Company registration number 08956837 (England and Wales)
HILBERT INVESTMENT SOLUTIONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
HILBERT INVESTMENT SOLUTIONS LTD
COMPANY INFORMATION
Directors
Mr S G Lamarque
Mr D Mallawa-Arachi
Company number
08956837
Registered office
Aldgate Tower
2 Leman Street
London
E1W 9US
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
Business address
St Clements House
27-28 Clements Lane
London
EC4N 7AE
HILBERT INVESTMENT SOLUTIONS LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group statement of financial position
11
Group statement of changes in equity
12
Group statement of cash flows
13
Notes to the group financial statements
14 - 33
HILBERT INVESTMENT SOLUTIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
Hilbert Investment Solutions Limited (‘Hilbert’) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across fixed income, etfs, structured products, managed portfolio services, protected investments and pensions.
Hilbert provides comprehensive breadth and depth of coverage across four core services:
Hilbert operates with scale, with a team of circa 50 people, across Europe, including in the UK, France, Italy, Belgium and Luxembourg, as well as in the Middle East, serving professional advisers and individual and institutional investors.
Established in Paris in 2012, before opening in London in 2016, and then proceeding to expand our reach further internationally, the company has built a reputation for developing innovative investment and pension solutions for a wide range of professionally advised and self-directed investors, from individuals to institutions.
The company works with approximately 20 major, global investment banks as counterparties, as well as with leading asset management firms and pension providers.
The company’s primary custody provider is Bank of New York Mellon, one of the largest custody service providers in the world.
The company’s proprietary ‘Infinity platform’ provides investors and their professional advisers with 24 / 7 / 365 plan administration and account management, supported by the company’s investor and adviser lines during normal business office hours.
The company has traded over $4 billion notional traded volume across fixed income, etfs and structured products.
Launched more than 500 products, with in excess of $ 750m notional value under administration as at year end
The financial performance and the financial position of the company at the 31 March year-end of the 2023 / 2024 year were considered satisfactory by the directors.
The company’s turnover increased by 39% in the year, reflecting the progress being made by the company across its various areas of operation and countries / regions. The directors expect continued growth in the foreseeable future, as the company continues to scale up the level that it operates at and its capabilities.
Most recently, following the year end, the company successfully completed the acquisition of the business of Tempo Structured Products Limited in the UK, bringing additional assets under management and administration.
The company is authorised with and regulated in the UK by the Financial Conduct Authority (‘FCA’). As a result of the company’s regulatory permissions to hold client assets, the FCA determines that the company must maintain the higher of the base capital resources requirement of EUR125k or the sum of its credit risk capital requirement and market risk capital requirements which was calculated to be £159k at the year end. The directors are content that this has been maintained during the year.
HILBERT INVESTMENT SOLUTIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The FCA introduced the new Consumer Duty in July 2023. The over-arching principle of the Consumer Duty requires firms requires firms to demonstrably act to deliver good outcomes for retail customers, setting higher and clearer standards of consumer protection, requiring firms to put consumer’s needs first.
The company has fully implemented the requirements of the Consumer Duty, ensuring that client-centric, best practice governance and compliance, with the aim of delivering good outcomes for investors, has been embedded in the company’s governance policies and processes.
The company recognises good governance as a core value, not just a regulatory requirement, aiming to meet and even surpass regulatory requirements, expectations and guidance.
Principal risks and uncertainties
Managing our Risk
Risk management is a key consideration for delivering against our strategic priorities, whilst ensuring our long term sustainability and effective corporate governance. Our Group's business strategy and risk appetite are linked and form the driver for decision-making across the Group so that boundaries are set to support the execution of our strategy, the effective management of capital and the efficient use of liquidity.
To ensure effective risk management practices permeate throughout the business we have a comprehensive risk management governance structure in place, that articulates the control mechanisms to identify, measure, assess, monitor, control, and report on our underlying top and emerging risks. This governance structure is articulated within our Enterprise-Wide Risk Management ('EWRM') framework and policy which are enabled by our people, our processes and systems and sets the foundations and organizational structure for implementing and reviewing risk management practices and activities across the Group which includes the Company.
Risk appetite
Our comfort in risk taking is set by the Group and its CEO and defines the risk boundaries in which business unit and management operate. Our risk appetite is underpinned by a series of measures that track the current and stressed performance of the business against a series of risk appetite statements.
Regular monitoring of our risk appetite measures helps us to alert management in case there are any changes to the Group risk profile so that appropriate actions can be promptly taken to return within acceptable risk levels.
In line with our EWRM framework and Policy this approach allows the CEO, its sub-committees and executive management to discuss and measure the nature and extent of the risks faced by the Group while executing our strategy.
Stress and Scenario analysis
As part of the risk management process and in alignment with best practices of regulatory requirements set by the FCA and the ACPR , we carry out regular stress tests and scenario analysis on the amount, type and distribution of financial and capital resources to address the key risks we are exposed to.
