Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalseNo description of principal activity2023-01-0132falsefalse 03707924 2023-01-01 2023-12-31 03707924 2022-01-01 2022-12-31 03707924 2023-12-31 03707924 2022-12-31 03707924 2022-01-01 03707924 5 2023-01-01 2023-12-31 03707924 5 2022-01-01 2022-12-31 03707924 d:Director1 2023-01-01 2023-12-31 03707924 d:Director2 2023-01-01 2023-12-31 03707924 d:RegisteredOffice 2023-01-01 2023-12-31 03707924 d:Agent1 2023-01-01 2023-12-31 03707924 e:CurrentFinancialInstruments 2023-12-31 03707924 e:CurrentFinancialInstruments 2022-12-31 03707924 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03707924 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 03707924 e:UKTax 2023-01-01 2023-12-31 03707924 e:UKTax 2022-01-01 2022-12-31 03707924 e:ShareCapital 2023-12-31 03707924 e:ShareCapital 2022-12-31 03707924 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03707924 e:RetainedEarningsAccumulatedLosses 2023-12-31 03707924 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03707924 e:RetainedEarningsAccumulatedLosses 2022-12-31 03707924 e:RetainedEarningsAccumulatedLosses 2022-01-01 03707924 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03707924 d:OrdinaryShareClass1 2023-12-31 03707924 d:OrdinaryShareClass1 2022-12-31 03707924 d:FRS102 2023-01-01 2023-12-31 03707924 d:Audited 2023-01-01 2023-12-31 03707924 d:FullAccounts 2023-01-01 2023-12-31 03707924 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03707924 e:WithinOneYear 2023-12-31 03707924 e:WithinOneYear 2022-12-31 03707924 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 03707924












ARBOR RESEARCH & TRADING UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

ARBOR RESEARCH & TRADING UK LIMITED
 
COMPANY INFORMATION


Directors
N Tritton 
M Moise 




Registered number
03707924



Registered office
16 Great Queen Street

London

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

London

WC2B 5AH




Bankers
Barclays Bank plc
54 Lombard Street

London

EC3V 9EX





 

ARBOR RESEARCH & TRADING UK LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Arbor Research & Trading (UK) Limited ("the company") is an independent fixed income firm, specialising in the production of research and analysis on the main factors influencing global markets

Business review
 
The directors are satisfied with the development and performance of the company's business during the financial year and its position at year end, as set out in these financial statements, and intends to continue to develop and grow the business.

Principal risks and uncertainties
 
The management of the business and execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to financial market risk among key customers.

Financial key performance indicators
 
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for any understanding of the development, performance or position of the business.
Section 172 statement
The directors are aware of their duties under section 172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so to have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company’s employees;
(c) the need to foster the company’s business relationships with suppliers, customers and others;
(d) the impact of the company’s operations on the community and the environment;
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly as between members of the company.
In carrying out their duties, the directors seek effective engagement with key stakeholders, including clients, employees and shareholders, and recognises the importance of their interests to the long term commercial success of the company, and the wider Arbor group.


This report was approved by the board on 17 April 2024 and signed on its behalf.



N Tritton
Director

Page 1

 

ARBOR RESEARCH & TRADING 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.

Results and dividends

The profit for the year, after taxation, amounted to £51,914 (2022 -£34,197).

The directors have not proposed a dividend (2022: £nil).

Directors

The directors who served during the year were:

N Tritton 
M Moise 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 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 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 for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 2

 

ARBOR RESEARCH & TRADING UK LIMITED

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor

The auditor, Blick Rothenberg Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 April 2024 and signed on its behalf.
 





N Tritton
Director

Page 3

 

ARBOR RESEARCH & TRADING UK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARBOR RESEARCH & TRADING UK LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of Arbor Research & Trading UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows 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 Company's affairs as at 31 December 2023 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 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 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.

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 contained within the Annual ReportOur 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.

Page 4

 

ARBOR RESEARCH & TRADING UK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARBOR RESEARCH & TRADING UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of the Directors concerning the Company’s policies with regards identifying, evaluating and complying with laws and regulations and whether the Directors are aware of any instances of non-compliance;  enquiring of the Directors concerning the Company’s policies for detecting and responding to the risks of fraud and whether the Directors have knowledge of any actual, suspected or alleged fraud; enquiring of the Directors concerning the Company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial
Page 5

 

ARBOR RESEARCH & TRADING UK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARBOR RESEARCH & TRADING UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the Companies Act 2006, United Kingdom taxation laws and the Financial Services and Markets Act 2000.
As a result of performing the above, we identified compliance with the rules of the Financial Conduct Authority and the override of controls by directors or management as a particular focus area.
Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud or the inadvertent receipt of client monies; enquiring of the Directors in relation to any potential litigation and claims; and, in addressing the risk of fraud through override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgements made in making accounting estimates are indicative of potential bias, although in the Company’s case there are no particularly significant accounting estimates.
There are inherent limitations in our audit procedures described above. The more removed that laws and 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 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 Auditor's 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 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.




