Company registration number 07434014 (England and Wales)
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
COMPANY INFORMATION
Directors
Mr M Roberts
Mr B B Zietsman
Mr P Wellington
Mr B J S Peele
Mr A H Funk
(Appointed 11 October 2024)
Company number
07434014
Registered office
66 Buckingham Gate
London
SW1E 6AU
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Bankers
HSBC Bank plc
79 Piccadilly
London
W1J 8BU
Solicitors
DWF Law LLP
20 Fenchurch Street
London
EC3M 3AG
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

 

The principal activities of the company continued to be that of the provision of discretionary investment management services in the wealth management sector.

Fair review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect growth to continue in the foreseeable future.

 

The directors are satisfied with the results for the year ended 31 December 2024, which shows turnover of £5,716,442, a 17.62% increase in turnover compared to the prior year. The company has made a profit of £283,664 after taxation. Key performance indicators are set out below on page 2.

 

There are various committees across the business that form informal advisory bodies. These informal bodies have advisory capabilities and act as an ideas tank that provides support and input to all the boards globally (group and distribution), including for this company.

The boards are responsible and accountable for ratifying budgets and delegate a certain amount of authority to executives to make financial decisions.

The board made a decision to continue to invest ethically which is detailed further under 'Community and Environment'.

A Delegation of Authority has been drawn up to delegate clear authority in decision making across our global federation. This document gives the relevant authority to the Managing Director of this company, with the Managing Director of PortfolioMetrix UK Ltd as backup.

The asset management teams are required to select and invest in funds and instruments as part of the company. The Managing Directors of the asset management companies have the authority to delegate investment, trading and rebalancing authority to PortfolioMetrix group staff and companies in accordance with a robust internal control environment.

 

Research and development

In 2024, research and development efforts built upon the foundation established in 2023. While the focus in 2023 was on developing mechanisms for advisers and wealth managers to create multi-asset class central investment propositions, the emphasis in 2024 shifted to the complex management and institutionalization of these propositions. This included managing changes over time and providing accurate reporting in a dynamic and evolving environment. 

The group is involved in continuous research and development, so that the product is always up to date as well as accommodating the changing needs of the end investor. Although the development is outsourced, the intellectual property for the worldwide rights, excluding Southern Africa, are owned by the parent company.

Future developments

New features and functionality are continuously being designed and added to WealthExplorer™ (or designed to be used as stand-alone modules in place of or alongside WealthExplorer™). We continue to develop portfolio visualisation tools to help investors better understand key components of their portfolio. Theoretically the product will never be complete as new components and modules evolve over time to best support advisors in the various markets in which PortfolioMetrix group operates.

Organic AUM growth in the UK remains the focus whilst in Ireland a number of strategic options are being explored which suits our technology and asset management capabilities.

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The company is exposed to various risks in relation to financial instruments. The principal risks and uncertainties facing PortfolioMetrix Asset Management Ltd are liquidity risk and foreign currency exposure.

 

Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. Company management regularly monitors company liquidity to ensure, as far as possible, that there will always be sufficient liquidity to meet liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation.

 

Foreign currency exposure

The company is subject to foreign exchange risks as it purchases from overseas companies. Company management regularly monitors its foreign exchange risk and attempts to limit such risks by managing its cash and credit positions.

 

Other risks and uncertainties include the following:

 

Partner risk

Partner IFA firms potentially deciding to no longer work with the company remains the biggest risk to the business and had negatively affected the business in the past. The boards and executives remain well attuned to this particular risk.

 

Investment market risk

Investment market risk is the potential for losses due to fluctuations in market prices. This can affect the performance of our portfolios, the assets under management (AUM), and ultimately the outcomes for our investors. Such risks are inherent in any investment management business and are influenced by a myriad of factors including economic indicators, political events, and changes in interest rates. It is paramount for an investment management firm to have robust processes in place to navigate these uncertainties. Since 2010, our tried and tested procedures have aimed to mitigate the relative volatility risks, ensuring that while market fluctuations are inevitable, their impact on our portfolios and investor outcomes is minimized.

Development and performance

The company is in a strong financial position at the balance sheet date. Both cash and the net asset position are positive. The directors look to further improve on the financial position of the company, in order to increase growth and enhance reported results in future years.