Within these assessments we not only look at capital and liquidity resources required to cover for the level of risk we may be exposed to, but we also take into consideration the level of harm to those that might be affected by our operations such as our clients and the markets we operate in.
We use these extreme but plausible risk scenarios to better understand how resilient our business should be during a moment of crisis or large-scale events that could materialize and, if necessary, to re-calibrate our risk appetite.
Enterprise-wide risk management framework
The EWRM framework is an overarching document that applies to the Group including the Company. It describes the methodology for managing our risks. The CEO has ultimate responsibility for ensuring that the Group operates with an appropriate risk governance framework. It maintains oversight over subsidiaries and is cognisant of the local regulatory responsibilities applicable to Boards of local operations.
HILBERT INVESTMENT SOLUTIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Subsidiaries may develop their own risk frameworks and policies for their specific business, however in the development they are consistent with and do not conflict with the principles of the Group EWRM policy, framework and all other relevant Group policies.
This structure ensures that all separate legal entities are treated collectively for the purposes of risk identification, assessment, communication, and reporting, so the Group has a holistic view of risk.
Development and performance
The company over the previous year has investigated expanding into different markets to develop the range opportunities available to their clients. An example of this is providing brokering services into pension plans as well as the continued retail clients.
Artur Invest and Hilbert Investment Solutions (SAS), both situated in France which are part of the group, have continued to trade in the 2024 financial year. In the expansion of the group, we purchased capital in Hilbert Wealth Management (France) and InfinityETN PLC (Ireland) within the 2024 financial year.
Finally, the tangible core of our business is Hilbert’s Infinity our core custody & trading system is that we developed in-house and that we own. Infinity is our beating heart, It’s a complex suite of code that we own and that we wrote in-house and allows our client to perform the design, the pricing, the risk management and the custody of Structured Investment.
Other performance indicators
The KPI of the business is service fees and profit generated as disclosed in the statutory profit and loss account.
We also have a few areas where we are looking to focus on in 2025, namely:
Intangible Assets (Infinity)
Expecting to have 10 000 active clients using the system by 2025
Positive profit trend
Launch of our pension product to be sold through IFA’s.
HILBERT INVESTMENT SOLUTIONS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Compliance with section 172 statement
Under Section 172 of the Companies Act 2006, the Director has a duty to act in good faith, which would most likely promote the success of the company for the benefit and interests of all its stakeholders as a whole. The Company’s stakeholders include, but are not limited to, its employees, suppliers, customers and regulators.
The Board endeavours to achieve and maintain a reputation for high standards of conduct amongst its stakeholders which it regards as crucial in its ability to successfully achieve its corporate objectives. During the development of the Company’s strategies and decision-making processes, the Board will consider its stakeholders and their interests. The differing interests of stakeholders require the Board to assess and manage the impact of its policies in a fair and balanced manner to the benefit of its stakeholders as a whole. The Board considers below these different stakeholder Company’s, their material issues and how the Company engages with them.
Employees
The employees are considered to be extremely significant in the company’s operations. Regular meetings are held with employees where company updates are provided. Ongoing management training, personal development and performance reviews all contribute to the development of staff.
Suppliers
Supplier interests include fair trading, payment terms and working towards building a successful relationship. The company will regularly review its supplier payments and performance alongside its monitoring of its performance.
Customers
Customers are regularly informed of the upcoming products created by the company, which are designed to meet their needs. The company aims to achieve the highest level of customer service and operates under an open and transparent pricing model with its customers.
Regulators and Compliance
The company holds licenses with the Financial Conduct Authority and must adhere to the regulatory requirements of these licenses. The company ensures that staff have sufficient knowledge and with regular training, ensures that these regulations are met.
The nature of the business undoubtedly results in a higher risk of money laundering. All staff receive the relevant Anti-Bribery and Anti-Money Laundering training. Procedures and communications are in place to ensure that staff are able to comply with anti-Money Laundering should there ever be a case.
Mr S G Lamarque
Director
17 February 2025
HILBERT INVESTMENT SOLUTIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the group continued to be that of of providing broking services and distribution of structured products.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid during the period amounting to £600,000. The director does not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S G Lamarque
Mr D Mallawa-Arachi
Supplier payment policy
The group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The group's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the group at the year end were equivalent to 85 day's purchases, based on the average daily amount invoiced by suppliers during the year.
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the director has taken all the steps that he ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
On behalf of the board
Mr S G Lamarque
Director
17 February 2025
HILBERT INVESTMENT SOLUTIONS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
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 group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
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.
HILBERT INVESTMENT SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HILBERT INVESTMENT SOLUTIONS LTD
- 7 -
Opinion
We have audited the financial statements of Hilbert Investment Solutions Ltd (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the group statement of changes in equity, the group and parent company statement of cash flows and the group notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
In our opinion:
the financial statements give a true and fair view of the state of the group's affairs as at 31 March 2024 and of the group's profit for the year then ended;
the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
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 and parent 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 group's and 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. 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:
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.
