Company registration number 08061368 (England and Wales)
TRADESLIDE TRADING TECH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TRADESLIDE TRADING TECH LIMITED
COMPANY INFORMATION
Directors
Juan Colon Bolea
Javier Colon Bolea
Ignacio Sanchez-Asiain Sanz
Company number
08061368
Registered office
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
Business address
Level 39
1 Canada Square
London
United Kingdom
E14 5AB
Bankers
National Westminster Bank
54 Marsh Wall
West India Dock
London
E14 9TP
Santander UK Plc
2 Triton Square
Regent's Place
London
NW1 3AN
TRADESLIDE TRADING TECH LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
TRADESLIDE TRADING TECH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The principal activity of the company is the provision of brokerage and investment management services, using proprietary technology to connect traders with investors in financial markets.

 

The company registered growth different in its key performance indicators:

 

There were no changes in the company’s capital or debt position. The business continues to re-invest incremental revenue to grow its activities.

Principal risks and uncertainties

The company faces the following risks and uncertainties:

 

1. It operates in a heavily regulated space that regulators target with increasing intensity. The regulatory landscape for CFDs is expected to continue evolving, with regulators adapting to emerging trends and market developments.

 

2. The company envisions transforming into a multi-asset broker, and it has invested heavily to add new asset classes like spot stocks or futures. That said, it will take time for these investments to bear fruit.

 

3. The CFD broker industry is grappling with a confluence of challenges, including market volatility, the emergence of alternative instruments like cryptocurrencies, and the growing popularity of prop-trading and funding accounts.

 

Overall the company is significantly investing in growth - which stretches both its personnel and financial resources.

Development and performance

Over the year ended 31 December 2023:

 

1. The partnership agreement with IBKR was implemented following the integration of its back-end technology, enabling the company to broaden its customer base in the wake of this alliance.

 

2. The company's parent group remains committed to investing in technology, sales, and operational efficiency. As part of its global expansion strategy, the group is actively pursuing new market opportunities.

Key performance indicators

The company has significantly improved gross profit in comparison with the last 12 month period, as well as optimised its fixed cost base. Profitability enabled the company to shore up its capital position throughout 2023.

TRADESLIDE TRADING TECH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Section 172 (1) statement

This section 172 (1) statement describes how the directors have had regard to the matters set out in section 172 (1) a-f (below) when performing their duties in respect of:

 

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 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.

 

a) The likely consequences of any decision in the long term:

The directors continue to execute on a strategic plan with 4 Pillars:

 

b) The interests of the company's employees:

The company develops proprietary technology and products which offers employees a rich learning. Wherever possible, the company promotes internally, trains employees and aligns employees for the long term – as proven by our comparatively low rotation.

 

c) The need to foster the company's business relationships with suppliers, customers and others:

The company treats providers as long-term partners. Our core provider base (hosting providers, technology providers, accounting and audit providers) has barely changed over the years.

 

The company enjoys a strong reputation for dealing with customers fairly – as a matter of fact it receives many applications for employment by customers, and upwards of 10% of the current workforce were hired as customers.

 

d) The impact of the company's operations on the community and the environment:

The company operates primarily online and its business model empowers de-localised operations for both customers and employees – all of which minimises our carbon-footprint.

 

e) The desirability of the company maintaining a reputation for high standards of business conduct:

The company’s strategy is based on retention – we operate in a sector where acquiring new customers is expensive, and our model seeks to retain, and deepen, relationships with existing customers. This has the added benefit that satisfied clients generate word of mouth – which is our core source of new clients.

 

f) The need to act fairly as between members of the company:

The company operates under a shareholder agreement which grants founding and majority members identical rights to minority shareholders.

 

Governance is structured in a way that grants minority shareholders blocking rights on any transactions that could be dilutive to their governance and economic rights.

On behalf of the board

Juan Colon Bolea
Director
24 April 2024
TRADESLIDE TRADING TECH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Branches

The company operates from a branch located in Madrid, Spain.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Juan Colon Bolea
Javier Colon Bolea
Ignacio Sanchez-Asiain Sanz
Financial instruments
Financial instruments and financial risk management

The directors have considered the impact of adverse changes in financial risks including market, currency, interest rate, credit and liquidity risks. The directors have determined that adverse changes in the financial risks will have limited direct impact on the financial performance and position of the company.