Key performance indicators

The Key Performance Indicators of PortfolioMetrix Asset Management Ltd over the last two years are detailed below:

 

                     2024     2023

Turnover (GBP £'000)                 5,716            4,860

Gross profit %                     35.88            29.71

Net profit after tax %                   4.96             4.39

Assets Under Management (£’bn)             1.78             1.17

 

Turnover has increased by 17.62% primarily as a result of increased assets under management, particularly from the Insourcing product. The current financial year saw a significant uptick in assets managed as a result of this new product, which although carries a lower fee margin, has higher volumes of inflows than the customised product

The gross profit margin has increased from 29.71% to 35.88%, as a result of a change in presentation of expenses from costs of sales to administration expenses.

In the opinion of the directors there are no non-financial key performance indicators which require specific disclosure.

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Board decisions during the year

 

Dividends of £550,000 were declared during the year.

 

During the year, the directors have continued to maintain the company's position in the market and despite increased volatility in the global markets, the company remains profitable. It is expected that the company will continue to be profitable for the foreseeable future as a result of strong net inflows during 2024 with an increasing new business pipeline as we enter 2025

No other major board decisions were made during the year.

Section 172(1) statement - Duty to promote the success of the company
Long-term decision making

The board has put in place a structured governance model, with scheduled board meetings and clear documentation and authority levels to control its decision-making process. The company's governance model supports the company in ensuring that decisions are considered, documented and reported upon, and in alignment with our strategic plans. Detailed budgets and forecasts are prepared to enable the board to track performance and ensure that it is as expected, or that mitigation steps are taken to deliver performance in line with, or close to, expectations. The board and individual directors operate within this structure, with the aim of promoting the success of the company and delivering long-term shareholder value whilst also taking into account our commitments to ethical, environmental, and social responsibility and the impact on all stakeholders. Business proposals are documented in line with, and performance tracked against, levels of authority.

 

Interests of members of the company

The company is a private company and a wholly owned subsidiary of PortfolioMetrix Holdings Ltd. The company has five directors, including three executive directors, who each have representation on the Board. The day-to-day operations of the company are managed by the executive directors who are closely involved in the activities of the company with day-to-day support being provided as and when required.

 

In common with many private companies the interests of the Board and the ultimate shareholders are broadly aligned in that the company should create value by generating strong and sustainable results.

People

Our people are key to our business, and an important part of our strategy is to retain our talented employees. Generally, asset management is a scarce and skilled resource.

 

We ensure that our staff remain invested in the business by listening to them and including their ideas in our decision-making process. We also continue to invest in the development of staff, both internally and through funding external qualifications like the Chartered Financial Analyst (CFA) exams.

 

PortfolioMetrix’s Global Best Practice Committee also consists of three sub-committees ultimately devoted to enhancing staff engagement and development: the Talent Working Group, the Corporate Social Responsibility Working Group and the Diversity and Inclusion Working Group.

 

Employee engagement

Our staff are key assets, and the board invests in the staff by encouraging continued development via both formal and informal training, coaching and improving of all relevant skills. People are a key part of our passion and the key role players in the long-term success of the company. Our people strategy focuses on driving learning, growth, accountability and integrity for each person at the company placing them at the centre of everything we do.

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Society

In order to give back to society, staff are encouraged to engage in charitable initiatives. The Corporate Social Responsibility Working Group (part of the Global Best Practice Committee) assists management in harnessing the enthusiasm of staff, as well as financial resources of the business, in the furtherance of good causes (focused currently on education). As part of these initiatives, the company has also agreed to allow 1 day of volunteer leave for each staff member to pursue their own charitable endeavours.

 

Policies

The group wide Best Practices Committee will recommend policies. Policies recommended by the Best Practice Committee are deemed to be approved by the Boards of Directors, unless the Board of Directors specifically minutes an exception to the recommended policies.

 

Specifically, the company employees are authorised to spend on travel, accommodation, meals and client entertainment in accordance with the relevant policy.