HILBERT INVESTMENT SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HILBERT INVESTMENT SOLUTIONS LTD
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory frameworks that are that are applicable to the Group and Company.
Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including compliance with Financial Conduct Authority, Directive 2014/65/EU (MiFID 2), Companies Act 2006, taxation legislation, data protection, The Bribery Act 2010, anti-money-laundering, The Employments Act Rights 1996, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The 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;
obtaining the CASS resolution pack and assessing the internal procedures
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.
HILBERT INVESTMENT SOLUTIONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HILBERT INVESTMENT SOLUTIONS LTD
- 9 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected variances;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
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;
confirming with management that correct insurance policies are in place; and
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 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.
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.
Daniel Rose
For and on behalf of Gravita Audit II Ltd
17 February 2025
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
HILBERT INVESTMENT SOLUTIONS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Revenue
4
7,177,015
4,430,850
Cost of sales
(3,091,066)
(2,429,410)
Gross profit
4,085,949
2,001,440
Administrative expenses
(1,863,464)
(1,860,445)
Exceptional items
5
(893,807)
634,880
Operating profit
6
1,328,678
775,875
Investment revenues
10
5,450
4,650
Finance costs
11
(7,131)
Profit before taxation
1,326,997
780,525
Income tax expense
12
(451,161)
(156,412)
Profit for the year
875,836
624,113
Other comprehensive income:
Currency translation differences
(88,920)
46,869
Total
(88,920)
46,869
Total other comprehensive income for the year
(88,920)
46,869
Total comprehensive income for the year
786,916
670,982
Profit for the financial year is attributable to:
- Owners of the parent company
853,634
620,477
- Non-controlling interests
22,202
3,636
875,836
624,113
Total comprehensive income for the year is attributable to:
- Owners of the parent company
764,714
667,346
- Non-controlling interests
22,202
3,636
786,916
670,982
HILBERT INVESTMENT SOLUTIONS LTD
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
Non-current assets
Intangible assets
14
979,208
996,316
Property, plant and equipment
15
14,515
10,779
Investments
16
1,078,625
692,967
Other receivables
18
838,685
679,234
2,911,033
2,379,296
Current assets
Trade and other receivables
18
1,650,020
1,189,472
Cash and cash equivalents
563,270
400,116
2,213,290
1,589,588
Current liabilities
Trade and other payables
20
1,369,750
1,315,882
Current tax liabilities
558,322
186,424
1,928,072
1,502,306
Net current assets
285,218
87,282
Non-current liabilities
Provisions
20
500,000
Net assets
2,696,251
2,466,578
Equity
Called up share capital
23
2,035,001
2,035,001
Retained earnings
366,461
201,747
Equity attributable to owners of the parent company
2,401,462
2,236,748
Non-controlling interests
294,789
229,830
Total equity
2,696,251
2,466,578
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
Mr S G Lamarque
Director
Company registration number 08956837 (England and Wales)
HILBERT INVESTMENT SOLUTIONS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Retained earnings
Total
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
185,001
1,454,401
1,639,402
226,194
1,865,596
Year ended 31 March 2023:
Profit for the year
-
620,477
620,477
3,636
624,113
Other comprehensive income:
Currency translation differences
-
46,869
46,869
-
46,869
Total comprehensive income for the year
-
667,346
667,346
3,636
670,982
Transactions with owners in their capacity as owners:
Bonus issue
23
1,850,000
(1,850,000)
-
-
Dividends
13
-
(70,000)
(70,000)
-
(70,000)
Balance at 31 March 2023
2,035,001
201,747
2,236,748
229,830
2,466,578
Year ended 31 March 2024:
Profit for the year
-
853,634
853,634
22,202
875,836
Other comprehensive income:
Currency translation differences
-
(88,920)
(88,920)
-
(88,920)
Total comprehensive income for the year
-
764,714
764,714
22,202
786,916
Transactions with owners in their capacity as owners:
Dividends
13
-
(600,000)
(600,000)
-
(600,000)
Other movements
-
-
-
42,757
42,757
Balance at 31 March 2024
2,035,001
366,461
2,401,462
294,789
2,696,251
HILBERT INVESTMENT SOLUTIONS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,804,425
666,029
Interest paid
(7,131)
Income taxes paid
(181,936)
(304,263)
Net cash inflow from operating activities
1,615,358
361,766
Investing activities
Purchase of intangible assets
(152,234)
(149,128)
Purchase of property, plant and equipment
(17,923)
(4,715)
Directors advances
(302,706)
-
Proceeds/(purchase) of investments
(384,791)
99,059
Interest received
5,450
-
Net cash used in investing activities
(852,204)
(54,784)
Financing activities
Dividends paid to equity shareholders
(600,000)
(70,000)
Net cash used in financing activities
(600,000)
(70,000)
Net increase in cash and cash equivalents
163,154
236,982
Cash and cash equivalents at beginning of year
400,116
163,134
Cash and cash equivalents at end of year
563,270
400,116
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Hilbert Investment Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US. The company's business address is St Clements House, 27-28 Clements Lane, London, EC4N 7AE. The company's principal activities and nature of its operations are disclosed in the director's report.
