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Registered number: 06975763














INVESTOR SOLUTIONS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
INVESTOR SOLUTIONS UK LIMITED
 
 
COMPANY INFORMATION


Directors
S G Rothwell (resigned 25 April 2024)
G Bonaccorso (appointed 25 April 2024)




Registered number
06975763



Registered office
2 Charles Street

London

W1J 5DB




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
INVESTOR SOLUTIONS UK LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Notes to the Financial Statements
 
16 - 28


 
INVESTOR SOLUTIONS UK LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director presents his strategic report for the year ended 31 December 2023.

Business review
 
1OAK Capital Limited carries out asset management and advisory services for MiFID professional clients. 1Oak Capital Limited is fully owned by its holding company Investor Solutions Limited. 
The director and the Board are satisfied with the business performance for 2023. Despite the global uncertainty caused by conflicts in Ukraine and the consequent market volatility, the business continued to build on the progress made in the last couple of years with an increase in revenues derived from new product launches and solutions that have expanded our client footprint. 
The authorisation of the Italian Branch by the Bank of Italy and Consob has enabled the team to provide Advisory services to a number of new financial institutions. The success of the team was recognised at the Forbes Wealth annual awards winning the best Overseas Independent Advisor category. 
AUM continued to grow across both the Asset Management business and Wealth Advisory division. 
In June 2023, the firm submitted a Variation of Permissions (VoP) application to the FCA to vary/expand its permissions by adding the retail customer type to some of its existing permissions; this is intended to enable 1OAK to act as principal for Gather International Limited – which aims to operate a discretionary managed investment platform. At the time of this report the FCA is actively considering 1OAK’s VOP application.
The firm also reviewed its policies and procedures in light of the FCA’s Consumer Duty Regulations and has appointed a Consumer Duty Champion to drive the business forward in this new regulatory environment.
Future Prospects 
Italy will continue to be a core focus for 2024 to build on the successes of the previous years. In Italy we are in the process of obtaining the authorisation to perform cross border activities ( Execution and allocation), This gives the firm the possibility to further expand the business, broadening client’s offering which in Italy was only limited to advisory services (as per CONSOB authorisation of the Italian Branch); Strategically we will look to increase the number of coverage personnel and open a Milan office. In the UK we will continue to grow our relationship with BlackRock launching a Managed Portfolio Service utilising their asset allocation models for both Onshore and Offshore advisors. Additionally, we are planning on launching a product into Latin America via strategic collaborations.

Page 1

 
INVESTOR SOLUTIONS UK LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
 The board reviews a range of risks on a monthly and quarterly basis. Core risks are as follows:
Regulatory Risk
The Board and Senior management is conscious of the ever changing regulatory environment in which we operate and ensuring that we embrace these changes is a matter of high priority for us. Our culture is about putting the client first and we are aware that the concept of good conduct and customer duty must start with senior management and cascade down throughout the firm. Regulatory and legal changes have the potential to materially affect the firm’s performance however senior management with their compliance partner, KROLL Advisory Ltd., regularly review on a monthly and quarterly basis and liaise with our Italian Branch. Moreover, in order to support the regulated business and to ensure compliance with existing and any upcoming regulatory requirements , the Company hired a new full time in-house Compliance Officer in March 2023.
Credit Risk Credit 
Credit risk is the risk that counterparties will not be able to fulfil their obligations as they fall due. It is the company's policy to monitor all such balances on a constant basis in order to minimise losses.
Liquidity Risk 
The company ensures that liquidity is maintained by monitoring cash balances and maintaining sufficient bank balances to cover day to day expenses of the business. 
Interest Rate Risk 
At this time the company does not have any significant exposures to interest rate risk; should the circumstances change this policy will be reviewed.
Key Personnel 
The loss of or inability to recruit key personnel could have a material adverse effect, although 1Oak has a strong record of retaining key personnel. 
Operational Risk 
1Oak employs a dedicated Chief Risk officer to monitor and manage all market related risk. We also continue to engage KROLL Advisory Ltd to provide compliance support. Both report to senior management on a monthly basis. 

Financial key performance indicators
 
The following table summarises the key performance indicators used by the director to assess the performance of the group as of the dates and period indicated:
                                                                                                                                     
2023             2022
                                                                                                                                          £                  £
               Sales                                                                                                       3,082,422      2,218,122
               Operating profit                                                                                          284,841         212,542
The group's operating profit margin has decreased from 10% to 9%

Other key performance indicators
 
The director believes there are numerous non-financial performance indicators, but none are individually key to assessing the overall performance of the group.

