Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false2023-07-0143falsefalse 08561884 2023-07-01 2024-06-30 08561884 2022-07-01 2023-06-30 08561884 2024-06-30 08561884 2023-06-30 08561884 2022-07-01 08561884 1 2023-07-01 2024-06-30 08561884 1 2022-07-01 2023-06-30 08561884 5 2023-07-01 2024-06-30 08561884 5 2022-07-01 2023-06-30 08561884 9 2023-07-01 2024-06-30 08561884 9 2022-07-01 2023-06-30 08561884 d:Director1 2023-07-01 2024-06-30 08561884 d:Director2 2023-07-01 2024-06-30 08561884 d:RegisteredOffice 2023-07-01 2024-06-30 08561884 e:OfficeEquipment 2023-07-01 2024-06-30 08561884 e:OfficeEquipment 2024-06-30 08561884 e:OfficeEquipment 2023-06-30 08561884 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08561884 e:ComputerEquipment 2023-07-01 2024-06-30 08561884 e:ComputerEquipment 2024-06-30 08561884 e:ComputerEquipment 2023-06-30 08561884 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08561884 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 08561884 e:CurrentFinancialInstruments 2024-06-30 08561884 e:CurrentFinancialInstruments 2023-06-30 08561884 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 08561884 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 08561884 e:UKTax 2023-07-01 2024-06-30 08561884 e:UKTax 2022-07-01 2023-06-30 08561884 e:ForeignTax 2023-07-01 2024-06-30 08561884 e:ForeignTax 2022-07-01 2023-06-30 08561884 e:ShareCapital 2024-06-30 08561884 e:ShareCapital 2023-06-30 08561884 e:ShareCapital 2022-07-01 08561884 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 08561884 e:RetainedEarningsAccumulatedLosses 2024-06-30 08561884 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 08561884 e:RetainedEarningsAccumulatedLosses 2023-06-30 08561884 e:RetainedEarningsAccumulatedLosses 2022-07-01 08561884 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 08561884 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 08561884 d:OrdinaryShareClass1 2023-07-01 2024-06-30 08561884 d:OrdinaryShareClass1 2024-06-30 08561884 d:FRS102 2023-07-01 2024-06-30 08561884 d:Audited 2023-07-01 2024-06-30 08561884 d:FullAccounts 2023-07-01 2024-06-30 08561884 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08561884 6 2023-07-01 2024-06-30 08561884 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08561884














INVICTA SECURITIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  30 JUNE 2024

 
INVICTA SECURITIES LIMITED
 
 
COMPANY INFORMATION


Directors
C Argentieri 
C Lagrotteria 




Registered number
08561884



Registered office
83 Baker Street

London

W1U 6AG




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
INVICTA SECURITIES LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 22

 
INVICTA SECURITIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present the strategic report for the year ended 30 June 2024.

Fair review of the business
 
Invicta Securities Ltd (Invicta) activity performance through the year 2023/24 has been in line with forecasts.
The results for the year are set out on page 9 to 10 and show profit on ordinary activities after taxation of £369,028 (2023: £1,219,056).  At year end, the net assets of the company amounted to £2,334,933 (2023: £2,265,905).
The business was focused on inter-client brokerage of bonds, in particular SSA/Credit, illiquid bonds and EM bonds. The volatility in rates and credit has created good opportunities in the first part of the year.  The last 6 months were characterised by lower activity due to stabilisation in inflation forecast and easing by European Central Bank. The Italian branch has continued to expand client's coverage and has generated profit for the first time since inception. Overall activity remained stable compared to the previous year, largely due to the integration of emerging market trading flows. The company retains paramount to strengthen the long-lasting relationship with its clients and support them during times of geopolitical and macro uncertainty.
Under the IFPR’s firm categorisation, Invicta is categorised as a non-small and non-interconnected firm (non-SNI).
The directors are satisfied with the performance of the Company which was in line with expectations in the first 6 months and below average for the remaining semester. The board expects a slow activity from clients in the coming quarters due to sustained volatility in interest rates and geopolitical risks. For this reason, the management is looking to expand the activity in other areas of products/client coverage to diversify the revenues stream.
The results of the current year were considered more than satisfactory by the directors, the financial position has strengthened further giving the base for an organic and sound expansion for the next 12 months.