The group consists of Hilbert Investment Solutions Ltd and all of its subsidiaries.
1.1
Accounting convention
The consolidated financial statements of the Group have been prepared in accordance UK-adopted International Accounting Standards as issued by the International Accounting Standards Board (IASB).
The consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of financial assets and financial liabilities at fair value. The consolidated financial statements are prepared in sterling (“£”), which is the functional currency of the Group. Monetary amounts in these consolidated financial statements are rounded to the nearest £, except when otherwise indicated.
The preparation of consolidated financial statements in conformity with the UK-adopted International Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. Areas involving a higher degree of judgment or complexity or areas where assumptions and estimations are significant to the consolidated financial statements are disclosed in Note 3.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention except for the revaluation of equity investments. The principal accounting policies adopted are set out below.
1.2
Business combinations
The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Hilbert Investment Solutions Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the consolidated financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future (at least 12 months from the date of signing). Thus, the directors continue to adopt the going concern basis of accounting in preparing the consolidated financial statements. The Group has produced long-term forecasts and carried out additional cash flow forecasts and sensitivity analysis to ensure that the business has adequate liquidity to continue to operate for this time.true
1.5
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises revenue when it transfers control of a product or service to a customer.
The group's major source of revenue is broking services.
The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:
Broking services
Sales are recorded as commissions received as a result of brokerage services. The performance obligations are deemed to be satisfied once the trade has been placed on behalf of the client, and money is held in client accounts for which the commission earned is transferred per the CASS rules, calculated using reconciliations of these accounts on a daily basis.
1.6
Intangible assets other than goodwill
Intangible assets acquired separately from a business, including cryptocurrencies are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, 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:
Fixtures and fittings
25% straight line
Computers
33.33% 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 recognised in the income statement.
1.8
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of tangible and intangible assets
At each reporting end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial assets
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
The parent company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:
· The rights to receive cash flows from the asset have expired or
· The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset..
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the asset or liability is exchanged in an orderly transaction between market participants to sell the asset or transfer the liability at the measurement date under current market conditions. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either:
in the principal market for the asset or liability; or in the absence of a principal market, in the most advantageous market for the asset or liability.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The fair value of liabilities takes into account non-performance risk, which is the risk that the entity will not fulfill an obligation.
The Group classifies its fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The following table analyses within the fair value hierarchy the assets and liabilities (by class) not measured at fair value at 31 March 2024 and 2023 but for which fair value is disclosed.
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Trade and other receivables | | | | | | | | |
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Trade and other receivables | | | | | | | | |
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HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Financial liabilities
The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.
1.13
Equity instruments
Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.
1.14
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 income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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 group 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.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event and it is probable that the group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
1.15
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 inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
2
Adoption of new and revised standards and changes in accounting policies
Certain new accounting standards and interpretations have been published that are not mandatory for the 31 March 2023 reporting periods and have not been early adopted by the Company. These are as follows:
Amendments to IAS 1 and IFRS Practice Statement 2 'Disclosure of Accounting Policies' (effective for annual periods beginning on or after 1 January 2023)
IFRS 17 ‘Insurance Contracts’ (Effective for annual reporting periods beginning on or after 1 January 2023)
Amendments to IAS 1 ‘Classification of liabilities as Current or Non-current’ (Effective for annual reporting periods beginning on or after 1 January 2023)
Amendments to IAS 8 'Definition of Accounting Estimates' (effective for annual periods beginning on or after 1 January 2023)
Amendments to IAS 12 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction' (effective for annual periods beginning on or after 1 January 2023)
There are no standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
3
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Depreciation and amortisation
Depreciation and amortisation are provided at rates calculated to write off the cost of valuation of assets less estimated residual value of each asset over its expected useful life, using industry standards.
Intangible assets
Intangible assets has been recorded for software development costs and customer listings. Software development costs with a carrying amount of £318,463 (£293,402) are been estimated by capitalising direct expenses such as staff costs related to developing the software and amortised over a straight line period of 5 years. Customer Listings with a carrying amount of £642,542 (£654,488) have been capitalised at the determined value at acquisition of the subsidiary and has been amortised over a useful life of 10 years.
Provisions
Provisions are included for amounts which are estimated to be due for legal claims against the group (non regulatory)The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Investments
Company holds bonds at amortised cost (to maturity) and therefore makes judgements related to the interest (amortisation) rates.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
4
Revenue
2024
2023
£
£
Revenue analysed by class of business
Brokerage services
7,161,013
4,382,309
Other income
18,450
48,541
7,182,463
4,430,850
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
5,709,341
4,130,700
France
1,473,122
300,150
7,182,463
4,430,850
5
Exceptional items
2024
2023
£
£
Income
Exceptional items
-
634,880
Expenditure
Exceptional items
893,807
-
Net exceptional income/(expenditure)
(893,807)
634,880
The exceptional item expense in the current year relates to both one off costs in connection with setting up a new business line and product with a member of the group and also a provision of costs in connection with legal claims and costs (non-regulatory).
