Company Registration No. 14088131 (England and Wales)
WALLEYE CAPITAL (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WALLEYE CAPITAL (UK) LIMITED
COMPANY INFORMATION
Directors
W England
L Davis
J Tanqueray
Company number
14088131
Registered office
15-16 Moss House
Floor 2
15-16 Brooks Mews
London
W1K 4DS
England
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
WALLEYE CAPITAL (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 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 - 20
WALLEYE CAPITAL (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

The principal activity of Walleye Capital (UK) Limited (“the Company”) is the provision of portfolio management and other related ancillary services to Walleye Capital LLC, a multi-strategy investment firm incorporated as a Minnesota limited liability company. Walleye Capital LLC is the investment manager to a number of private funds.

The Company became authorised and regulated by the Financial Conduct Authority ("FCA") on 24 October 2023, as a MiFID Portfolio Manager. The Company’s strategy is to build a diversified team of Portfolio Managers to support the provision of portfolio management services and deliver superior investment performance with respect to the portion of assets allocated to the Company.

The directors are satisfied that the results of the underlying business for the year are broadly in line with their expectations.

Revenues during the period were £31,370,584 (2023: £13,790,581).

The Company’s revenues increased during the year due to income generated from transfer pricing arrangements and investment holdings.

Principal risks and uncertainties

Foreign exchange risk

The Company is reimbursed its expenses incurred in United States Dollars (USD).  The Company’s primary operating bank account is denominated in USD and has the ability to make non-USD payments out of the account. Direct currency exposure is primarily limited to fluctuations in USD exchange rates.

Market risk

The Company operates in a competitive environment and the business is reliant on continuing demand for its portfolio management, demand which is influenced by several factors including investment performance of its affiliated entities and retention of key personnel. The industry is sensitive to economic, political and market factors.  Taxation, legal and regulatory factors also influence the markets in which the Company operates.

Section 172(1) statement

Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 (‘S172 (1)’) when performing their duty to promote the success of the Company. When making decisions, each director ensures that they act in the way that would most likely promote the Company’s success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following matters:

(a) The likely consequences of any decision in the long term

The directors understand the business and the evolving environment in which the Company operates, including the challenges of operating in a regulated sector.

(b) The interests of the Company’s employees

The directors recognise that the success of the business depends on attracting, retaining and motivating high quality employees. The directors take into account the implications of decisions which may affect their perception as a responsible employer, on determining remuneration and benefits, and on providing a healthy and safe workplace environment, where relevant.

Employees have been engaged on competitive terms in relation to reward and benefits, measured by reference to comparable roles elsewhere.

(c) The need to foster the Company's business relationships with stakeholders

The directors recognise the value of building strong and transparent relationships with stakeholders in promoting and achieving the long-term success of the business. In making decisions and performing its oversight role, the Board considers the views and interests of key stakeholders, including its shareholder, related companies and service providers, regulators, trading venues and suppliers. Considering the impact on a broad range of stakeholders is an important part of the decision-making process and the Board seeks to consider the interests and priorities of each stakeholder group. However, the Board acknowledges that in balancing different perspectives it is not always possible to deliver the desired outcome for all stakeholders.

WALLEYE CAPITAL (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The Company is a wholly owned subsidiary of a privately owned group. One of the directors is the CEO of the group and will consider the interest of the shareholder and strategy of the wider group in decision making to ensure alignment.

The Company and its affiliate operate as a meritocracy and in doing so recognise the importance of hiring, developing and retaining leading professionals across each function. Robust processes are in place to attract the best talent to work in highly effective teams. Further, a culture of continual learning and development for all employees is supported to ensure they continue to remain effective and can grow in their roles.

Development and performance

Significant departments and functions are represented on the Company level committees attended by the UK-based directors. This helps to ensure active feedback and engagement between employees supporting the portfolio management activities of the Company.

The Company promotes a strong compliance culture, led by its Board of directors, which is maintained through the operational risk management framework, compliance monitoring program and remuneration policy, which promotes effective risk management.

(d) The impact of the Company’s operations on the community and the environment

The Company is committed to the integrity, transparency, efficiency, competitiveness and stability of financial markets. The Company looks to engage with policymakers and regulators to ensure the successful implementation of key financial services regulations. The Board also receives updates on regulatory matters of relevance for the Company.

(e) The desirability of the Company maintaining a reputation for high standards of business conduct

The directors consider that management fee revenues disclosed above represent the Company’s key performance indicator in relation to the financial period under review.

There are several risks and uncertainties which could impact the performance of the portfolios the Company manage. The Company operates systems and controls to mitigate any adverse effects of the risks that arise due to revenue being linked to the performance of the portfolios it manages.