Principal risks and uncertainties
 
During Q1-Q3 of the period under review, there has been an increased volatility in financial markets due to geopolitical events, change of monetary policy from Central banks to balance the return of inflation to its target. The Company was well positioned to benefit from the increased volatility and activity from clients. Invicta considers the actual new environment positive for fixed income market which will see a return of flow from asset managers.  With a change of monetary policy from FED and ECB and uncertainty over the GDP growth, we expect a global rebalance of portfolios from equity to bonds.  This re-balance will probably lead to one way flow and credit spreads compression, which at the end turn in low profits. The liquidity conditions in the market will probably deteriorate during the year but the company has seen this as an opportunity to explore new business.   The company with the current balance sheet is in a better position to expand the business. The company strategy is to continue to invest in an efficient infrastructure able to scale the existing business if opportunities should arise in the changing market conditions and undertake an aggressive expansion should the business pick up following an increase of volume of trading activity.
Company’s reputation is important to the on-going operation and success. The Company makes sure the management acts promptly to minimise this risks in all aspects of the business.

Page 1

 
INVICTA SECURITIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial and other key performance indicators
 
The directors use the below key performance indicators as part of their business management. Results for the year ended 30 June 2024 show:
Turnover decreased by 44% to £1,744,493 (2023 – increased by 22% to £3,125,990)
EBITDA: decreased by 79% to £277,607 (2023 – increased by 8% to £1,418,992)
Number of institutional clients covered to date: 192
In the coming year the Company will focus on expanding the business by adding new salespeople to the existing team in Italy and United Kingdom, expanding the business to new products, increasing the geographical areas covered especially outside of Europe, strengthening existing client relationships as well as expanding its client base further. 

Directors' statement of compliance with duty to promote the success of the company
 
The directors have acted in a way that promotes the success of the company for the benefit of its members and the group as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) during the financial year ended on 30 June 2024.
In coming to this conclusion, the directors have considered the following:
 
Consideration of long-term consequences are an inherent part of the company's decision-making processes. As a privately-owned company, the board considers that the interests of the company and its shareholders are aligned in seeking sustainable value creation over the longer term through the company's operations, promoting long term strategic decision-making.
The company has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the company.  
The company operates in the Financial Sector which is sector characterised by long term relationships with stakeholders and is driven largely by maintaining strong relationships. Maintaining a reputation for high standards of business conduct is vital and the company expects all parties with whom it transacts always act with integrity, openly, honestly and ethically. The company has zero tolerance to fraud and maintains effective oversight and scrutiny processes, executed with independence and impartiality. 
When taking decisions, the board considers the potential impact the decisions they take may have on the environmental and socially. Given the size of the business the impact of the company’s operations on the community and environment is not considerable.
The integrity of the company is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity, fraud and whistleblowing, each of which is reinforced through appropriate training. 
The directors are also shareholders of the company. They believe that their interests are aligned with that of the company.


This report was approved by the board on 18 October 2024 and signed on its behalf.



C Argentieri
Director
Page 2

 
INVICTA SECURITIES LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the company continued to be the provision of independent agency brokerage services to professional clients in the fixed income market.

Results and dividends

The profit for the year, after taxation, amounted to £369,028 (2023 - £1,219,056).

During the year dividends totalling £300,000 (2023 - £492,314) were paid to shareholders.

Directors

The directors who served during the year were:

C Argentieri 
C Lagrotteria 

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.

Future developments

In the coming year the company will focus on expanding the business by adding new sales people to the existing team in Italy and United Kingdom, expanding the business to new products, increasing the geographical areas covered especially outside of Europe and strengthening existing client relationships as well as expanding its client base further. 

Page 3

 
INVICTA SECURITIES LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Qualifying third party indemnity provisions

Qualifying third party indemnity provision for the benefit of the directors were in force during the year under review and remain in force at the date of approval of the director's report and financial statements.

Branches outside the United Kingdom

The company has a branch in Italy which has the same principal activity as detailed on page 3. 

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.

Subsequent events

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

Auditors

The auditorsSopher + Co LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 October 2024 and signed on its behalf.
 