The exceptional item during the prior period relates to the write off of a related party loan.
6
Operating profit/(loss)
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(996)
(15,912)
Fees payable to the company's auditor for the audit of the company's financial statements
52,500
44,126
Depreciation of property, plant and equipment
9,000
6,885
Amortisation of intangible assets (included within administrative expenses)
174,878
102,300
Loss on disposal of intangible assets
29,141
-
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
7
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
52,500
44,126
For other services
Non-audit fees
17,500
23,881
8
Employees
The average monthly number of persons (including directors) employed by the group during the year was:
2024
2023
Number
Number
Administration
6
5
Research
5
2
Compliance
2
2
Sales
6
4
Marketing
2
2
IT
-
5
Total
21
20
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
574,465
410,598
Social security costs
80,802
90,039
Pension costs
23,450
9,170
678,717
509,807
9
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
330,638
188,524
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
10
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Investments held at amortised cost
-
1,714
Other interest income on financial assets
5,450
2,936
Total interest revenue
5,450
4,650
11
Finance costs
2024
2023
£
£
Other interest payable
7,131
12
Income tax expense
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
451,161
156,412
The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:
2024
2023
£
£
Profit before taxation
1,326,997
780,525
Expected tax charge based on a corporation tax rate of 25.00% (2023: 19.00%)
331,749
148,300
Effect of expenses not deductible in determining taxable profit
9,492
566,681
Gains not taxable
-
(653,792)
Depreciation on assets not qualifying for tax allowances
2,250
4,869
Amortisation on assets not qualifying for tax allowances
29,135
90,354
Capital allowances
(3,279)
-
Profit/loss activity for subsidiaries outside the UK
(37,100)
-
Tax charge for subsidiaries outside the UK
54,916
-
R & D Tax Credit
(45,417)
-
Other adjustments
(11,387)
-
Pre trading expenses
120,802
-
Taxation charge for the year
451,161
156,412
Pre trading expense relate to costs paid on behalf of Infinity ETN Plc which will be allowable once trading commences. Therefore no deferred tax asset has been accounted for in the accounts as the timing of the reversal of this is unknown.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
13
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Final dividend paid
0.29
0.03
600,000
70,000
14
Intangible assets
Development costs
Bitcoin
Customer List
Total
£
£
£
£
Cost
At 1 April 2022
451,771
678,380
1,130,151
Additions
130,925
18,203
-
149,128
Foreign currency adjustments
30,223
-
-
30,223
At 31 March 2023
612,919
18,203
678,380
1,309,502
Additions - purchased
152,234
152,234
Disposals
(145,703)
(145,703)
Foreign currency adjustments
18,507
18,507
At 31 March 2024
607,734
18,203
678,380
1,304,317
Amortisation and impairment
At 1 April 2022
221,441
-
11,946
233,387
Charge for the year
67,853
-
11,946
79,799
At 31 March 2023
289,294
-
23,892
313,186
Charge for the year
116,539
-
35,838
152,377
Eliminated on disposals
(116,562)
-
-
(116,562)
At 31 March 2024
289,271
-
35,838
325,109
Carrying amount
At 31 March 2024
318,463
18,203
642,542
979,208
At 31 March 2023
323,625
18,203
654,488
996,316
At 31 March 2022
252,831
-
666,435
919,266
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
15
Property, plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
8,987
14,630
23,617
Additions
2,695
2,020
4,715
At 31 March 2023
11,682
16,650
28,332
Additions
5,061
12,862
17,923
At 31 March 2024
16,743
29,512
46,255
Accumulated depreciation and impairment
At 1 April 2022
1,296
9,372
10,668
Charge for the year
1,909
4,976
6,885
At 31 March 2023
3,205
14,348
17,553
Charge for the year
5,173
9,014
14,187
At 31 March 2024
8,378
23,362
31,740
Carrying amount
At 31 March 2024
8,365
6,150
14,515
At 31 March 2023
8,477
2,302
10,779
16
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments held at fair value through profit or loss
18,838
17,970
Investments held at amortised cost
1,059,787
674,997
1,078,625
692,967
Fair value of financial assets carried at amortised cost
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
17
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Artur Invest
2, Rue Turgot, 75009, Paris
Broking services
Ordinary Shares
69.00
Hilbert SAS
2, Rue Turgot, 75009, Paris
Broking services
Ordinary Shares
100.00
Iinfinity ETN PLC
31-32 Leeson Street Lower, Dublin 2, Dublin 2, Ireland
Financial services
Ordindary Shares
100.00
Hilbert Wealth Management
66 Avenue des Champs- Elysees - 75008 Paris
Broking services
Ordinary Shares
50.00
18
Trade and other receivables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
VAT recoverable
-
3,120
-
-
Amounts owed by related parties
383,223
583,427
Other receivables
1,244,011
583,335
838,685
679,234
Prepayments
22,786
19,589
-
-
1,650,020
1,189,471
838,685
679,234
19
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
The ECL’s are immaterial and have not been accounted for as the gross and net balances are the same and no separate analysis is necessary.