Andrew Snook (senior statutory auditor)
for and on behalf of
Blick Rothenberg Audit LLP
Chartered Accountants
Statutory Auditor
16 Great Queen Street
London
WC2B 5AH

24 April 2024
Page 6

 

ARBOR RESEARCH & TRADING UK LIMITED
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
814,182
712,165

Administrative expenses
  
(750,953)
(673,604)

Operating profit
 5 
63,229
38,561

Interest receivable and similar income
  
7,125
194

Profit before tax
  
70,354
38,755

Tax on profit
 8 
(18,440)
(4,558)

Profit after tax
  
51,914
34,197

  

  

Retained earnings at the beginning of the year
  
679,134
644,937

Profit for the year
  
51,914
34,197

Retained earnings at the end of the year
  
731,048
679,134
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 15 form part of these financial statements.

Page 7


 
REGISTERED NUMBER:03707924
ARBOR RESEARCH & TRADING UK LIMITED

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
  
67,278
71,501

Cash at bank and in hand
  
773,313
743,302

  
840,591
814,803

Creditors: amounts falling due within one year
 10 
(59,543)
(85,669)

Net current assets
  
 
 
781,048
 
 
729,134

Total assets less current liabilities
  
781,048
729,134

  

Net assets
  
781,048
729,134


Capital and reserves
  

Called up share capital 
 11 
50,000
50,000

Profit and loss account
  
731,048
679,134

  
781,048
729,134


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.




N Tritton
Director

The notes on pages 10 to 15 form part of these financial statements.

Page 8

 

ARBOR RESEARCH & TRADING UK LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
51,914
34,197

Adjustments for:

Interest receivable
(7,125)
(194)

Taxation charge
18,440
4,558

Decrease/(increase) in debtors
4,223
(13,688)

(Decrease)/increase in creditors
(40,008)
31,120

Corporation tax (paid)/received
(4,558)
-

Net cash generated from operating activities

22,886
55,993


Cash flows from investing activities

Interest received
7,125
194

Net cash from investing activities

7,125
194


Net increase in cash and cash equivalents
30,011
56,187

Cash and cash equivalents at beginning of year
743,302
687,115

Cash and cash equivalents at the end of year
773,313
743,302


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
773,313
743,302


Page 9

 

ARBOR RESEARCH & TRADING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Arbor Research & Trading UK Limited is a private company limited by shares incorporated in England & Wales, with its registered office at 16 Great Queen Street, London, WC2B 5AH, and its principal place of business at 63 St Mary Axe, London, EC3A 8AA. Details of its principal activities are set out in the strategic review on page 1.

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.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.4

Tangible fixed assets

Assets with an expected life of less than one year are expensed immediately.

 
2.5

Financial instruments

The company does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none certain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Page 10

 

ARBOR RESEARCH & TRADING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss 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 Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The director is of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements. 


4.


Turnover

The turnover and profit before tax are attributable to one principal activity of the company. All of the company's income is received from the United States of America and relates to fees from group companies.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Fees payable to the Company's auditor: audit of financial statements
7,750
7,150

Fees payable to the Company's auditor: other services
3,050
2,850

Other operating lease rentals
26,633
24,240

Defined contribution pension cost
3,483
2,580

Page 11

 

ARBOR RESEARCH & TRADING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

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


2023
2022
£
£

Wages and salaries
457,007
424,359

Social security costs
55,090
53,380

Cost of defined contribution scheme
3,483
2,580

515,580
480,319


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


        2023
        2022
            No.
            No.







Trading and research
3
2


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
315,790
346,535


The highest paid director received remuneration of £315,790 (2022 -£346,535).


8.


Taxation


2023
2022
£
£

Current tax


UK Corporation tax on profits for the year
18,440
4,558

Total current tax
18,440
4,558
Page 12

 

ARBOR RESEARCH & TRADING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year differs from the standard rate of corporation tax in the UK for the year of 23.5% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
70,354
38,755


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 -19%)
16,548
7,363

Effects of:


Expenses not deductible for tax purposes
1,840
1,034

Deferred tax not provided
52
(3,839)

Total tax charge for the year
18,440
4,558


Factors that may affect future tax charges

There were no significant factors that may affect future tax charges.


9.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
38,617
50,956

Other debtors
5,835
3,834

Prepayments and accrued income
22,826
16,711

67,278
71,501


Page 13

 

ARBOR RESEARCH & TRADING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
14,654
3,973

Corporation tax
18,440
4,558

Other taxation and social security
7,832
29,448

Other creditors
697
-

Accruals and deferred income
17,920
47,690

59,543
85,669



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 -50,000) Ordinary shares of £1 each
50,000
50,000


12.


Analysis of net debt




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

743,302

30,011

773,313


743,302
30,011
773,313


13.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
18,400
15,560

18,400
15,560

Page 14

 

ARBOR RESEARCH & TRADING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Related party transactions

During the year the company charged fees of £814,182 (2022: £712,165) to Arbor Research & Trading Inc., a company which is 100% owned by Arbor Research Holdings Inc. (see note 15). At the balance sheet date the amount due to the company from Arbor Research & Trading Inc. was £38,617 (2022: £33,828).


15.


Controlling party

The ultimate parent company and controlling party is Arbor Research Holdings Inc., a company incorporated in the United States of America. Copies of its group accounts, which include the company, are available from Arbor Research Holdings Inc., 1000 Hart Road, Suite 260, Barrington, IL60010, USA.

Page 15