Auditor

Azets Audit Services were appointed as auditor to the company. Azets Audit Services is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Juan Colon Bolea
Director
24 April 2024
TRADESLIDE TRADING TECH LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRADESLIDE TRADING TECH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRADESLIDE TRADING TECH LIMITED
- 5 -
Opinion

We have audited the financial statements of Tradeslide Trading Tech Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

TRADESLIDE TRADING TECH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRADESLIDE TRADING TECH LIMITED
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Our responsibilities as auditor of these financial statements do not extend to providing assurance on the company's compliance with the Client Assets Sourcebook of the Financial Conduct Authority. Such assurance on client assets is not within the scope of this audit.

TRADESLIDE TRADING TECH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRADESLIDE TRADING TECH LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Other matters which we are required to address

The financial statements of the company for the period ended 31 December 2022 were audited by another auditor who expressed an unmodified opinion on those statements on 12 July 2023.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

Adam East ACA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
24 April 2024
Chartered Accountants
Suites B & D
Statutory Auditor
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
TRADESLIDE TRADING TECH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
18 month
Year
period
ended
ended
31 December
31 December
2023
2022
Notes
Turnover
3
7,045,211
9,604,075
Cost of sales
(1,714,872)
(1,843,694)
Gross profit
5,330,339
7,760,381
Administrative expenses
(5,077,773)
(7,293,569)
Operating profit
4
252,566
466,812
Interest receivable and similar income
8
507,311
-
Profit before taxation
759,877
466,812
Tax on profit
9
(178,273)
(89,830)
Profit for the financial year
581,604
376,982

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TRADESLIDE TRADING TECH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
Fixed assets
Tangible assets
11
41,286
38,453
Current assets
Debtors
12
1,795,403
910,089
Cash at bank and in hand
986,339
1,025,753
2,781,742
1,935,842
Creditors: amounts falling due within one year
13
(933,045)
(665,916)
Net current assets
1,848,697
1,269,926
Net assets
1,889,983
1,308,379
Capital and reserves
Called up share capital
14
262,954
262,954
Profit and loss reserves
1,627,029
1,045,425
Total equity
1,889,983
1,308,379
The financial statements were approved by the board of directors and authorised for issue on 24 April 2024 and are signed on its behalf by:
Juan Colon Bolea
Director
Company Registration No. 08061368
TRADESLIDE TRADING TECH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
Balance at 1 July 2021
262,954
818,443
1,081,397
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
376,982
376,982
Dividends
10
-
(150,000)
(150,000)
Balance at 31 December 2022
262,954
1,045,425
1,308,379
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
581,604
581,604
Balance at 31 December 2023
262,954
1,627,029
1,889,983
TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Tradeslide Trading Tech Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Reporting period

The comparative information included in these financial statements is for the period 1 July 2021 to 31 December 2022. The current period information is for the period 1 January 2023 to 31 December 2023. The prior period was lengthened to align the company's reporting period to that of the calendar year. As the 2023 figures represent a full year and the comparative figures represent 18 months, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in Euro, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Tradeslide Ventures Limited. These consolidated financial statements are available from Companies House.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is on the basis of the sustained year on year profitability of the company and sufficient reserves to cover future expenses. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

The company provides online brokerage services. Revenue from brokerage services is typically recongised on compeltion of a transaction.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.13
Foreign exchange

Transactions denominated in currencies other than Euro are recorded at the rates of exchange prevailing at the date of the transaction.

 

At each reporting end date, monetary assets and liabilities denominated in foreign currencies are translated to Euro at the rate prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Client monies

Client monies belonging to the company's customers are held under statutory trust in segregated bank and client transaction accounts separate from the company's own bank accounts. These monies are not reported on the company's balance sheet.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors there are no significant judgements or key sources of estimation uncertainty in these financial statements.

TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Turnover
2023
2022
Turnover analysed by class of business
Fees receivable
7,045,211
9,604,075
2023
2022
Turnover analysed by geographical market
Europe
5,223,319
7,058,501
Rest of the world
1,821,892
2,545,574
7,045,211
9,604,075
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
Exchange losses
5,833
3,257
Depreciation of owned tangible fixed assets
16,182
12,742
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
For audit services
Audit of the financial statements of the company
37,950
39,475
For other services
Taxation compliance services
4,025
2,500
All other non-audit services
3,160
-
0
7,185
2,500
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administrative
55
55
Directors
3
3
Total
58
58
TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2023
2022
Wages and salaries
2,734,676
3,622,782
Social security costs
616,283
796,326
3,350,959
4,419,108
7
Directors' remuneration
2023
2022
Remuneration for qualifying services
182,600
192,600
8
Interest receivable and similar income
2023
2022
Interest income
Interest on bank deposits
507,311
-
0
9
Taxation
2023
2022
Current tax
Group tax relief
178,273
89,830

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
Profit before taxation
759,877
466,812
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
178,723
88,694
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,159
Change in unrecognised deferred tax assets
-
0
4,786
Permanent capital allowances in excess of depreciation
(455)
(1,827)
Foreign exchange differences
5
(2,982)
Taxation charge for the year
178,273
89,830
TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 17 -

Factors that may affect future tax charges

As part of Budget 2021 on 3 March 2021, it was announced that the UK corporation tax rate will increase to 25% from 1 April 2023. This change was substantively enacted on 24 May 2021. Prior to this change, the corporation tax rate was 19%. The effect on the company of this changes has been reflected in the company's financial statements in the financial year as appropriate.

10
Dividends
2023
2022
Interim paid
-
0
150,000
11
Tangible fixed assets
Computer equipment
Cost
At 1 January 2023
53,614
Additions
19,015
At 31 December 2023
72,629
Depreciation and impairment
At 1 January 2023
15,161
Depreciation charged in the year
16,182
At 31 December 2023
31,343
Carrying amount
At 31 December 2023
41,286
At 31 December 2022
38,453
12
Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
322,471
441,736
Amounts owed by group undertakings
223,200
-
0
Other debtors
144,151
306,328
Prepayments and accrued income
212,781
162,025
902,603
910,089
TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Debtors
(Continued)
- 18 -
2023
2022
Amounts falling due after more than one year:
Amounts owed by group undertakings
892,800
-
0
Total debtors
1,795,403
910,089
13
Creditors: amounts falling due within one year
2023
2022
Trade creditors
118,615
129,709
Amounts owed to group undertakings
271,041
224,070
Taxation and social security
388,889
162,084
Other creditors
7,939
4,153
Accruals and deferred income
146,561
145,900
933,045
665,916
14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary shares of £1 each
217,357
217,357
262,954
262,954
15
Reserves

The following describes the nature and purpose of each reserve:

 

Share capital: represents the nominal value of equity shares that has been issued.

 

Profit and loss reserves: represents cumulative gains and losses and other transactions with owners not recognised elsewhere.

16
Financial commitments, guarantees and contingent liabilities

As at 31 December 2023, the company has an estimated maximum exposure of €63,000 (2022: €80,000 ) in respect of unhedged trades.

 

TRADESLIDE TRADING TECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
Within one year
-
0
35,400
18
Related party transactions
Transactions with related parties

As the company is a wholly owned subsidiary of Tradeslide Ventures Limited, the company has taken advantage of the exemption contained in FRS 102 section 33 and has therefore not disclosed transactions or balances with wholly owned subsidiaries of Tradeslide Ventures Limited. The consolidated financial statements of Tradeslide Ventures Limited, within which this company is included, can be obtained from the same registered office address as Tradeslide Trading Tech Limited.

 

During the year the company entered into the following transactions with related parties:

Included within other debtors is a balance of €127 due from (2022: €1,000 in other creditors due to) a director of the company in relation to their salary.

 

During the year, expenses of €28,800 (2022: €36,000) were charged by a director of the company in relation to the administrative services he provided. Included within other creditors is a balance of €7,260 (2022: €7,260) due to the director in respect of these expenses.

19
Ultimate controlling party

The parent company is Tradeslide Ventures Limited, a company incorporated in England and Wales, with the same registered office address as Tradeslide Trading Tech Limited.

 

The results of Tradeslide Trading Tech Limited are included within the consolidated financial statements of Tradeslide Ventures Limited, which are available publically at Companies House. This is the smallest and largest group in which the results of the company are consolidated.

 

The directors consider that there is no ultimate controling party.

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