20
Trade and other payables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade payables
479,925
547,772
Accruals
534,800
522,053
Social security and other taxation
212,223
109,571
Other payables
142,802
136,486
Provisions
-
-
500,000
-
1,369,750
1,315,882
500,000
-
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
21
Provisions for liabilities
2024
2023
£
£
Legal fees and legal claims
500,000
-
500,000
All provisions are expected to be settled after more than 12 months from the reporting date.
Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
Non-current liabilities
500,000
-
500,000
Movements on provisions:
Legal fees and costs
£
Additional provisions in the year
500,000
At 31 March 2024
500,000
The provisions relate to an estimate made in relation to some legal claims outstanding at the year end (non-regulation related) and the associated estimated legal costs. The company does not wish to disclose any other information in regard to the provision as it may prejudice the claim.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
23,450
9,170
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,035,001
2,035,001
2,035,001
2,035,001
In February 2023 the company issued 1,850,000 shares at £1 each increasing it's share capital by £1,850,000 as at that date.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
24
Other leasing information
Lessee
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
2024
2023
£
£
Expense relating to short-term leases
148,711
92,638
25
Capital risk management
The group is not subject to any externally imposed capital requirements.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
26
Financial instruments risk management objectives and policies
The Company's principal financial liabilities comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets include trade receivables, cash and short-term deposits and investments that derive directly from its operations.
The Company is exposed to credit risk, liquidity risk, market risk and price risk.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities.
The Company consider that the carrying amount of trade and other receivables is approximately equal to their fair value. No significant receivable balances are impaired at the reporting end date.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Company's maximum exposure to credit risk. The company does not hold any collateral or other credit enhancements to cover this credit risk.
The Company consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. The monitoring of liquidity plays an important role in both the company's smooth operation and the continuation of its activities. On the period end date, the Company has sufficient cash available to cover its operating activities.
The Company does not hold any commercial a loans with third party providers. The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. As the firm is an execution only broker and therefore does not trade on own account, movements in the prices of financial instruments will only have a limited effect on the firm in terms of primary trade.
Price risk
Price risk is the risk that the fair value of a financial asset will fluctuate due to a change in the market quoted prices. The Company is exposed to price risk with regards to the quoted investments, which is mitigated by refererring to the quoted prices for these investments from reputable sources.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
27
Events after the reporting date
After the year end, the company set up an overseas branch in Dubai. This branch offers similar services to the group and is regulated by the DFSA and registered in the DIFC.
Additionally, the company purchased the operating business (no assets or liabilities) from Tempo Structured Products Limited after the year end.
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
2024
2023
£
£
Short-term employee benefits
388,809
330,638
29
Directors' transactions
An amount of £423,070 (2023: £120,364) was due by a director as at 31 March 2024.
Loans
% Rate
Opening balance
Amounts advanced
Amounts written off
Closing balance
£
£
£
£
Director 1
-
120,364
302,706
-
423,070
120,364
302,706
-
423,070
Dividends totalling £600,000 (2023 - £70,000) were paid in the year in respect of shares held by the company's directors.
30
Controlling party
The ultimate controlling party is Mr S G Lamarque.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
31
Cash generated from operations
2024
2023
£
£
Profit for the year before income tax
1,326,997
780,525
Adjustments for:
Finance costs
7,131
-
Investment income
(5,450)
-
Loss on disposal of intangibles
29,141
-
Amortisation and impairment of intangible assets
152,377
102,300
Depreciation and impairment of property, plant and equipment
14,187
6,885
Foreign exchange gains on cash equivalents
(8,747)
(30,223)
Other gains and losses
-
25,983
Exceptional items
-
(634,880)
Increase in provisions
500,000
-
Movements in working capital:
Increase in trade and other receivables
(265,079)
(980,601)
Increase in trade and other payables
53,868
1,396,040
Cash generated from operations
1,804,425
666,029
HILBERT INVESTMENT SOLUTIONS LTD
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 34 -
2024
2023
Notes
£
£
Non-current assets
Intangible assets
36
318,159
311,605
Property, plant and equipment
37
7,480
3,365
Investments
38
2,080,587
1,631,656
Other receivables
39
838,685
679,234
3,244,911
2,625,860
Current assets
Trade and other receivables
39
1,283,464
793,582
Cash and cash equivalents
24,535
107,945
1,307,999
901,527
Current liabilities
Trade and other payables
41
992,669
1,140,761
Current tax liabilities
41
543,805
156,412
1,536,474
1,297,173
Net current liabilities
(228,475)
(395,646)
Non-current liabilities
Provisions
41
500,000
Net assets
2,516,436
2,230,214
Equity
Called up share capital
44
2,035,001
2,035,001
Retained earnings
481,435
195,213
Total equity
2,516,436
2,230,214
As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £886,222 (2023 - £644,825 profit).