 

Business relationships

It is important that the group builds, develops and maintains robust relationships with our financial advisers, being our key customers, as well as our suppliers, which include external as well as internal relationships. By fostering these connections, we not only ensure the smooth operation of our business but also endorse our commitment to ethical and sustainable practices. Through transparent communication, fair dealings and mutual respect, we aim to build enduring partnerships that contribute to the growth and prosperity of all involved. Emphasising the importance of these relationships underscores our dedication to long-term success and responsible corporate citizenship. In addition, we have an intricate relationship with the Financial Conduct Authority (FCA), our regulator. Upholding these connections is integral to our commitment to regulatory compliance, integrity, and transparency in all aspects of our operations. Through open dialogue, timely reporting, and adherence to regulatory requirements, we strive to engender trust and confidence with the FCA, thereby safeguarding the interests of our stakeholders and ensuring the long-term sustainability of our business.

 

These relationships are key to ensure that all decisions are balanced and are based on being fully informed and incorporating all viewpoints, and so the Board oversees that they are properly maintained. In all cases, the board strategy is kept in mind.

Community and environment

The company recognises the importance of climate change to society and has considered how to preserve the planet by aiming to minimise our carbon footprint. Part of this strategy is to work toward a paperless office, by reducing all printing internally as well as requesting that any documentation from outside the organisation be electronic only.

 

As part of its commitment to responsible investment, during 2020 PortfolioMetrix investigated signing up to the UN supported PRI (Principles for Responsible Investment). PortfolioMetrix has become a signatory of the PRI.

 

Cultures and values

Our values are Excellence, Integrity, Precision, Innovation and Partnerships.

 

These values are the drivers that enable the success of the company. With people at the centre of our culture, a significant focus is placed on the well-being of our people and maintaining the unique culture of the company; by nurturing this unique and enabling culture, and fostering a sense of purpose as well as giving our employees the opportunity to grow, develop and maintain a healthy life-balance.

On behalf of the board

Mr A H Funk
Director
27 March 2025
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors present their annual report and audited financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were declared during the year amounting to £550,000. The directors do 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 M Roberts
Mr B B Zietsman
Mr P Wellington
Mr N W B Spicer
(Resigned 31 August 2024)
Mr B J S Peele
Mr A H Funk
(Appointed 11 October 2024)
Financial instruments

The financial risk management objectives and policies of the company, including liquidity risk and foreign currency exposure are provided in the strategic report on page 2.

Research and development

Details of research and development are provided in the strategic report on page 1.

Future developments

Details of future developments are provided in the strategic report on page 1.

Auditor

The auditor, RDP Newmans LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

On behalf of the board
Mr A H Funk
Director
27 March 2025
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 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 financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PORTFOLIOMETRIX ASSET MANAGEMENT LTD
- 7 -
Opinion

We have audited the financial statements of PortfolioMetrix Asset Management Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PORTFOLIOMETRIX ASSET MANAGEMENT LTD (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PORTFOLIOMETRIX ASSET MANAGEMENT LTD (CONTINUED)
- 9 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. 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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Mahesh Sachdev FCA
Senior Statutory Auditor
For and on behalf of RDP Newmans LLP
3 April 2025
Chartered Accountants
Statutory Auditor
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
5,716,442
4,860,218
Cost of sales
(3,665,400)
(3,416,300)
Gross profit
2,051,042
1,443,918
Administrative expenses
(2,039,401)
(1,370,978)
Other operating income
258,477
134,568
Operating profit
4
270,118
207,508
Interest receivable and similar income
8
12,549
4,766
Fair value gains and losses
9
997
893
Profit before taxation
283,664
213,167
Tax on profit
10
-
0
-
0
Profit for the financial year and total comprehensive income
283,664
213,167

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
-
0
36
Tangible assets
13
4,466
2,353
4,466
2,389
Current assets
Debtors
15
617,158
643,845
Investments
16
12,654
11,662
Cash at bank and in hand
1,027,122
1,129,355
1,656,934
1,784,862
Creditors: amounts falling due within one year
17
(1,023,395)
(882,910)
Net current assets
633,539
901,952
Net assets
638,005
904,341
Capital and reserves
Called up share capital
19
101
101
Share premium account
20
50,000
50,000
Profit and loss reserves
21
587,904
854,240
Total equity
638,005
904,341
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr A H Funk
Director
Company registration number 07434014 (England and Wales)
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
101
50,000
641,073
691,174
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
213,167
213,167
Balance at 31 December 2023
101
50,000
854,240
904,341
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
283,664
283,664
Dividends
11
-
-
(550,000)
(550,000)
Balance at 31 December 2024
101
50,000
587,904
638,005
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(60,235)
617,357
Income taxes paid
-
0
(33,464)
Net cash (outflow)/inflow from operating activities
(60,235)
583,893
Investing activities
Purchase of tangible fixed assets
(4,552)
-
0
Proceeds from disposal of investments
5
5
Interest received
12,549
4,766
Net cash generated from investing activities
8,002
4,771
Financing activities
Dividends paid
(50,000)
-
0
Net cash used in financing activities
(50,000)
-
Net (decrease)/increase in cash and cash equivalents
(102,233)
588,664
Cash and cash equivalents at beginning of year
1,129,355
540,691
Cash and cash equivalents at end of year
1,027,122
1,129,355
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