The Company has processes in place to identify and evaluate potential sources of risk. One principal risk is market risk. All portfolio management activities risk the loss of capital and a related reduction in the income generated or, loss of business, and in extreme cases insolvency or winding up of the Company. To mitigate these risks, the Company has implemented strict risk management controls which are agreed between the Company and its client including, but not limited to, detailed risk parameters, investment guidelines and regular risk meetings and assessments, which are agreed with and monitored by the Company and its client.

The Company has no significant exposure to credit, key-man, or interest rate risk. The Company has performed an annual Internal Capital Adequacy and Risk Assessment ("ICARA"), in accordance with the UK Investment Firm Prudential Regime ("IFPR").

(f) The need to act fairly as between members of the Company

The directors aim to act fairly as between the Company’s members when delivering the Company’s strategy.

The Company had seven members during the year under review. Three members had retired and one member had left since the year end date. Measures are codified in the Company’s articles of association and shareholders’ agreement to protect the interests of minority holders.

Key performance indicators

The Company uses a range of financial key performance indicators to drive performance and monitor and manage the business effectively. These are reported companywide on a daily, weekly, and monthly basis against targets. The key financial performance indicators for the year were as follows:

 

 

 

 

 

 

2024

2023

 

 

 

 

 

£

£

Revenue

 

 

 

 

31,370,584

13,790,581

Gross profit (loss) margin

 

 

 

11.49%

0.65%

EBITDA

 

 

 

 

3,784,725

138,566

 

WALLEYE CAPITAL (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

On behalf of the board

W England
Director
24 April 2025
WALLEYE CAPITAL (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Principal activities

The principal activity of the company is the provision of portfolio management and other related ancillary services.

 

Price risk, credit risk, liquidity risk and cash flow risk

Refer to the Strategic Report for details of the Company's principal risks.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,400,000. 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:

R Courtney
(Resigned 15 March 2024)
W England
K Modgill
(Resigned 15 April 2024)
L Davis
(Appointed 3 May 2024)
J Tanqueray
(Appointed 20 June 2024)
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
W England
Director
24 April 2025
WALLEYE CAPITAL (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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.

WALLEYE CAPITAL (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WALLEYE CAPITAL (UK) LIMITED
- 6 -
Opinion

We have audited the financial statements of Walleye Capital (UK) Limited (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 FRS 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:

WALLEYE CAPITAL (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WALLEYE CAPITAL (UK) LIMITED
- 7 -
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 and the directors' report.

 

We have nothing to report in respect of the following matters where 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.

 

As part of our planning process:

WALLEYE CAPITAL (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WALLEYE CAPITAL (UK) LIMITED
- 8 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors responsibilities. 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.

Gilles Siow (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
24 April 2025
WALLEYE CAPITAL (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
31,370,584
13,790,581
Cost of sales
(1,478,869)
-
0
Gross profit
29,891,715
13,790,581
Administrative expenses
(26,288,724)
(13,701,152)
Profit before taxation
3,602,991
89,429
Tax on profit
8
(885,000)
(245,046)
Profit/(loss) for the financial year
2,717,991
(155,617)

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

WALLEYE CAPITAL (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
13,239
Tangible assets
11
208,374
138,541
208,374
151,780
Current assets
Debtors
12
11,218,564
10,928,801
Cash at bank and in hand
3,462,511
343,163
14,681,075
11,271,964
Creditors: amounts falling due within one year
13
(12,293,585)
(9,931,587)
Net current assets
2,387,490
1,340,377
Total assets less current liabilities
2,595,864
1,492,157
Capital and reserves
Called up share capital
15
2,435,000
1,500,000
Capital contribution
-
0
149,284
Profit and loss reserves
160,864
(157,127)
Total equity
2,595,864
1,492,157
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
W England
Director
Company Registration No. 14088131
WALLEYE CAPITAL (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital Contribution
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1
-
0
(1,510)
(1,509)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(155,617)
(155,617)
Issue of share capital and capital contributions
15
1,499,999
149,284
-
1,649,283
Balance at 31 December 2023
1,500,000
149,284
(157,127)
1,492,157
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
2,717,991
2,717,991
Issue of share capital
15
935,000
-
0
-
935,000
Dividends
9
-
-
(2,400,000)
(2,400,000)
Contributions repayment
15
-
0
(149,284)
-
0
(149,284)
Balance at 31 December 2024
2,435,000
-
0
160,864
2,595,864
WALLEYE CAPITAL (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
4,730,245
(1,292,872)
Income taxes paid
(545,046)
(1,790)
Net cash inflow/(outflow) from operating activities
4,185,199
(1,294,662)
Investing activities
Purchase of intangible assets
-
0
(13,239)
Purchase of tangible fixed assets
(251,567)
(187,678)
Net cash used in investing activities
(251,567)
(200,917)
Financing activities
Proceeds from issue of shares and capital contributions
935,000
1,649,283
Contributions repayment
(149,284)
-
0
Dividends paid
(1,600,000)
-
0
Net cash (used in)/generated from financing activities
(814,284)
1,649,283
Net increase in cash and cash equivalents
3,119,348
153,704
Cash and cash equivalents at beginning of year
343,163
189,459
Cash and cash equivalents at end of year
3,462,511
343,163
WALLEYE CAPITAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Walleye Capital (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15-16 Moss House, Floor 2, 15-16 Brooks Mews, London, England, W1K 4DS.