Page 2

 
INVESTOR SOLUTIONS UK LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
Employment 
The Company’s employees are critical to the success of the business and the Company actively retains staff with the following polices:
Employees are kept as fully informed as possible about the activities of the business. This is achieved mainly by both informal and formal team meetings. 
The Company, subject to overall financial performance and individual achievements, looks to reward outstanding individuals with an annual discretionary bonus scheme that is open to all employees. 
Equal opportunities are offered to all, regardless of gender, race, ethnicity or national origin, sexual orientation, religious belief, colour, disability, marital status or age. All applicants are treated equally in respect of recruitment, promotion, training, pay and other employment policies and practices. All decisions are based on merit. Under no circumstances will discrimination against any individual or group be tolerated. 
Business Relationships 
In order for the Company to continue its success and grow organically it relies on enhancing the existing client relationships and ensuring that the culture of treating customers fairly is driven from the senior management throughout the organisation. It also relies heavily on building professional relationships with strategic external suppliers that provide invaluable support and expertise in a number of areas especially finance, compliance and law. We continue to build on the long-term relationships that we have. 
Environment 
The Company has adopted a no plastics and recycle where you can policy. 
Shareholders 
Senior management, being the sole and major shareholders of the business, are focused on delivering long term equity returns and increasing firm value. 


This report was approved by the board on 4 September 2024 and signed on its behalf.



G Bonaccorso
Director

Page 3

 
INVESTOR SOLUTIONS UK LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Director

The director who served during the year was:

S G Rothwell (resigned 25 April 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £183,225 (2022 - £166,161).

There were no dividends declared in the year.

Future developments

There are no plans which will significantly change the activties and risks of the Group.

Branches outside the United Kingdom

1Oak Capital Limited operates a branch in Italy. The results of the branch are included in the consolidated results.

Page 4

 
INVESTOR SOLUTIONS UK LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when the Director's Report is approved has confirmed that:
- So far as he is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and
- he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 4 September 2024 and signed on its behalf.
 





G Bonaccorso
Director

Page 5

 
INVESTOR SOLUTIONS UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVESTOR SOLUTIONS UK LIMITED
 

Opinion


We have audited the financial statements of Investor Solutions UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. In connection with our audit of the financial statements, our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


In connection with our audit of the financial statements, our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
INVESTOR SOLUTIONS UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVESTOR SOLUTIONS UK LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportIn connection with our audit of the financial statements, 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 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Page 7

 
INVESTOR SOLUTIONS UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVESTOR SOLUTIONS UK LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

In connection with our 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 Auditors' 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 Group 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, health and safety legislation and regulations set by the Financial Conduct Authority.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Group’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were          indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Group’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and
Page 8

 
INVESTOR SOLUTIONS UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVESTOR SOLUTIONS UK LIMITED (CONTINUED)

regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our 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.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

4 September 2024
Page 9

 
INVESTOR SOLUTIONS UK LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,082,422
2,218,122

Administrative expenses
  
(2,796,999)
(1,999,039)

Fair value movements
  
(582)
(6,541)

Operating profit
 5 
284,841
212,542

Interest receivable and similar income
 9 
4
57

Interest payable and similar expenses
 10 
(14,645)
-

Profit before taxation
  
270,200
212,599

Tax on profit
 11 
(86,975)
(46,438)

Profit for the financial year
  
183,225
166,161

Profit for the year attributable to:
  

Owners of the parent Company
  
183,225
166,161

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 28 form part of these financial statements.

Page 10

 
INVESTOR SOLUTIONS UK LIMITED
REGISTERED NUMBER:06975763

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
14,095
23,918

Investments
 14 
28,091
28,673

  
42,186
52,591

Current assets
  

Debtors: amounts falling due within one year
 15 
4,139,456
4,587,478

Cash at bank and in hand
 16 
338,640
32,915

  
4,478,096
4,620,393

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(3,110,998)
(3,445,904)

Net current assets
  
 
 
1,367,098
 
 
1,174,489

Total assets less current liabilities
  
1,409,284
1,227,080

Provisions for liabilities
  

Deferred taxation
  
(3,524)
(4,545)

Net assets
  
1,405,760
1,222,535


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
 21 
1,404,760
1,221,535

  
1,405,760
1,222,535


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.




G Bonaccorso
Director

The notes on pages 16 to 28 form part of these financial statements.