PortfolioMetrix Asset Management Ltd is a private company limited by shares incorporated in England and Wales (company registration number 07434014). The registered office is 66 Buckingham Gate, London, SW1E 6AU.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Fee income is recognised at the fair value of the consideration received or receivable from the management of portfolios on behalf of investors during the normal course of business, and is shown net of VAT. The fair value of consideration takes into account rebates.

 

Other operating income

Management fees are recognised in the period to which they relate and are based on the recovery of certain expenses incurred. Management fees are shown net of VAT.

 

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount

of the leased asset and recognised on a straight line basis over the lease term.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business 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 of assets less their residual values over their useful lives on the following bases:

Trademarks
Useful economic life of 10 years.
1.5
Tangible fixed assets

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

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

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

Fixtures and fittings
33.33% reducing balance method
Computer equipment
33.33% reducing balance method

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

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Other financial assets

Other financial assets, including current asset investments and investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.11
Employee benefits

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

 

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

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

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
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.

2
Judgements and key sources of estimation uncertainty

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

 

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

In the opinion of the directors, there are no other significant judgements or estimates which require specific disclosure.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Discretionary investment management services
5,716,442
4,860,218
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
4,508,686
3,569,159
Ireland
313,248
292,315
Malaysia
1,583
2,904
Europe
6,158
7,675
South Africa
886,767
988,165
5,716,442
4,860,218
2024
2023
£
£
Other revenue
Interest income
12,549
4,766
Rent receivable
49,095
36,983
Management fees receivable
209,382
97,585
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
30,526
37,218
Depreciation of owned tangible fixed assets
2,280
1,150
Loss on disposal of tangible fixed assets
159
-
Amortisation of intangible assets
-
144
Loss on disposal of intangible assets
36
-
Operating lease charges
64,638
63,604
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
10,500
For other services
Taxation compliance services
995
895
All other non-audit services
7,183
8,177
8,178
9,072
6
Employees

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

2024
2023
Number
Number
Directors
5
5
Administration and operations
3
2
Total
8
7

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
622,834
446,489
Social security costs
78,569
51,968
Pension costs
30,413
29,066
731,816
527,523
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
370,461
304,393
Company pension contributions to defined contribution schemes
18,499
19,908
388,960
324,301
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
147,503
179,393
Company pension contributions to defined contribution schemes
8,750
11,858

The key management are on the payroll and their costs are included within directors remuneration.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
12,549
4,766
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
12,549
4,766
9
Fair value gains and losses on investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
997
893
10
Taxation

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. There has been no change to the corporation tax rates for the financial year ended 31 December 2024. For the financial year ended 31 December 2024 the weighted average tax rate is 25% (2023: 23.5%).

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 21 -

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

2024
2023
£
£
Profit before taxation
283,664
213,167
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
70,916
50,094
Tax effect of expenses that are not deductible in determining taxable profit
569
105
Group relief
(70,347)
(50,199)
Capital allowances
(1,138)
-
0
Taxation charge for the year
-
-
11
Dividends
2024
2023
£
£
Final paid
500,000
-
0
Interim paid
50,000
-
0
550,000
-
12
Intangible fixed assets
Trademarks
£
Cost
At 1 January 2024
1,440
Disposals
(1,440)
At 31 December 2024
-
0
Amortisation
At 1 January 2024
1,404
Disposals
(1,404)
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
36
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
13
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2024
283
6,453
6,736
Additions
-
0
4,552
4,552
Disposals
(283)
(1,456)
(1,739)
At 31 December 2024
-
0
9,549
9,549
Depreciation
At 1 January 2024
198
4,185
4,383
Depreciation charged in the year
28
2,252
2,280
Eliminated in respect of disposals
(226)
(1,354)
(1,580)
At 31 December 2024
-
0
5,083
5,083
Carrying amount
At 31 December 2024
-
0
4,466
4,466
At 31 December 2023
85
2,268
2,353
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
447,795
522,354
Instruments measured at fair value through profit or loss
12,654
11,662
Carrying amount of financial liabilities
Measured at amortised cost
1,023,395
872,795
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
439,438
479,619
Corporation tax recoverable
33,464
33,464
Amounts owed by group undertakings
-
0
35,260
Other debtors
882
-
0
Prepayments and accrued income
135,899
88,027
609,683
636,370
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
7,475
7,475
Total debtors
617,158
643,845
16
Current asset investments
2024
2023
£
£
Other investments
12,654
11,662