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
17 February 2025
Mr S G Lamarque
Director
Company Registration No. 08956837
HILBERT INVESTMENT SOLUTIONS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2022
185,001
1,470,388
1,655,389
Year ended 31 March 2023:
Profit and total comprehensive income
-
644,825
644,825
Transactions with owners:
Bonus issue
44
1,850,000
(1,850,000)
Dividends
-
(70,000)
(70,000)
Balance at 31 March 2023
2,035,001
195,213
2,230,214
Year ended 31 March 2024:
Profit and total comprehensive income
-
886,222
886,222
Transactions with owners:
Dividends
-
(600,000)
(600,000)
Balance at 31 March 2024
2,035,001
481,435
2,516,436
HILBERT INVESTMENT SOLUTIONS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
45
1,444,110
1,193,941
Interest paid
(7,131)
Income taxes paid
(8,853)
(304,263)
Net cash inflow from operating activities
1,428,126
889,678
Investing activities
Purchase of intangible assets
(152,234)
(149,128)
Purchase of property, plant and equipment
(13,115)
(2,356)
Purchase of subsidiary
(64,140)
Directors advances
(302,706)
(54,803)
Purchase of investments
(384,791)
71,060
Interest received
5,450
4,650
Net cash used in investing activities
(911,536)
(130,577)
Financing activities
Repayment of borrowings
(624,380)
Dividends paid
(600,000)
(70,000)
Net cash used in financing activities
(600,000)
(694,380)
Net (decrease)/increase in cash and cash equivalents
(83,410)
64,721
Cash and cash equivalents at beginning of year
107,945
43,224
Cash and cash equivalents at end of year
24,535
107,945
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
32
Accounting policies
Company information
Hilbert Investment Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US. The company's business address is St Clements House, 27-28 Clements Lane, London, EC4N 7AE. The company's principal activities and nature of its operations are disclosed in the director's report.
32.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention except for the revaluation of equity investments. The principal accounting policies adopted are set out below.
32.2
Going concern
Although the company is in a net current liability position, the company has sufficient investments that can be liquidated should it be required to do so. The company has also generated sufficient profit post year end to cover its liabilities. The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
32.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises revenue when it transfers control of a product or service to a customer.
The group's major source of revenue is broking services.
The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:
Broking services
Sales are recorded as commissions received as a result of brokerage services. The performance obligations are deemed to be satisfied once the trade has been placed on behalf of the client, and money is held in client accounts for which the commission earned is transferred per the CASS rules, calculated using reconciliations of these accounts on a daily basis.
32.4
Intangible assets other than goodwill
Intangible assets acquired separately from a business, including cryptocurrencies are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
32
Accounting policies
(Continued)
- 38 -
32.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, 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:
Fixtures and fittings
25% straight line
Computers
33.33% 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 recognised in the income statement.
32.6
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
32.7
Impairment of tangible and intangible assets
At each reporting end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
32.8
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
32
Accounting policies
(Continued)
- 39 -
32.9
Financial assets
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
The parent company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
32
Accounting policies
(Continued)
- 40 -
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:
· The rights to receive cash flows from the asset have expired or
· The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset..
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
32
Accounting policies
(Continued)
- 41 -
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the asset or liability is exchanged in an orderly transaction between market participants to sell the asset or transfer the liability at the measurement date under current market conditions. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either:
in the principal market for the asset or liability; or in the absence of a principal market, in the most advantageous market for the asset or liability.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The fair value of liabilities takes into account non-performance risk, which is the risk that the entity will not fulfill an obligation.
The Group classifies its fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The following table analyses within the fair value hierarchy the assets and liabilities (by class) not measured at fair value at 31 March 2024 and 2023 but for which fair value is disclosed.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Trade and other receivables | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Trade and other receivables | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
32
Accounting policies
(Continued)
- 42 -
32.10
Financial liabilities
The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.
32.11
Equity instruments
Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.
32.12
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 income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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 group 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.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
32
Accounting policies
(Continued)
- 43 -
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event and it is probable that the group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
32.13
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 inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
32.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
32.15
Leases
At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
32.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
33
Adoption of new and revised standards and changes in accounting policies
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
33
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 44 -
Certain new accounting standards and interpretations have been published that are not mandatory for the 31 March 2022 reporting periods and have not been early adopted by the Company. These are as follows:
Amendments to IAS 1 and IFRS Practice Statement 2 'Disclosure of Accounting Policies' (effective for annual periods beginning on or after 1 January 2023)
IFRS 17 ‘Insurance Contracts’ (Effective for annual reporting periods beginning on or after 1 January 2023)
Amendments to IAS 1 ‘Classification of liabilities as Current or Non-current’ (Effective for annual reporting periods beginning on or after 1 January 2023)
Amendments to IAS 8 'Definition of Accounting Estimates' (effective for annual periods beginning on or after 1 January 2023)
Amendments to IAS 12 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction' (effective for annual periods beginning on or after 1 January 2023)
There are no standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
34
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Depreciation and amortisation
Depreciation and amortisation are provided at rates calculated to write off the cost of valuation of assets less estimated residual value of each asset over its expected useful life, using industry standards.