Page 11

 
INVESTOR SOLUTIONS UK LIMITED
REGISTERED NUMBER:06975763

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
44,248
44,248

Current assets
  

Debtors: amounts falling due within one year
 15 
3,783
30,277

Cash at bank and in hand
 16 
2,024
1,384

  
5,807
31,661

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(37,982)
(63,836)

Net current liabilities
  
 
 
(32,175)
 
 
(32,175)

Total assets less current liabilities
  
12,073
12,073

  

  

Net assets
  
12,073
12,073


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
  
11,073
11,073

  
12,073
12,073


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.


G Bonaccorso
Director

The notes on pages 16 to 28 form part of these financial statements.

Page 12

 
INVESTOR SOLUTIONS UK LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 January 2022
1,000
1,055,374
1,056,374
1,056,374



Profit for the year
-
166,161
166,161
166,161



At 1 January 2023
1,000
1,221,535
1,222,535
1,222,535



Profit for the year
-
183,225
183,225
183,225


At 31 December 2023
1,000
1,404,760
1,405,760
1,405,760


The notes on pages 16 to 28 form part of these financial statements.

Page 13

 
INVESTOR SOLUTIONS UK LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
11,073
12,073



At 1 January 2023
1,000
11,073
12,073


At 31 December 2023
1,000
11,073
12,073


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
INVESTOR SOLUTIONS UK LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
183,225
166,161

Adjustments for:

Depreciation of tangible assets
17,004
6,918

Interest paid
14,645
-

Interest received
(4)
(57)

Taxation charge
86,974
46,438

Decrease/(increase) in debtors
448,022
(3,295,706)

(Decrease)/increase in creditors
(372,373)
2,949,627

Net fair value losses recognised in P&L
582
6,541

Corporation tax (paid)
(50,645)
(28,329)

Net cash generated from operating activities

327,430
(148,407)


Cash flows from investing activities

Purchase of tangible fixed assets
(7,184)
(18,505)

Interest received
4
57

Net cash from investing activities

(7,180)
(18,448)

Cash flows from financing activities

Interest paid
(14,645)
-

Net cash used in financing activities
(14,645)
-

Net increase/(decrease) in cash and cash equivalents
305,605
(166,855)

Cash and cash equivalents at beginning of year
32,915
199,770

Cash and cash equivalents at the end of year
338,520
32,915


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
338,640
32,915

Bank overdrafts
(120)
-

338,520
32,915


The notes on pages 16 to 28 form part of these financial statements.

Page 15

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Investor Solutions UK Limited is a private limited company incorporated in England and Wales, with its registered office address and principal place of business at 2 Charles Street London, W1J 5DB
The principal activity of the company is that of a holding company.
The principal activity of the group is that of an Investment manager. The subsidiary company is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.
Turnover consists of management fees and performance fees. Management fees are recognised monthly as they accrue and performance fees are recognised when they become payable to the group.

Page 16

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:

Long-term leasehold property
-
Straight line over the life of the lease
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and cash equivalents and loans to or from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors, other debtors and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits.

Page 17

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Foreign currency translation

The group's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.8

Pensions

The group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
 - The recognition of deferred tax assets is limited to the extent that it is probable that they will be    recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax    allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 18

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the director has had to make the following judgments:
Determining the recovery of trade debtors. In making this judgement management take into account the customer's credit risk, debt ageing and payment history. In addition, for fees that are contingent upon a third party event, the directors will assess the likelihood of the venture being successful.
There are no critical estimates that materially affect the accounts.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

Rest of the world
3,037,774
2,055,438

Rest of Europe
44,648
162,684

3,082,422
2,218,122



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible assets
17,004
6,918

Exchange differences
26,086
(35,314)

Defined contribution pension costs
19,310
12,862


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the group's auditors in respect of:

The audit of the group's financial statements
1,500
1,500

The audit of the subsidiary's annual financial statements
14,390
13,280

All other services
14,134
10,408


The subsidiary has bourne the cost of the audit of the group financial statements.




Page 19

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
885,534
542,579
-
-

Social security costs
118,213
72,835
-
-

Cost of defined contribution scheme
19,310
12,862
-
-

1,023,057
628,276
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
1
1
1
1



Administration
15
13
-
-

16
14
1
1


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
114,583
11,012



9.


