Company registration number 15494796 (England and Wales)
UPVEST SECURITIES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
UPVEST SECURITIES LTD
COMPANY INFORMATION
Directors
Mr T Auferoth
(Appointed 16 February 2024)
Dr Khanh Dang Ngo
(Appointed 16 February 2024)
Company number
15494796
Registered office
44-46 New Inn Yard
London
United Kingdom
EC2A 3EY
Auditor
Azets Audit Services
Regis House
45 King William Street
London
EC4R 9AN
Accountant
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
United Kingdom
W1T 4RN
UPVEST SECURITIES LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 19
UPVEST SECURITIES LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

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

 

Principal activities

Upvest Securities Ltd (the “Company”) has been authorised to carry out investment business by the Financial Conduct Authority since October 2024. The Company did not commence business in the period.

Review of the business

 

Strategy/Outlook

The Company’s strategy is to provide financial infrastructure to UK based fintechs, banks, brokers and wealth managers to enable them to improve pricing and accessibility for UK consumers seeking investment solutions.

The Company operates in two different legal business models:

 

The Company differentiates itself on the basis of its scalable, modular and cloud-first technology and by being innovative and client-centric.

Business performance

The Company made a loss before taxation of £918,759 for the period ended 31 December 2024.

Principal risks and uncertainties

 

Operational risk

In order to minimise the impact of operational risks, the Company ensures all internal procedures are clearly documented, especially those covering client money, payments and compliance.

Liquidity risk

The Company has an internal process to monitor its liquidity and ensure projected funding requirements are met. The Company maintains a highly liquid balance sheet where its assets mainly consist of cash at bank.

Capital adequacy is monitored frequently. Please refer to note 15 for further details.

Regulatory capital requirements have been met throughout the period ended 31 December 2024.

Regulatory risk

The Company’s compliance team executes its day-to-day monitoring programme and adheres to regulatory reporting requirements and deadlines.

UPVEST SECURITIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Section 172 Report

Section 172 of the Companies Act requires a Director of the Company to act in the way he or she considers, in good faith, would most likely promote the success of the Company for the

benefit of its stakeholders as a whole. In doing this section 172 requires a director to have regards, amongst other matters, to:

- The likely consequences of any decision in the long term;

- The interest of the Company’s employees;

- The need to foster the Company’s business relationship with suppliers, customers and others; and

- The desirability of the Company maintaining a reputation for high standards of business conduct.

To discharge their Section 172 duties the Directors are committed to effective engagement with these stakeholders, ensuring the interests of each are given equal importance when making key decisions.

On behalf of the board

Mr T Auferoth
Director
25 April 2025
UPVEST SECURITIES LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company is the provision of investment and securities services. The company did not commence trading until after the period end.

Results and dividends

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

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

Directors

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

Mr T Auferoth
(Appointed 16 February 2024)
Dr Khanh Dang Ngo
(Appointed 16 February 2024)
Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

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.

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.

UPVEST SECURITIES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr T Auferoth
Director
25 April 2025
UPVEST SECURITIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UPVEST SECURITIES LTD
- 5 -
Opinion

We have audited the financial statements of Upvest Securities Ltd (the 'company') for the period ended 31 December 2024 which comprise the profit and loss account, 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:

UPVEST SECURITIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UPVEST SECURITIES LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

 

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.

 

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

 

 

UPVEST SECURITIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UPVEST SECURITIES LTD (CONTINUED)
- 7 -

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above. The further removed instances of noncompliance are with laws and regulations from the events and transactions reflected in the financial statements, the less likely we are to become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 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.

