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Registered number: 09241171









BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr P A Latchford 
Mr S Kwong 
Mr U C Oranu 




Registered number
09241171



Registered office
107 Cheapside

London

EC2V 6DN




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants & Statutory Auditors

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 27


 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their Strategic Report and financial statements for the year ended 31 March 2024.


Business review
 
The directors are of the opinion that the Company is in a good position to progress into the next financial year despite it being a challenging year for trading, and believe that their expertise should help ensure that the Company is successful. 

Principal risks and uncertainties
 
The principal risk for the Company is its exposure to the volatility of economic conditions and possible economic downturns. Such downturns will likely have an impact on investor confidence, which will likely impact the frequency and value of trades undertaken by customers. The Company is exposed to financial market risks and may be impacted negatively by fluctuations in foreign exchange and interest rates which create volatility in the company's results to the extent that revenue is earned mainly in USD/EUR and costs are mainly in GBP.
Further, the wider cost of regulation and compliance related to the Company's registration with the FCA means that the directors will continue to seek operational efficiency to offset such costs as well as implementing new strategies and business lines more in keeping with the regulatory environment in the UK.

Financial key performance indicators

2024
2023
        £
        £
Turnover

1,029,701

707,361
 
Operating profit/ (loss)

17,411

(244,704)
 

Financial risk management
 
The directors constantly monitor the financial risks to which the Company is exposed. Further details are provided in note 17.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors, in line with their duties under section 172 of the Companies Act 2006 (“s.172”), act in a way that they consider would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term, including the list of non-exhaustive matters as set out in s.172. Factors contained within s.172 are considered when making key decisions and considering matters that are of strategic importance to the Company.

This report was approved by the board on 9 September 2024 and signed on its behalf.





Mr P A Latchford
Director

Page 1

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

Mr P A Latchford 
Mr S Kwong 
Mr U C Oranu 

Principal activity

The principal activity of the Company during the year involved offering its clients, money managers and industry professionals the ability to trade products such as forex, indices, cryptos and a range of commodities including gold and oil.  
The Blackwell Global team is dedicated to providing traders with an efficient solution, customisable trading conditions and access to new technologies that ensure they receive fast access to multiple markets.
The Company is authorised and regulated by the Financial Conduct Authority ("FCA").

Results and dividends

The profit for the year, after taxation, amounted to £27,798 (2023 - loss £237,927).

Future developments

The brokerage market in which the Company operates is competitive but the directors believe that the Company
has a strong competitive advantage due to their vast market expertise.

Page 2

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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 auditors

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 auditors are 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 auditors are aware of that information.

Going concern

Over recent financial years the Directors have been through a cost cutting exercise to reduce the Company’s operational expenses whilst maintaining its revenue, leading to the company making a profit of £27,798 (2023: Loss of £237,927) in the current year. The Directors expect the Company to maintain performance around a breakeven point for at least 12 months from the approval of the financial statements. Post year end the company has recovered £900,000 of cash from amounts owed by group undertakings, bringing their cash balance to £1.2m at the date of signature of the financial statements. This gives the Company forecasted headroom of £1m over the cash needed to meet the operational needs of the company for the next 12 months from the date the financial statements are signed by the Directors. The Directors confirm their intention to manage the available cash in the best interests of the Company. The Directors have received confirmation from Blackwell Global Investments Limited (Bahamas) that the £1.5m amounts owed to group undertakings will not be recalled if it were to put the Company at a financial disadvantage to the extent that the Company would no longer be a going concern.

Page 3

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditors

The auditorsEcovis Wingrave Yeats LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 September 2024 and signed on its behalf.
 





Mr P A Latchford
Director

Page 4

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 

Opinion


We have audited the financial statements of Blackwell Global Investments (UK) Limited (the "Company") for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 Company's affairs as at 31 March 2024 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 Auditors' 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.


Page 5

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKWELL GLOBAL INVESTMENTS (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 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.


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 3, 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.


Page 6

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED (CONTINUED)


Auditors' 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 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 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 considered our general commercial and sector experience and held a discussion with the directors and other management personnel to identify laws and regulations that could reasonably be expected to have a material effect on the financial statements.
We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework (Financial Reporting Standard 102 and the Companies Act 2006), compliance with the FCA and the relevant tax compliance regulations in the jurisdictions in which the Company operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
The Company is subject to a number of other laws and regulations where consequences of non-compliance could have a material effect on the financial statements, for example imposition of fines/litigation, or the loss of the Company's licence to trade. We identified the following areas as those most likely to have such an effect: specific aspects of regulatory capital and liquidity, and compliance with the FCA rules. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any.
In addition, there are other significant laws and regulations which may have an affect on the determination of the amounts and disclosures in the financial statements being those laws and regulations relating to employment law, occupational health and safety, General Data Protection Regulation ("GDPR"), fraud, bribery and corruption. For these laws and regulations, the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit risk.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to areas of estimate and judgement in the financial statements.
Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included:
°Reviewed large and unusual bank transactions.
°Challenging assumptions and judgements made by management in its significant accounting estimates.
°Identifying and testing journal entries.
Page 7

