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Company Information
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Contents
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Directors' report
For the year ended 31 March 2024
The directors present their report together with the consolidated financial statements of InvestEngine (Holdings) Limited ('the company') and its subsidiaries (together ' the group') for the year ended 31 March 2024.
The directors who served during the year were:
The directors are responsible for preparing the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The auditor, Buzzacott LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Directors' report (continued)
For the year ended 31 March 2024
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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Independent auditor's report to the members of InvestEngine (Holdings) Limited
For the year ended 31 March 2024
We have audited the financial statements of InvestEngine (Holdings) Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of changes in equity, the Company statement of changes in equity, the Consolidated statement of cash flows and the related notes, including a summary of 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).
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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
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Independent auditor's report to the members of InvestEngine (Holdings) Limited (continued)
For the year ended 31 March 2024
Other information (continued)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
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Independent auditor's report to the members of InvestEngine (Holdings) Limited (continued)
For the year ended 31 March 2024
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud 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 Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing investment brokerage businesses;
∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussions with directors and other management at the planning stage, and from our knowledge and experience of investment brokerage businesses;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations;
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group including the Companies Act 2006, the Financial Services and Markets Act 2000, employment legislation, and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management;
∙inspecting legal expenditure throughout the year for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the group to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
∙reviewed journal entries at the year end to identify unusual transactions, particularly in relation to expenditure;
∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the group's management;
∙carried out substantive testing to check the occurrence and cut-off of expenditure; and
∙tested the completeness and existence of revenue in by comparing reports generated by the trading platform to entries in the nominal ledger.
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Independent auditor's report to the members of InvestEngine (Holdings) Limited (continued)
For the year ended 31 March 2024
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:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with the Financial Conduct Authority and the company's legal advisors.
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 Auditor's 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.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Consolidated statement of comprehensive income
For the year ended 31 March 2024
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Consolidated statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2024.
The notes on pages 14 to 31 form part of these financial statements.
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Company statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 31 form part of these financial statements.
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Consolidated statement of changes in equity
For the year ended 31 March 2024
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Company statement of changes in equity
For the year ended 31 March 2024
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Consolidated statement of cash flows
For the year ended 31 March 2024
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Consolidated statement of cash flows (continued)
For the year ended 31 March 2024
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Notes to the financial statements
For the year ended 31 March 2024
InvestEngine (Holdings) Limited is a private company limited by shares, incorporated in England and Wales, registration number 13605965. The address of the registered office is 3rd Floor, Lawford House, Albert Place, London N3 1QA. The company's principle place of business is 4th Floor, 57-59 Great Suffolk Street, London SE1 0BB.
2.Accounting policies
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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The company has taken advantage of the following disclosure exemptions in preparing these financial
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows.
This information is included in these consolidated financial statements.
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Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
The Group generated a loss of £5.7m for the year and has continued to generate losses since 31 March 2024.
The Group has received capital injections from new and existing shareholders totalling £8m since 31 March 2024. The directors have assessed the Group’s ability to continue as a going concern and have concluded that there are reasonable grounds to believe that it has access to adequate resources to continue in operational existence for the foreseeable future. This assessment considered the Group’s current financial position, detailed projections and forecasts and future capital raising plans.
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
management services in the ordinary course of the company's activities. This is accrued daily. Revenue from marketing services is recognised over the period that ongoing services are rendered or at the time when specified performance obligations have been satisfied.
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Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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 and the group operate and generate income.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life. Goodwill is amortised on a straight line basis over 10 years. Other 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.Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:
∙it is technically feasible to complete the software so that it will be available for use;
∙management intends to complete the software and use or sell it;
∙there is an ability to use or sell the software;
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Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
∙it can de demonstrated how the software will generate probable future economic benefits;
∙adequate technical, financial and other resources to complete the development and to use or sell the
software are available; and
∙the expenditure attributable to the software during its development can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred.
Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. 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. 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. The estimated useful lives range as follows: Website and software development - 10 years
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Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
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 and the reducing balance method.
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 and the reducing balance method.
Depreciation is provided on the following basis:
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.
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Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Prior to trading ETFs, clients deposit funds with the company. The company holds money and purchased ETFs
(custody assets) on behalf of clients in accordance with the client money and custody asset rules of the UK Financial Conduct Authority (FCA). Such monies are segregated in accordance with the relevant regulatory requirements. Segregated client funds comprise individual client funds held in segregated client money accounts. Segregated client money accounts hold statutory trust status restricting the company's ability to control the monies and accordingly such amounts are not included in the Statement of financial position. Such assets are segregated in accordance with the relevant regulatory requirements. Segregated custody assets comprise individual assets held in Euroclear's CREST system.
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 Statement of financial position 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. make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the year end date and amounts reported for revenues and expenses during the year. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. However, the nature of estimation means that actual outcomes could differ from those estimates. Capitalisation of software development costs The Group incurs research and development expenditure. Research expenditure is not capitalised and is recognised as an expense in the profit and loss account as incurred. Development costs are capitalised as intangible assets. Judgement is applied by management in determining how much expenditure can be attributed to the research and development phases of internal projects by ascertaining the amount of time spent on developing new platform features.
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Notes to the financial statements
For the year ended 31 March 2024
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Notes to the financial statements
For the year ended 31 March 2024
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Notes to the financial statements
For the year ended 31 March 2024
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Notes to the financial statements
For the year ended 31 March 2024
11.Taxation (continued)
At 31 March 2024, the group had unrecognised taxable losses carried forward of £14,056,772 (2023: £4,450,355).
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Notes to the financial statements
For the year ended 31 March 2024
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Notes to the financial statements
For the year ended 31 March 2024
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Notes to the financial statements
For the year ended 31 March 2024
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Notes to the financial statements
For the year ended 31 March 2024
During the year, the company issued 2,028,420 Ordinary £0.0001 A shares for £2.6646 each.
The Ordinary A shares carry full rights with regard to voting, dividends and capital distribution. The Ordinary B shares have no rights in the company with regard to voting but have rights to an equal share in any dividend paid by the company and rights to an equal distribution of the surplus assets of the company on its winding up.
Share premium account
Share-based payment reserve
based rewards granted to employees.
Profit and loss account
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Notes to the financial statements
For the year ended 31 March 2024
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Notes to the financial statements
For the year ended 31 March 2024
The group operates segregated client money bank accounts and holds segregated custody assets. As at 31 March
2024, the total balance of client money was £31,703,000 (2023: £17,314,000) and the total value of clients' custody assets was £409,076,000 (2023: £169,281,000).
After the end ended 31 March 2023, but before the relating financial statements were signed, all share option agreements with employees were surrendered, and new agreements were signed under a new approved EMI scheme. No share-based payment expense was recognised because of this. The substance of the agreements were unchanged, with the vesting period start date in the new agreements being the same as that of the old agreements. Prior year figures have therefore been restated to spread the expense related to the share based payments over the vesting period, as if the cancellation and re-issuance had not occurred.
The administrative expenses has been debited by £487,340 (representing the share-based payment charge for both 2023, and previous years before the group existed, because the parent company entered into share-based payment agreements that started vesting before it existed), with the credit side impacting share-based payment reserves.
The group operated a defined contribution pension scheme. The pension cost charged for the period represents
contributions payable by the group to the scheme and amounted to £25,271 (2023 - £21,033). Contributions totalling £4,962 (2023 - £3,665) were payable to the scheme at the end of the period and are included in creditors.
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Notes to the financial statements
For the year ended 31 March 2024
∙15 May 2024 439,840 shares
∙3 July 2024 989,641 shares
∙31 July 2024 329,880 shares
The ultimate controlling party is Simon Crookall by virtue of his majority shareholding in the company.
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