Other investments consists amounts invested in Collective Investment Schemes.

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
17
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
417,451
791,399
Amounts owed to group undertakings
526,536
-
0
Taxation and social security
-
0
10,115
Other creditors
11,375
5,403
Accruals and deferred income
68,033
75,993
1,023,395
882,910

In addition to amounts due to the parent company included above in amounts owed to group undertakings are additional amounts included in trade creditors of £33,573 (2023: £303,909) owed to the parent company.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,413
29,066

 

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The outstanding contributions at the reporting date are £3,243 (2023: £2,411).

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
101
101
101
101

 

 

 

 

 

20
Share premium account
2024
2023
£
£
At the beginning and end of the year
50,000
50,000

 

PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
21
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
854,240
641,073
Profit for the year
283,664
213,167
Dividends declared and paid in the year
(550,000)
-
At the end of the year
587,904
854,240
22
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
47,250
47,250
Between two and five years
-
0
47,250
47,250
94,500
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel are detailed in note 7.

Transactions with related parties

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

Income
Management fees receivable
Rental income
2024
2023
2024
2023
£
£
£
£
Other related parties
209,382
96,752
49,095
36,983
209,382
96,752
49,095
36,983
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Related party transactions
(Continued)
- 26 -
Expenses
Computer and software costs
Software customisation and maintenance costs
Distribution costs
Recharged wages
Rendering of services
2024
2024
2024
2024
2024
£
£
£
£
£
Other related parties
17,913
192,292
3,359,174
10,725
336,440
17,913
192,292
3,359,174
10,725
336,440
Computer and software costs
Software customisation and maintenance costs
Distribution costs
Recharged wages
Rendering of services
2023
2023
2023
2023
2023
£
£
£
£
£
Other related parties
10,306
142,860
2,907,924
-
343,240
10,306
142,860
2,907,924
-
343,240

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
373,553
472,423

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
23,016
1,127
PORTFOLIOMETRIX ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Related party transactions
(Continued)
- 27 -

Other related parties is made up of companies in which there are common directors and/or shareholders with significant influence over the entities.

 

The company has taken advantage of the exemption available in FRS 102 Section 33 whereby it has not disclosed transactions entered into between members of the group, as the company is a wholly owned subsidiary undertaking of the group.

 

All balances due to and from related parties are non-interest bearing, unsecured and repayable on demand.

 

No guarantees have been given or received.

24
Ultimate controlling party

The company is a 100% subsidiary of PortfolioMetrix Holdings Ltd, a company incorporated in England and Wales and whose registered office is 66 Buckingham Gate, London, SW1E 6AU.

 

The smallest and largest group in which this company is consolidated is PortfolioMetrix Holdings Ltd. The consolidated financial statements of PortfolioMetrix Holdings Ltd are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

There is no ultimate controlling party in PortfolioMetrix Holdings Ltd.

25
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
283,664
213,167
Adjustments for:
Investment income
(12,549)
(4,766)
Loss on disposal of tangible fixed assets
159
-
Loss on disposal of intangible assets
36
-
Amortisation and impairment of intangible assets
-
0
144
Depreciation and impairment of tangible fixed assets
2,280
1,150
Other gains and losses
(997)
(893)
Movements in working capital:
Decrease in debtors
26,687
360,675
(Decrease)/increase in creditors
(359,515)
47,880
Cash (absorbed by)/generated from operations
(60,235)
617,357
26
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,129,355
(102,233)
1,027,122
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