social security costs
34,547
35,483
Pension costs
347
874
331,621
336,585
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
15,406
21,426
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
9
13
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
8
Taxation
The actual charge 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:
2021
2020
£
£
(Loss)/profit before taxation
(17,516)
40,837
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(3,328)
7,759
Tax effect of expenses that are not deductible in determining taxable profit
176
136
Tax effect of utilisation of tax losses not previously recognised
(7,633)
Unutilised tax losses carried forward
3,300
Depreciation on assets not qualifying for tax allowances
225
148
Capital allowances
(373)
(410)
Taxation charge for the year
-
-
9
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2021
26,028
16,158
42,186
Additions
1,486
1,486
At 31 December 2021
26,028
17,644
43,672
Depreciation and impairment
At 1 January 2021
25,274
15,112
40,386
Depreciation charged in the year
238
947
1,185
At 31 December 2021
25,512
16,059
41,571
Carrying amount
At 31 December 2021
516
1,585
2,101
At 31 December 2020
754
1,046
1,800
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
10
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
62,631
147,164
Amounts owed by group undertakings
15,271
Other debtors
18,956
14,632
Prepayments and accrued income
27,500
32,526
109,087
209,593
11
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
15,593
7,473
Corporation tax
4
4
Other taxation and social security
15,039
12,661
Accruals and deferred income
20,701
38,210
51,337
58,348
12
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
347
874
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.
13
Share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
90,000 Ordinary of £1 each
90,000
90,000
ADELANTE ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
14
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:
2021
2020
£
£
Within one year
33,558
44,744
Between two and five years
33,558
33,558
78,302
15
Ultimate controlling party
The ultimate parent company is Adelante Asset Holdings Limited which owns a 100% shareholding.
16
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 £
621,930
all of which is tier one capital. The firm’s internal assessment of its risk capital requirement is £
156,964
which represents
the net wind down costs of the company.
The company has exposure to credit risk of £18,345 and market risk of £25,000, but
is not exposed to any significant interest risk or securiti
s
ation risk.
2021-12-31
2021-01-01
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