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. 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. This is due to a letter received from the parent confirming support of the company for a period of at least twelve months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided to the parent company in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account the transfer pricing agreement between the parent entity and its subsidiary.

1.4
Tangible fixed assets

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

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

Leasehold improvements
Over the period of the lease
Fixtures and fittings
3 years straight line
Computers
2 years straight line
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.

WALLEYE CAPITAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.7
Taxation

The tax expense represents the tax currently payable.

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.

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 are charged to profit or loss on a straight line basis over the term of the lease.

1.10
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.

WALLEYE CAPITAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Holdbacks performance related pay bonus

An element of staff bonus accruals arising in 2023 is held back for a period of 12 months. Management has made an accrual of £941,297 (2023: £924,266) based on their best estimate of the amount paid within 60 days of the year end date.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Management fee income
2,664,225
927,989
Reimbursement
28,706,359
12,862,592
31,370,584
13,790,581
2024
2023
£
£
Turnover analysed by geographical market
United States
31,370,584
13,790,581
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
212,621
220,929
Depreciation of owned tangible fixed assets
181,734
49,137
Loss on disposal of intangible assets
13,239
-
WALLEYE CAPITAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
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
29,000
28,913
For other services
All other non-audit services
3,250
-
0
6
Employees

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

2024
2023
Number
Number
Central team
11
6
Investment team
28
17
Total
39
23

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
18,976,895
10,221,282
Social security costs
2,080,530
1,357,685
Pension costs
223,150
256,990
21,280,575
11,835,957
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
717,830
130,934
Company pension contributions to defined contribution schemes
31,892
9,952
749,722
140,886

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023: 2).

 

WALLEYE CAPITAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 17 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
311,796
-
Company pension contributions to defined contribution schemes
17,679
-
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
885,000
245,046

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
3,602,991
89,429
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
900,748
19,674
Tax effect of expenses that are not deductible in determining taxable profit
-
0
225,372
Tax effect of income not taxable in determining taxable profit
(15,748)
-
0
Taxation charge for the year
885,000
245,046

 

9
Dividends
2024
2023
£
£
Final paid
800,000
-
0
Interim paid
1,600,000
-
0
2,400,000
-
WALLEYE CAPITAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
10
Intangible fixed assets
Service Contract
£
Cost
At 1 January 2024
13,239
Disposals
(13,239)
At 31 December 2024
-
0
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
13,239
11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
-
0
47,082
140,596
187,678
Additions
100,000
30,753
120,814
251,567
At 31 December 2024
100,000
77,835
261,410
439,245
Depreciation and impairment
At 1 January 2024
-
0
12,624
36,513
49,137
Depreciation charged in the year
56,250
22,130
103,354
181,734
At 31 December 2024
56,250
34,754
139,867
230,871
Carrying amount
At 31 December 2024
43,750
43,081
121,543
208,374
At 31 December 2023
-
0
34,458
104,083
138,541
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,187,771
9,497,025
Other debtors
93,394
16,812
Prepayments and accrued income
937,399
1,414,964
11,218,564
10,928,801
WALLEYE CAPITAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
79,066
58,551
Amounts owed to group undertakings
-
0
121,475
Corporation tax
583,454
243,500
Other taxation and social security
-
0
1,886,879
Dividends payable
800,000
-
0
Accruals and deferred income
10,831,065
7,621,182
12,293,585
9,931,587
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
223,150
256,990

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.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
2,435,000
1,500,000

During the year, the company issued 935,000 ordinary shares of £1 each at par.

16
Operating lease commitments

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
313,949
228,353
Between two and five years
781,198
171,265
1,095,147
399,618
17
Ultimate controlling party

The immediate parent company is Walleye Capital LLC and the ultimate controlling party is Fish Factory LP. The registered office address of Walleye Capital LLC and Fish Factory LP is 315 Park Ave S, 18th Floor, New York, NY 10010, United States.

 

WALLEYE CAPITAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
18
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit/(loss) for the year after tax
2,717,991
(155,617)
Adjustments for:
Taxation charged
885,000
245,046
Loss on disposal of intangible assets
13,239
-
Depreciation and impairment of tangible fixed assets
181,734
49,137
Movements in working capital:
Increase in debtors
(289,763)
(10,258,652)
Increase in creditors
1,222,044
8,827,214
Cash generated from/(absorbed by) operations
4,730,245
(1,292,872)
19
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
343,163
3,119,348
3,462,511
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