C Argentieri
Director
Page 4

 
INVICTA SECURITIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVICTA SECURITIES LIMITED
 

Opinion


We have audited the financial statements of Invicta Securities Limited (the 'company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 30 June 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

 
INVICTA SECURITIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVICTA SECURITIES LIMITED (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


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

 
INVICTA SECURITIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVICTA SECURITIES 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, health and safety legislation and FCA rules and regulations;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

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

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

 
Page 7

 
INVICTA SECURITIES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVICTA SECURITIES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims.
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. 

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 other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





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

18 October 2024
Page 8

 
INVICTA SECURITIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,744,493
3,125,990

Cost of sales
  
(287,658)
(600,683)

Gross profit
  
1,456,835
2,525,307

Administrative expenses
  
(1,293,471)
(1,093,405)

Fair value movements
  
106,430
(21,367)

Operating profit
 5 
269,794
1,410,535

Income from fixed assets investments
 9 
105,509
75,979

Profit on disposal of fixed asset investments
  
93,126
49,418

Interest receivable and similar income
  
6,616
6,138

Interest payable and similar expenses
  
(554)
(3)

Profit before tax
  
474,491
1,542,067

Tax on profit
 10 
(105,463)
(323,011)

Profit for the financial year
  
369,028
1,219,056

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

The notes on pages 14 to 22 form part of these financial statements.
Page 9

 
INVICTA SECURITIES LIMITED
REGISTERED NUMBER:08561884

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
9,988
16,403

Investments
 13 
2,053,375
2,209,905

  
2,063,363
2,226,308

Current assets
  

Debtors: amounts falling due within one year
 14 
85,151
274,270

Cash at bank and in hand
  
404,908
239,757

  
490,059
514,027

Current liabilities
  

Creditors: amounts falling due within one year
 15 
(218,489)
(474,430)

Net current assets
  
 
 
271,570
 
 
39,597

  

Net assets
  
2,334,933
2,265,905


Capital and reserves
  

Called up share capital 
 17 
250,000
250,000

Profit and loss account
 18 
2,084,933
2,015,905

  
2,334,933
2,265,905


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2024.




C Argentieri
Director

The notes on pages 14 to 22 form part of these financial statements.
Page 10

 
INVICTA SECURITIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
250,000
1,289,163
1,539,163



Profit for the year
-
1,219,056
1,219,056

Dividends paid
-
(492,314)
(492,314)



At 1 July 2023
250,000
2,015,905
2,265,905



Profit for the year
-
369,028
369,028

Dividends paid
-
(300,000)
(300,000)


At 30 June 2024
250,000
2,084,933
2,334,933


The notes on pages 14 to 22 form part of these financial statements.
Page 11

 
INVICTA SECURITIES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
369,028
1,219,056

Adjustments for:

Depreciation of tangible assets
7,813
8,457

Interest paid
-
3

Interest received
(112,125)
(82,117)

Taxation charge
105,463
323,011

Decrease/(increase) in debtors
189,119
(119,307)

(Decrease) in creditors
(29,160)
(58,591)

Net fair value (gains)/losses recognised in P&L
(106,430)
21,367

Corporation tax (paid)
(332,245)
(204,753)

Net cash generated from operating activities

91,463
1,107,126


Cash flows from investing activities

Purchase of intangible fixed assets
-
(3,058)

Purchase of tangible fixed assets
(1,397)
-

Purchase of listed investments
(2,558,939)
(3,130,556)

Sale of listed investments
2,821,899
2,420,695

Interest received
6,616
6,138

Income from investments
105,509
75,979

Net cash from investing activities

373,688
(630,802)

Cash flows from financing activities

Dividends paid
(300,000)
(492,314)

Interest paid
-
(3)

Net cash used in financing activities
(300,000)
(492,317)

Net increase/(decrease) in cash and cash equivalents
165,151
(15,993)

Cash and cash equivalents at beginning of year
239,757
255,750

Cash and cash equivalents at the end of year
404,908
239,757


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
404,908
239,757

404,908
239,757

Page 12

 
INVICTA SECURITIES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

239,757

165,151

404,908

Debt due within 1 year

-

-

-


239,757
165,151
404,908

The notes on pages 14 to 22 form part of these financial statements.
Page 13

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Invicta Securities Limited is a limited liability company incorporated and domiciled in England and Wales. Its registered office and business address is 83 Baker Street, London, W1U 6AG.

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).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

The company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. 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 the Statement of Comprehensive Income.

 
2.3

Turnover

Turnover represents the profits or losses realised on matched trades and is recognised when the trades have been settled. 