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED (CONTINUED)


°Review of Board and Compliance Committee meeting minutes.
°Review of correspondence with regulatory bodies.
°Walkthrough tests on the key accounting systems and identification and testing of the key controls.
°Enquiries of staff as to examples of management override of controls.
°Conversations with management and key staff responsible for compliance.
°Identification of related parties, including close family members, and review of the Company's accounting records to ensure that all related party transactions have been identified and are bona fide.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: 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.





Gerard Collins (Senior Statutory Auditor)
  
for and on behalf of
Ecovis Wingrave Yeats LLP
 
Chartered Accountants & Statutory Auditors
  
3rd Floor, Waverley House
7-12 Noel Street
London
W1F 8GQ

10 September 2024
Page 8

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
  
1,029,701
707,361

Cost of sales
  
(22,567)
(31,375)

Gross profit
  
1,007,134
675,986

Administrative expenses
  
(989,723)
(920,690)

Operating profit/(loss)
 4 
17,411
(244,704)

Interest receivable and similar income
 8 
10,387
6,777

Profit/(loss) before tax
  
27,798
(237,927)

Tax on profit/(loss)
 9 
-
-

Profit/(loss) for the financial year
  
27,798
(237,927)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
REGISTERED NUMBER: 09241171

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
-
128

Tangible assets
 11 
2,953
4,528

  
2,953
4,656

Current assets
  

Debtors: amounts falling due within one year
 12 
2,656,035
2,023,848

Cash at bank and in hand
 13 
458,636
1,423,408

  
3,114,671
3,447,256

Creditors: amounts falling due within one year
 14 
(2,313,265)
(2,675,351)

Net current assets
  
 
 
801,406
 
 
771,905

Total assets less current liabilities
  
804,359
776,561

  

Net assets
  
804,359
776,561


Capital and reserves
  

Called up share capital 
 16 
5,473,195
5,473,195

Profit and loss account
  
(4,668,836)
(4,696,634)

  
804,359
776,561


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2024.




Mr P A Latchford
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
5,410,564
(4,458,707)
951,857



Loss for the year
-
(237,927)
(237,927)

Shares issued during the year
62,631
-
62,631



At 1 April 2023
5,473,195
(4,696,634)
776,561



Profit for the year
-
27,798
27,798


At 31 March 2024
5,473,195
(4,668,836)
804,359


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
Restated 2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
27,798
(237,927)

Adjustments for:

Amortisation of intangible assets
128
1,174

Depreciation of tangible assets
2,074
4,137

Interest received
(10,387)
(6,777)

(Increase) in debtors
(305,320)
(515,606)

(Increase) in amounts owed by groups
(326,867)
(113,539)

(Decrease)/increase in creditors
(894,623)
288,891

Increase in amounts owed to groups
537,262
846,533

Corporation tax (paid)
(4,725)
(2,971)

Net cash generated from operating activities

(974,660)
263,915


Cash flows from investing activities

Purchase of tangible fixed assets
(499)
(941)

Interest received
10,387
6,777

Net cash from investing activities

9,888
5,836

Cash flows from financing activities

Issue of ordinary shares
-
62,631

Net cash used in financing activities
-
62,631

Net (decrease)/increase in cash and cash equivalents
(964,772)
332,382

Cash and cash equivalents at beginning of year
1,423,408
1,091,026

Cash and cash equivalents at the end of year
458,636
1,423,408


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand - Company monies
37,632
721,651

Cash at bank and in hand - Client monies
421,004
701,757

458,636
1,423,408


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Blackwell Global Investments (UK) Limited is a private company, limited by shares, domiciled in England & Wales, registration number 09241171. The registered office is 107 Cheapside, London, United Kingdom, EC2V 6DN.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

All monetary amounts in these financial statements are rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

Over recent financial years the Directors have been through a cost cutting exercise to reduce the Company’s operational expenses whilst maintaining its revenue, leading to the company making a profit of £27,798 (2023: Loss of £237,927) in the current year. The Directors expect the Company to maintain performance around a breakeven point for at least 12 months from the approval of the financial statements. Post year end the company has recovered £900,000 of cash from amounts owed by group undertakings, bringing their cash balance to £1.2m at the date of signature of the financial statements. This gives the Company forecasted headroom of £1m over the cash needed to meet the operational needs of the company for the next 12 months from the date the financial statements are signed by the Directors. The Directors confirm their intention to manage the available cash in the best interests of the Company. The Directors have received confirmation from Blackwell Global Investments Limited (Bahamas) that the £1.5m amounts owed to group undertakings will not be recalled if it were to put the Company at a financial disadvantage to the extent that the Company would no longer be a going concern.

