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No description of principal activities is disclosed
2018-04-01
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2019-03-31
Company registration number:
04696452
Meltemi Investment Management Limited
Financial statements
31 March 2019
Meltemi Investment Management Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Meltemi Investment Management Limited
Directors and other information
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Directors
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Mr Sikander Khan
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Mr Mustafa Fikret Onder
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Company number
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04696452
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Registered office
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28 Ives Street
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London
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SW3 2ND
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Business address
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28 Ives Street
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London
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SW3 2ND
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Auditor
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N M Khan & Associates Ltd
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1 Bromley Lane
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Chislehurst
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Kent BR7 6LH
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Meltemi Investment Management Limited
Strategic report
Year ended 31 March 2019
Business Review
Meltemi Investment Management Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The Company is authorised and regulated by the Financial Conduct Authority with firm reference number 225825.
The company's principal activity is to provide investment management services to private wealth clients with a view to securing absolute investment returns. The company's principal product offering during the financial year was the MTRIP investment portfolio.
The results for the year ended 31 March 2019 are set out in the statement of income and retained earnings on page 8 of these financial statements. The financial position of the company is set out on the statement of financial position on page 9.
The company made a profit for the year of £16,549 (2018: (£26,579)). The company suffered a downturn in financial performance prior to 2016 that is now being improved by increase rates of return achieved and an increase in assets under management. This increase is set to continue significantly in the 2020 financial year. The average rate of return achieved during the year was 9.8%.
Principal Risks and Uncertainties
Market and economic environment
The company faces inherent risks and uncertainties similar to any business operating within the global financial markets. Markets are influenced by factors outside of the control of the investment manager and therefore can be subject to unforeseen fluctuations.
The main risk therefore facing the company is that the value of investments and corresponding rates of return that directly affect the increase or decrease in value of assets under management can decrease as well as increase over a business cycle.
The company benefits from highly experienced personnel who are able to use their knowledge to navigate this risk.
Regulatory framework, liquidity and compliance
The company is subject to reporting and liquidity requirements stipulated by the Financial Conduct Authority that can be subject to change following on from revisions in legislation. In mitigation the company reviews regulatory compliance on an ongoing basis via its Fiduciary Review Committee.
This report was approved by the board of directors on 19 July 2019 and signed on behalf of the board by:
Mr Mustafa Fikret Onder
Director
Meltemi Investment Management Limited
Directors report
Year ended 31 March 2019
The directors present their report and the financial statements of the company for the year ended 31 March 2019.
Directors
The directors who served the company during the year were as follows:
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Mr Sikander Khan
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Mr Mustafa Fikret Onder
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|
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The company is seeking to grow its portfolio of assets under management by way of a small number of large clients in the coming year.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors 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 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;
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make judgments and accounting estimates that are reasonable and prudent; and
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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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
19 July 2019
and signed on behalf of the board by:
Mr Mustafa Fikret Onder
Director
Meltemi Investment Management Limited
Independent auditor's report to the members of
Meltemi Investment Management Limited
Year ended 31 March 2019
Opinion
We have audited the financial statements of Meltemi Investment Management Limited (the 'company') for the year ended 31 March 2019 which comprise the statement of income and retained earnings, statement of financial position, 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 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 March 2019 and of its 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 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.
Other Information
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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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, 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 the 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' responsibilities statement, 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 auditors 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.
Nila M Khan
(Senior Statutory Auditor)
For and on behalf of
N M Khan & Associates Ltd
Chartered Accountants & Registered Auditors
1 Bromley Lane
Chislehurst
Kent BR7 6LH
19 July 2019
Meltemi Investment Management Limited
Statement of income and retained earnings
Year ended 31 March 2019
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2019
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2018
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Note
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£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Turnover
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4
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|
419,915
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|
348,974
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|
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Administrative expenses
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|
|
|
(
403,444)
|
|
(
375,566)
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|
|
|
|
|
|
_______
|
|
_______
|
|
|
Operating profit/(loss)
|
|
5
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|
16,471
|
|
(
26,592)
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|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income
|
|
8
|
|
96
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|
13
|
|
|
|
|
|
|
_______
|
|
_______
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|
|
Profit/(loss) before taxation
|
|
|
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16,567
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(
26,579)
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|
|
|
|
|
|
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|
|
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Tax on profit/(loss)
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(
18)
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-
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|
|
|
|
|
|
_______
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_______
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|
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Profit/(loss) for the financial year and total comprehensive income
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16,549
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(
26,579)
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|
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_______
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_______
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Retained earnings at the start of the year
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93,981
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120,560
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|
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_______
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|
_______
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Retained earnings at the end of the year
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110,530
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93,981
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|
|
|
|
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_______
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_______
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All the activities of the company are from continuing operations.