Robin Haslam (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Regis House
45 King William Street
London
EC4R 9AN
25 April 2025
UPVEST SECURITIES LTD
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
Period
ended
31 December
2024
Notes
£
Turnover
-
Administrative expenses
(918,762)
Other operating income
3
Loss before taxation
(918,759)
Tax on loss
7
-
0
Loss for the financial period
(918,759)

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

UPVEST SECURITIES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Period
ended
31 December
2024
£
Loss for the period
(918,759)
Other comprehensive income
-
Total comprehensive income for the period
(918,759)
UPVEST SECURITIES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
Notes
£
£
Current assets
Debtors
8
37,759
Cash at bank and in hand
4,941,463
4,979,222
Creditors: amounts falling due within one year
9
(749,261)
Net current assets
4,229,961
Capital and reserves
Called up share capital
11
5,148,720
Profit and loss reserves
(918,759)
Total equity
4,229,961
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
Mr T Auferoth
Director
Company registration number 15494796 (England and Wales)
UPVEST SECURITIES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 16 February 2024
-
0
-
0
-
Period ended 31 December 2024:
Loss and total comprehensive income
-
(918,759)
(918,759)
Issue of share capital
11
5,148,720
-
5,148,720
Balance at 31 December 2024
5,148,720
(918,759)
4,229,961
UPVEST SECURITIES LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
16
(207,257)
Financing activities
Proceeds from issue of shares
5,148,720
Net cash generated from financing activities
5,148,720
Net increase in cash and cash equivalents
4,941,463
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
4,941,463
UPVEST SECURITIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Upvest Securities Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 44-46 New Inn Yard, London, United Kingdom, EC2A 3EY.

1.1
Reporting period

The company was incorporated on 16th February 2024, and hence, has presented financial results for a period of 10 months and 16 days.

1.2
Accounting convention

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

The financial statements are prepared in 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. The principal accounting policies adopted are set out below.

1.3
Going concern

Continued operations are reliant on support from the trueparent undertaking, Upvest GmbH, which will continue to provide the necessary financial support to enable the company to continue its operations for at least twelve months from the date of approval of these financial statements. This support includes ensuring that the company has sufficient funds to meet its liabilities as they fall due and providing additional funds if required.

 

Based on this assurance and after making appropriate enquiries, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

1.4
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.

1.5
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.

UPVEST SECURITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

UPVEST SECURITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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.

Derecognition of financial liabilities

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

1.6
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.

1.7
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

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

1.9
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.

UPVEST SECURITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 16 -
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.

 

 

 

 

3
Operating loss
2024
Operating loss for the period is stated after charging:
£
Exchange losses
26
Operating lease charges
25,924
4
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
9,500
5
Employees

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

 

 

2024
Number
3
UPVEST SECURITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
£
Wages and salaries
79,597
Social security costs
10,193
Pension costs
2,375
92,165
6
Directors' remuneration
2024
£
Remuneration for qualifying services
27,778
7
Taxation

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

2024
£
Loss before taxation
(918,759)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(229,690)
Unutilised tax losses carried forward
229,690
Taxation charge for the period
-
8
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
10
Other debtors
15,485
Prepayments and accrued income
22,264
37,759
UPVEST SECURITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 18 -
9
Creditors: amounts falling due within one year
2024
£
Trade creditors
16,961
Taxation and social security
126,292
Other creditors
581,508
Accruals and deferred income
24,500
749,261
10
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
2,375

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.

11
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
5,148,720
5,148,720
12
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
£
Within one year
21,366
13
Related party transactions
Transactions with related parties

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

The company paid £27,778 towards accommodation costs and related council tax on behalf of the company directors.

 

At the period end the company owed £579,612 to the parent company, Upvest GmbH.

 

During the period management charges of £579,612 were charged by the parent company, Upvest Gmbh.

 

 

UPVEST SECURITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 19 -
14
Ultimate controlling party

The ultimate controlling party is Upvest GmbH, a company based in Germany, the parent company will be preparing consolidated accounts.

15
Regulatory Capital

Regulatory capital is determined in accordance with minimum capital requirements of the Financial Conduct Authority in the United Kingdom.

The company’s objectives when managing capital are to:

 

Capital adequacy and the use of regulatory capital are monitored by the company’s management, applying the prudential requirements of the Financial Conduct Authority’s MIFIDPRU rules.

16
Cash absorbed by operations
2024
£
Loss after taxation
(918,759)
Movements in working capital:
Increase in debtors
(37,759)
Increase in creditors
749,261
Cash absorbed by operations
(207,257)
17
Analysis of changes in net funds
16 February 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
-
4,941,463
4,941,463
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