Page 13

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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. The following criteria must also be met before revenue is recognised:

Rendering of services

the amount of revenue can be measured reliably; and
it is probable that the Company will receive the consideration due.

The Company specialises in the online trading of forex, indices, cryptos and a range of commodities including gold and oil. Revenue is received from commissions due at the point an investor closes their position. Commission rates are pre-determined and based on a fixed fee structure, with the underlying factors determining their amount being the volume of amounts traded and investment performance.

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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. Non-monetary 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

All foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 14

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 15

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
5 years straight line
Computer equipment
-
5 years 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 profit or loss.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 16

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 17

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Deferred Tax
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Company. In making this assessment, management takes into consideration the likelihood of future taxable profits being available to utilise against taxable losses. See note 10 for more details.
Debtor recoverability
The directors continually use judgement to ascertain whether there are indicators of impairment of the Company's debtors. Factors taken into consideration in reaching such a decision include the economic standing of third and related parties who owe amounts to the Company and the likelihood of settlement being received. 

4.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
2,074
4,137

Amortisation of intangiable assets
128
1,174

Fees payable to the Company's auditor for the audit of the Company's annual financial statements
22,300
19,600

Difference on foreign exchange
125,385
7,991


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,300
19,600

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

Taxation compliance services
2,800
2,600

All non-audit services not included above
36,659
34,559
Page 18

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Employees

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


2024
2023
£
£

Wages and salaries
308,727
424,607

Social security costs
36,118
39,950

Cost of defined contribution scheme
5,265
6,634

350,110
471,191


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


        2024
        2023
            No.
            No.







Employees
7
9


7.


Directors' and Key Management Personnel remuneration

2024
2023
£
£

Directors' emoluments
150,000
150,000

Directors pension costs
1,321
1,321

151,321
151,321


During the year retirement benefits were accruing to 1 director (2023 - £NIL) in respect of defined contribution pension schemes.

Key management personnel is considered to be limited to the directors.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
10,387
6,777

Page 19

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Taxation


2024
2023
£
£



Total current tax

-

-


Factors affecting tax charge for the year

The tax assessed for the year is higher than the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£




Profit/(loss) on ordinary activities before tax
27,798
(237,927)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%(2023 - 19%)
6,950
(45,206)

Effects of:


Fixed assets differences
(54)
(54)

Expenses not deductible for tax purposes
1,337
1,343

Deferred tax not recognised
(8,233)
43,917

Total tax charge for the year
-
-


Factors that may affect future tax charges

The Company has estimated tax losses carried forward of £4,342,119 (2023 - £4,359,694) which are available for offset against future trading profits. A deferred tax asset has not been recognised in these financial statements on the basis of uncertainty over the availability of short term future taxable profits of the Company.
In the Finance Act 2021, enacted on 24 May 2021, the UK Government confirmed that the corporation tax main rate for the years commencing 1 April 2021 and 2022 would remain at 19% and from 1 April 2023 corporation tax would increase to 25%, except for companies with profits of up to £50,000 whereby the rate of corporation tax would remain at 19%, and a tapered rate applied to those companies with profits between £50,000 and £250,000.

Page 20

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Intangible assets




Development costs

£



Cost


At 1 April 2023
92,686



At 31 March 2024

92,686



Amortisation


At 1 April 2023
92,558


Charge for the year on owned assets
128



At 31 March 2024

92,686



Net book value



At 31 March 2024
-



At 31 March 2023
128

Amortisation charged in the year is recognised in the Statement of Comprehensive Income within administration expenses.



Page 21

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
7,022
50,810
57,832


Additions
-
499
499



At 31 March 2024

7,022
51,309
58,331



Depreciation


At 1 April 2023
7,022
46,282
53,304


Charge for the year on owned assets
-
2,074
2,074



At 31 March 2024

7,022
48,356
55,378



Net book value



At 31 March 2024
-
2,953
2,953



At 31 March 2023
-
4,528
4,528

Page 22

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
593,787
266,920

Other debtors
2,001,852
1,682,433

Prepayments and accrued income
8,668
22,767

Tax recoverable
51,728
51,728

2,656,035
2,023,848


Included within Other debtors is a balance owed by the ultimate controlling party and directors totalling £158,657 (2023 - £158,657). Amounts advanced to the directors in the year were £NIL (2023 - £14,000). As at the balance sheet date, no repayments had been received by the Company (2023 - £NIL).
Also included within Other debtors is a balance owed from connected companies by virtue of them being 100% owned by the ultimate controlling party. The balance owed to the Company as at 31 March 2024 was £1,367,259 
(2023 - £1,047,197).
All amounts owed by the directors, connected companies and group undertakings are unsecured, non-interest bearing and repayable on demand.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
458,636
1,423,408