Meltemi Investment Management Limited
Statement of financial position
31 March 2019
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2019
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2018
|
|
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|
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Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
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Debtors
|
|
10
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142,094
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80,739
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Cash at bank and in hand
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|
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68,507
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87,094
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|
|
|
|
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_______
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_______
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|
|
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210,601
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|
|
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167,833
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|
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Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
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within one year
|
|
11
|
(
50,071)
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|
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(
23,852)
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|
|
|
|
|
_______
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|
|
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_______
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Net current assets
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|
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160,530
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143,981
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|
|
|
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|
_______
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|
|
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_______
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Total assets less current liabilities
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160,530
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143,981
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
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Net assets
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|
|
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160,530
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|
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143,981
|
|
|
|
|
|
_______
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|
|
|
_______
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|
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|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
13
|
|
|
50,000
|
|
|
|
50,000
|
Profit and loss account
|
|
14
|
|
|
110,530
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|
|
|
93,981
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
160,530
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|
|
|
143,981
|
|
|
|
|
|
_______
|
|
|
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_______
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|
|
|
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These financial statements were approved by the
board of directors
and authorised for issue on
19 July 2019
, and are signed on behalf of the board by:
Mr Mustafa Fikret Onder
Director
Company registration number:
04696452
Meltemi Investment Management Limited
Statement of cash flows
Year ended 31 March 2019
|
|
2019
|
|
2018
|
|
|
|
£
|
|
£
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
Profit/(loss) for the financial year
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16,549
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(
26,579)
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|
|
|
|
|
|
|
Adjustments for:
|
|
|
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Depreciation of tangible assets
|
|
-
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|
898
|
|
Other interest receivable and similar income
|
|
(
96)
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|
(
13)
|
|
Tax on profit/loss
|
|
18
|
|
-
|
|
Accrued expenses/(income)
|
|
10,732
|
|
2,721
|
|
|
|
|
|
|
|
Changes in:
|
|
|
|
|
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Trade and other debtors
|
|
(
61,355)
|
|
11,378
|
|
Trade and other creditors
|
|
788
|
|
(
1,014)
|
|
|
|
_______
|
|
_______
|
|
Cash generated from operations
|
|
(
33,364)
|
|
(
12,609)
|
|
|
|
|
|
|
|
Interest received
|
|
96
|
|
13
|
|
|
|
_______
|
|
_______
|
|
Net cash used in operating activities
|
|
(
33,268)
|
|
(
12,596)
|
|
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds from borrowings
|
|
14,681
|
|
-
|
|
|
|
_______
|
|
_______
|
|
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
(
18,587)
|
|
(
12,596)
|
|
Cash and cash equivalents at beginning of year
|
|
87,094
|
|
99,690
|
|
|
|
_______
|
|
_______
|
|
Cash and cash equivalents at end of year
|
|
68,507
|
|
87,094
|
|
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
Meltemi Investment Management Limited
Notes to the financial statements
Year ended 31 March 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Ives Street, London, SW3 2ND.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment
|
-
|
50 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Investment Management Fees
|
|
419,915
|
348,974
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating profit/loss
Operating profit/loss is stated after charging/(crediting):
|
|
|
|
2019
|
2018
|
|
|
|
|
£
|
£
|
|
Depreciation of tangible assets
|
|
|
-
|
898
|
|
Fees payable for the audit of the financial statements
|
|
|
4,250
|
4,750
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
6.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2019
|
2018
|
|
Administration and central funnctions
|
|
3
|
4
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Wages and salaries
|
|
171,465
|
125,386
|
|
Other pension costs
|
|
673
|
616
|
|
|
|
_______
|
_______
|
|
|
|
172,138
|
126,002
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Remuneration
|
|
67,117
|
67,153
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Other interest receivable and similar income
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Bank deposits
|
|
96
|
13
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Tangible assets
|
|
Fixtures, fittings and equipment
|
Total
|
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2018 and 31 March 2019
|
14,632
|
14,632
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2018 and 31 March 2019
|
14,632
|
14,632
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2019
|
-
|
-
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
At 31 March 2018
|
-
|
-
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.
Debtors
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
124,190
|
67,287
|
|
Prepayments and accrued income
|
|
12,588
|
1,688
|
|
Other debtors
|
|
5,316
|
11,764
|
|
|
|
_______
|
_______
|
|
|
|
142,094
|
80,739
|
|
|
|
_______
|
_______
|
|
|
|
|
|
11.
Creditors: amounts falling due within one year
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Accruals and deferred income
|
|
30,421
|
19,689
|
|
Corporation tax
|
|
18
|
-
|
|
Social security and other taxes
|
|
3,106
|
3,029
|
|
Director loan accounts
|
|
14,681
|
-
|
|
Other creditors
|
|
1,845
|
1,134
|
|
|
|
_______
|
_______
|
|
|
|
50,071
|
23,852
|
|
|
|
_______
|
_______
|
|
|
|
|
|
12.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
673
(2018: £
616
).
13.
Called up share capital
Issued, called up and fully paid
|
|
|
2019
|
|
|
|
2018
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Ordinary shares
shares of £
1.00 each
|
|
50,000
|
|
50,000
|
|
50,000
|
|
50,000
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
14.
Reserves
Profit and Loss Account
15.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Mr Sikander Khan
|
8,703
|
(
78,608)
|
55,224
|
(
14,681)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Mr Sikander Khan
|
-
|
(
63,000)
|
71,703
|
8,703
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
16.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value
|
|
Balance owed by/(owed to)
|
|
|
|
2019
|
2018
|
2019
|
2018
|
|
|
£
|
£
|
£
|
£
|
|
TRIPS SICAV MTRIP
|
-
|
-
|
-
|
-
|
|
TRIPS SICAV GTRIP
|
-
|
-
|
-
|
-
|
|
TRIPS SICAV LTRIP
|
-
|
3,874
|
-
|
-
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
The transactions were in connection with funds held in Malta for which members of the Board also serve as directors
.
17.
Controlling party
The ultimate controlling party was the director Mr S Khan, by virtue of holding 100% of the ordinary share capital of the company.
18.
Pillar 3 Disclosure
In accordance with the rules of the Financial Conduct Authority, the company has made available information on its risk management objectives and policies and on its regulatory capital requirements and resources. This information is available on request from the company's office.