 
2.4

Pensions

The company contributes to 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.

Page 14

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Tangible fixed assets

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

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

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

Office equipment
-
25%
straight line
Computer equipment
-
25%
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.

 
2.7

Valuation of investments

Investments in listed bonds are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income.
Other investments are valued at the market values as at the reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income. 
Page 15

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. The Company does not have debt instruments that are payable or receivable in more than one year.
Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets that are measured at fair value through the profit or loss are revalued at the end of each reporting period. These fair value movements are recognised in the Statement of Comprehensive Income.
Cash is represented by cash in hand and deposits with financial institutions.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There are no critical accounting estimates and judgments that materially affect the financial statements.


4.


Turnover

All sales relate to the principal activity of the company. Geographic split of turnover: UK 43% and Europe 46% and rest of world 11% (2023 - UK 35% and Europe 65%).


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
41,606
(32,810)

Page 16

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's annual financial statements
11,040
14,760

All other services

9,972
11,808

21,012
26,568


7.


Employees

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


2024
2023
£
£

Wages and salaries
462,003
528,021

Social security costs
89,793
81,317

Cost of defined contribution scheme
186,801
65,536

738,597
674,874


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


        2024
        2023
            No.
            No.







Directors
2
2



Administrative
2
1

4
3

Page 17

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
114,443
114,661

Company contributions to defined contribution pension schemes
180,000
60,000

294,443
174,661


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received emoluments of £225,000.


9.


Income from investments

2024
2023
£
£

Coupons receivable
105,509
75,979







10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
100,932
323,011


Double taxation relief
(30,606)
-


70,326
323,011

Foreign tax


Foreign tax on income for the year
35,137
-

35,137
-

Total current tax
105,463
323,011

Page 18

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
474,491
1,542,067


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
118,623
316,124

Effects of:


Expenses not deductible for tax purposes
(48,234)
(4,407)

Depreciation for year in excess of capital allowances
1,604
966

Capital gains
28,939
10,328

Foreign tax
4,531
-

Total tax charge for the year
105,463
323,011


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends paid on equity capital
300,000
492,314

Page 19

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 July 2023
28,839
20,525
49,364


Additions
122
1,276
1,398



At 30 June 2024

28,961
21,801
50,762



Depreciation


At 1 July 2023
16,068
16,893
32,961


Charge for the year on owned assets
5,426
2,387
7,813



At 30 June 2024

21,494
19,280
40,774



Net book value



At 30 June 2024
7,467
2,521
9,988



At 30 June 2023
12,771
3,632
16,403


13.


Fixed asset investments





Listed investments

£



Market value


At 1 July 2023
2,209,905


Additions
2,558,939


Disposals
(2,821,899)


Revaluations
106,430



At 30 June 2024
2,053,375




Page 20

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Debtors

2024
2023
£
£


Trade debtors
9,103
5,320

Other debtors
11,515
190,332

Prepayments and accrued income
39,433
40,518

Tax recoverable
25,099
38,099

85,150
274,269



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
34,505
5,204

Corporation tax
97,887
324,669

Other taxation and social security
9,923
9,726

Other creditors
34,338
23,437

Accruals and deferred income
41,836
111,394

218,489
474,430



16.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,053,375
2,209,905




Financial assets measured at fair value through profit or loss comprise investments held by the company.


All other financial assets and liabilities are basic financial instruments measured at amortised cost.


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250,000 'A' ordinary shares of £1 each
250,000
250,000


Page 21

 
INVICTA SECURITIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company started trading. Included within this reserve are cumulative unrealised fair value gains and losses relating to the investments held as detailed in note 13, which are not distributable. All other amounts in this reserve are distributable.


19.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charges represent contributions payable to the fund and amounted to £186,801 (2023 - £65,536). Pension contributions due to the fund at the reporting date were £nil (2023 - £nil).


20.


Related party transactions

At the reporting date the company owed £10,794 (2023 (owed by) - £138,521) to one of its directors. 
The company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned entities in the group.
Key management personnel include all directors who together have the authority and responsibility for planning, directing and controlling the activities of the company. Compensation to key management personnel consists only of the directors' remuneration as set out in note 8.


21.


Controlling party

The ultimate controlling party is C Argentieri, by virtue of a majority shareholding.

 
Page 22