Included within Cash at bank is a balance relating to the firm's clients regarding client money held for the purpose of trading as per the principal activity, this amounts to £421,004 (2023 - £701,757). The client liability included in creditors is £422,001 (2023 - £700,577), the difference of £997 relates to exchange rate variance as well as the £18 that was transferred to the client bank account from the company bank account on the next working day.

Page 23

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Creditors: Amounts falling due within one year

2024
Restated 2023
£
£

Trade creditors
118,696
788,451

Amounts owed to group undertakings
1,504,945
967,683

Corporation tax
-
4,725

Other taxation and social security
11,302
10,267

Client monies
422,001
700,577

Other creditors
214,328
162,333

Accruals and deferred income
41,993
41,315

2,313,265
2,675,351


Included within Creditors: amounts falling due within one year is a liability to the firm's clients regarding client money held for the purpose of trading as per the principal activity, this amounts to £526,110 (2023 - £1,395,874). £422,001 (2023 - £700,577) relates to retail clients and therefore is segregated. £104,109 (2023 - £695,297) relates to professional clients, this is not segregated and as such is held in trade creditors.
Also included within Other creditors is a balance owed to connected companies by virtue of them being 100% owned by the ultimate controlling party. The balance owed by the Company as at 31 March 2024 was £110,010 (
2023 - £82,906).
All amounts owed by connected companies and group undertakings are unsecured, non-interest bearing and payable on demand.


15.


Prior year restatement

An intercompany balance of £738,560 (2023 - £549,179) has been reclassiffied from trade creditors to amounts owed to group undertakings.

Page 24

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100
5,473,095 (2023 - 5,473,095) Preference shares of £1.00 each
5,473,095
5,473,095

5,473,195

5,473,195



17.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,474,440
3,371,883


Financial liabilities


Other financial liabilities measured at fair value through profit or loss
2,333,567
2,659,368

Page 25

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Financial risk management

The directors constantly monitor the financial risks to which the Company is exposed, in order to detect those risks in advance and take the necessary action to mitigate them through regular review by the board.
The following section provides qualitative disclosures on the effect that these risks may have upon the Company.
Credit risk
Credit risk is the risk that the counterparty will cause a financial loss to the Company by failing to discharge its obligations to the Company.
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.
The Company has adopted a series of policies and procedures whose purpose is to optimise the management of funds and to reduce the liquidity risk, as follows:

maintaining an adequate level of available liquidity; and
monitoring future liquidity on the basis of the business planning. 

Management believes that the funds and credit lines currently available, in addition to those funds that will be generated from future operating and funding activities, will enable the Company to satisfy its requirements resulting from its investing activities and its working capital needs to fulfil its obligations to repay its debts at their natural due date.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
The Company does not currently have any material borrowings affected by interest rates.
Exchange rate risk is hedged through the matching principle.
Capital risk management
The Company aims to manage its overall capital so as to ensure that the Company continues to operate as a going concern.


19.


Pension commitments

The Company operates a defined contribution 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 £5,265 (2023 - £6,634). Contributions totaling £1,138 (2023 - £991were payable to the fund at the balance sheet date.

Page 26

 
BLACKWELL GLOBAL INVESTMENTS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
12,000
25,542

12,000
25,542


21.


Controlling party

Immediate controlling party
The Company is 90% owned by its immediate and ultimate parent company Blackwell Global Group Limited, a company registered in the Cayman Islands.  The results of the Company are included within the consolidated accounts prepared for Blackwell Global Group Limited, and these are available from their registered office at P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands.
Ultimate controlling party
The ultimate contolling party of the Company is considered to be Mr K-S Chai by virtue of his 100% shareholding in Blackwell Global Group Limited.


22.


Related party transactions

Blackwell Global Investments (UK) Limited has taken the exemption under FRS 102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions with other companies that are wholly owned withing the group.
During the year, the Company received commission income totalling £212,951 
(2023 - £201,235) from other companies owned by the ultimate controlling party. At 31 March 2024, the Company was owed £1,367,259 (2023 - £1,047,197) and owed £110,010 (2023 - £82,906). All amounts are unsecured, non-interest bearing and repayable/payable on demand.
All transactions with related parties occured on an arm's length basis.

 
Page 27