Interest receivable

2023
2022
£
£


Other interest receivable
4
57

Page 20

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
14,614
-

Other interest payable
31
-

14,645
-


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
83,110
41,834


Double taxation relief
(10,962)
(7,100)

Foreign tax


Foreign tax on income for the year
15,848
9,501

Total current tax
87,996
44,235

Deferred tax


Origination and reversal of timing differences
(1,021)
2,203


Tax on profit
86,975
46,438
Page 21

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the effective rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
270,200
212,599


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
63,551
40,394

Effects of:


Expenses not deductible for tax purposes
16,562
4,696

Depreciation for year in excess of capital allowances
2,997
(3,256)

Foreign tax
4,886
2,401

Deferred tax
(1,021)
2,203

Total tax charge for the year
86,975
46,438


Factors that may affect future tax charges

From 1 April 2023 the rate of corporation tax will remain at 19% for companies with an annual profit of £50,000 or less, increase to 25% for companies with an annual profit of £250,000 or more, and increase to a marginal rate for companies with profits between £50,000 and £250,000. These thresholds are divided by the number of associated companies.


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £Nil (2022 - £NIL).

Page 22

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2023
58,897
6,695
16,591
50,059
132,242


Additions
-
-
4,639
2,545
7,184



At 31 December 2023

58,897
6,695
21,230
52,604
139,426



Depreciation


At 1 January 2023
58,897
2,307
8,572
38,548
108,324


Charge for the year on owned assets
-
257
7,692
9,058
17,007



At 31 December 2023

58,897
2,564
16,264
47,606
125,331



Net book value



At 31 December 2023
-
4,131
4,966
4,998
14,095



At 31 December 2022
-
4,388
8,019
11,511
23,918

Page 23

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Group





Listed investments

£



Valuation


At 1 January 2023
28,673


Revaluations
(582)



At 31 December 2023
28,091




Company





Investments in subsidiary companies

£



Valuation


At 1 January 2023
44,248



At 31 December 2023
44,248





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

1Oak Capital Limited
2 Charles Street, W1J 5DB
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

1Oak Capital Limited
1,437,935
183,225

Page 24

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,789
2,857,028
-
-

Amounts owed by group undertakings
-
-
2,973
-

Other debtors
1,004,271
1,011,740
810
30,277

Prepayments and accrued income
3,132,396
718,710
-
-

4,139,456
4,587,478
3,783
30,277



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
338,640
32,915
2,024
1,384

Less: bank overdrafts
(120)
-
(120)
-

338,520
32,915
1,904
1,384



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
120
-
120
-

Trade creditors
22,425
123,368
-
-

Amounts owed to group undertakings
-
-
-
26,429

Corporation tax
78,579
41,232
-
-

Other taxation and social security
45,456
20,883
-
-

Other creditors
2,611,723
1,286,315
37,862
37,407

Accruals and deferred income
352,695
1,974,106
-
-

3,110,998
3,445,904
37,982
63,836


Page 25

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
28,091
28,673




Financial assets measured at fair value through profit or loss comprise of listed investments

19.


Deferred taxation


Group



2023


£






At beginning of year
4,545


Charged to profit or loss
(1,021)



At end of year
3,524

Group
Group
2023
2022
£
£

Accelerated capital allowances
3,524
4,545


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 Ordinary shares of £0.01 each
1,000
1,000



21.


Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the group started trading. It is a distributable reserve.

Page 26

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
22.


Analysis of net debt




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

32,915

303,701

336,616

Bank overdrafts

-

(120)

(120)

Debt due within 1 year

(4,601)

(10,567)

(15,168)


28,314
293,014
321,328


23.


Pension commitments

The group contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £19,310 (2022 - £12,862). Contributions totalling £15,168 (2022 - £4,601) were payable to the fund at the reporting date.


24.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
112,500
150,000

Later than 1 year and not later than 5 years
-
112,500

112,500
262,500
Page 27

 
INVESTOR SOLUTIONS UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Related party transactions

Company
At the reporting date, the company was owed £3,456 (2022 - £483) by and owed £37,407 (2022 - £37,407) to companies under common control.
The company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.
Group
During the year, the group had transactions of £3,037,774 (2022 - (£1,211,257)) with the companies under common control. 
At the reporting date, the group was owed £2,010,040 (2022 - £1,471,604) by, and owed £nil (2022 -, £3,011,038) to the companies under common control.
Key management personnel include all employees who have the authority and responsibility for planning, directing and controlling the activities of the group. The total compensation paid to key management personnel for services provided to the company was £303,073 (2022 - £77,795).


26.


Controlling party

The ultimate controlling party is G Bonaccorso.
Page 28