Intangible Assets
Software development costs of £293,402 (£252,831) are been estimated by capitalising direct expenses such as staff costs related to developing the software and amortised over a straight line period of 5 years.
Provisions
Provisions are included for amounts which are estimated to be due for legal claims against the group (non regulatory) The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
Investments
Company holds bonds at amortised cost (to maturity) and therefore makes judgements related to the interest (amortisation) rates.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 45 -
35
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration
3
3
Research
5
2
Compliance
1
1
Sales
3
3
Marketing
2
1
Total
14
10
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
461,386
410,598
Social security costs
80,624
90,039
Pension costs
13,984
9,170
555,994
509,807
36
Intangible assets
Development costs
Bitcoin
Total
£
£
£
Cost
At 1 April 2022
451,771
451,771
Additions
130,925
18,203
149,128
At 31 March 2023
582,696
18,203
600,899
Additions - purchased
152,234
152,234
Disposals
(145,703)
(145,703)
At 31 March 2024
589,227
18,203
607,430
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
36
Intangible assets
Development costs
Bitcoin
Total
£
£
£
(Continued)
- 46 -
Amortisation and impairment
At 1 April 2022
221,441
-
221,441
Charge for the year
67,853
-
67,853
At 31 March 2023
289,294
-
289,294
Charge for the year
139,040
-
139,040
Eliminated on disposals
(116,562)
-
(116,562)
At 31 March 2024
289,271
-
289,271
Carrying amount
At 31 March 2024
299,956
18,203
318,159
At 31 March 2023
293,402
18,203
311,605
At 31 March 2022
252,831
-
252,831
37
Property, plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
2,179
14,367
16,546
Additions
1,476
880
2,356
At 31 March 2023
3,655
15,247
18,902
Additions
379
12,736
13,115
At 31 March 2024
4,034
27,983
32,017
Accumulated depreciation and impairment
At 1 April 2022
1,296
9,372
10,668
Charge for the year
295
4,574
4,869
At 31 March 2023
1,591
13,946
15,537
Charge for the year
605
8,395
9,000
At 31 March 2024
2,196
22,341
24,537
Carrying amount
At 31 March 2024
1,838
5,642
7,480
At 31 March 2023
2,064
1,301
3,365
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 47 -
38
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments held at fair value through profit or loss
17,971
17,970
Investments held at amortised cost
1,059,787
674,997
Investments in subsidiaries
1,002,829
938,689
2,080,587
1,631,656
Fair value of financial assets carried at amortised cost
Investment in subsidiary undertakings
Details of the company's principal operating subsidiaries are included in note 17.
39
Trade and other receivables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
VAT recoverable
-
3,120
-
-
Amounts owed by related parties
732,852
583,427
Other receivables
537,271
187,447
838,685
679,234
Prepayments
13,340
19,591
-
-
1,283,463
793,585
838,685
679,234
The ECL’s are immaterial and have not been accounted for as the gross and net balances are the same and no separate analysis is necessary.
40
Directors' transactions
An amount of £423,070 (2023: £120,364) was due by a director as at 31 March 2024.
Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director 1
120,364
302,706
-
423,070
120,364
302,706
-
-
423,070
Dividends totalling £600,000 (2023 - £70,000) were paid in the year in respect of shares held by the company's directors.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 48 -
41
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Trade and other payables
822,765
1,032,066
-
-
Income tax
543,805
156,412
Other taxation and social security
169,904
108,695
-
-
Provisions
500,000
1,536,474
1,297,173
500,000
-
42
Borrowings
Borrowings held at amortised cost:
There is no security over the borrowings.
43
Provisions for liabilities
2024
2023
£
£
Legal fees and legal claims
500,000
-
500,000
All provisions are expected to be settled after more than 12 months from the reporting date.
Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
Non-current liabilities
500,000
-
500,000
44
Share capital
Refer to note 23 of the group financial statements.
HILBERT INVESTMENT SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 49 -
45
Cash generated from operations
2024
2023
£
£
Profit for the year before tax
1,282,468
801,237
Adjustments for:
Finance costs
7,131
-
Investment income
(5,450)
(4,650)
Loss on disposal of intangibles
29,141
-
Amortisation and impairment of intangible assets
116,539
67,853
Depreciation and impairment of property, plant and equipment
9,000
4,869
Increase in provisions
500,000
-
Movements in working capital:
Increase in trade and other receivables
(247,584)
(584,253)
(Decrease)/increase in trade and other payables
(147,972)
908,885
Cash generated from operations
1,543,273
1,193,941
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.310Mr S G LamarqueMr D 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