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Registered number: 07504263 UNBIASED EC1 LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
UNBIASED EC1 LIMITED COMPANY INFORMATION
Directors | K Barrett
| J Howell
| A Langham
| P Piers
| R Taylor
Company secretary | OHS Secretaries Limited
Registered number | 07504263
Registered office | 3rd Floor
| 32-38 Saffron Hill
| London
| EC1N 8FH
Independent auditor | James Cowper Kreston Audit
| Chartered Accountants and Statutory Auditor
| Reading Bridge House
| George Street
| Reading
| Berkshire
| RG1 8LS
UNBIASED EC1 LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 7
Consolidated statement of comprehensive income | 8
Consolidated balance sheet | 9
Company balance sheet | 10
Consolidated statement of changes in equity | 11
Company statement of changes in equity | 12
Consolidated statement of cash flows | 13
Consolidated analysis of net debt | 14
Notes to the financial statements | 15 - 28
UNBIASED EC1 LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024
Introduction
The directors are pleased to present their strategic report for the year ending 30th September 2024. Unbiased has remained focussed on continued growth, affirming its position as a leader in the lead-management, generation, and conversion marketing SaaS platform sector delivering tens of millions of AuM to its customers and helping millions of people to make more confident financial decisions.
Business review
The company continues to excel as an end to end platform for new business acquisition and conversion for corporate client providers for retail financial advice in the Finance, Mortgage and Accountancy sectors in the UK, and in the USA (financial advisers only). The UK business has consistently delivered strong performance, achieving impressive revenue growth and margin improvements during the year. The US arm, while still in its early stages, is progressing as anticipated for a post-revenue start-up, with foundational investments positioning it for future profitability in a significant and large market.
Financial key performance indicators
Indicator | 2024 (£'000) | 2023 (£'000) | % change
Turnover | 13,812 | 10,254 | +35%
Gross Profit | 8,500 | 5,968 | +42%
Net Profit/(Loss) | (846) | (2,683) | -68%
Shareholders' funds | 5,595 | 4,749 | 18%
Average number of staff | 76 | 62 | +23%
These figures reflect a year of solid revenue growth, improved profitability metrics, and effective cost management. The continued investment in marketing, technology, and operational capabilities has laid the groundwork for sustainable growth in both the UK and US markets.
Market Context and Business Resilience
While 2024 presented challenges, such as tightening economic conditions and fluctuating interest rates, Unbiased demonstrated resilience and adaptability. The global economic environment saw central banks raising interest rates to control inflation, which impacted consumer confidence and activity levels. Despite this, Unbiased’s innovative solutions, strong market position, and commitment to customer success allowed the business to maintain growth momentum. The business is supported by powerful structural tailwinds, including: • Increased demand for financial advice driven by intergenerational wealth transfer. • Continued digitalisation and technological advancement. • The shift towards personal financial planning encouraged by governmental policy. • Private equity-backed consolidation within the financial advice industry. Strategic investments in marketing, operational efficiencies, and advisor development programmes over recent years position the company to leverage these trends for sustained success in the future with confidence. Page 1
UNBIASED EC1 LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Future developments
Looking ahead, Unbiased remains optimistic about its growth potential. The company’s history of navigating challenges, including macroeconomic events such as the COVID-19 pandemic and geopolitical instability, highlights its robust and adaptable business model. With global interest rates beginning to stabilise and enter a downward trend, the business anticipates improved trading conditions in the forthcoming year. The ongoing demand for high-quality financial advice and the company’s proven ability to innovate and adapt provide a strong foundation for continued growth. Key risks and mitigation strategies Regulation: The business continues to monitor regulatory developments via its external advisers and direct engagement with regulators as appropriate to ensure continued compliance where required. Should such compliance requirements apply to the business, the company would have to undertake the appropriate action to comply, which could have a certain level of adverse financial and operational consequences. Staff retention: Our proposition is based on the combined knowledge and experience of our staff. Our clients also look for continuity from our teams. Retaining our best people is therefore important to protecting our ability to service our existing clients and bring on new clients. We therefore invest heavily in a suite of excellent financial and non-financial benefits and a supportive culture to enable the business to attract and retain talent and to grow long term shareholder value. Marketing channels: Unbiased obtains the vast majority of its consumer enquiries for its corporate customers using a variety of online and offline channels. Despite a good level of channel diversification, there are a number of marketing channels which are dominated by very large third parties, including for example companies like Google, Facebook, LinkedIn, etc. Substantial increases in the costs of those channels, could potentially have a temporary but material impact on the business’ growth rates and margins until replacements and alternatives can be found. This report was approved by the board and signed on its behalf.
K Barrett Director
Date: 10 June 2025
Page 2
UNBIASED EC1 LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The directors present their report and the financial statements for the year ended 30 September 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £846,005 (2023 - loss £2,683,278). Dividends of £Nil (2023: £Nil) were paid during the year.
Directors
The directors who served during the year were:
K Barrett
J Howell
A Langham
P Piers
R Taylor
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information. Page 3
UNBIASED EC1 LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditor
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
K Barrett Director
Date: 10 June 2025
Page 4
UNBIASED EC1 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNBIASED EC1 LIMITED
Opinion
We have audited the financial statements of Unbiased EC1 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
UNBIASED EC1 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNBIASED EC1 LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
UNBIASED EC1 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNBIASED EC1 LIMITED (CONTINUED)
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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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. Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS 11 June 2025 Page 7
UNBIASED EC1 LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover |  | 13,812,168 | 10,253,868
Cost of sales |  | (5,312,665) | (4,285,831)
Gross profit |  | 8,499,503 | 5,968,037
Administrative expenses |  | (10,874,506) | (8,779,059)
Operating loss | 5 | (2,375,003) | (2,811,022)
Interest receivable and similar income |  | 93,387 | 67,744
Loss before taxation |  | (2,281,616) | (2,743,278)
Tax on loss | 10 | 1,435,611 | 60,000
Loss for the financial year |  | (846,005) | (2,683,278)
There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
The notes on pages 15 to 28 form part of these financial statements.
Page 8
UNBIASED EC1 LIMITED REGISTERED NUMBER: 07504263 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 3,015,655 |  | 2,385,636
|  |  | 3,015,655 |  | 2,385,636
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 2,242,760 |  | 552,634 |
Cash at bank and in hand | 15 | 2,089,318 |  | 4,612,572 |
|  | 4,332,078 |  | 5,165,206 |
Creditors: amounts falling due within one year | 16 | (3,970,337) |  | (3,352,092) |
Net current assets |  |  | 361,741 |  | 1,813,114
Total assets less current liabilities |  |  | 3,377,396 |  | 4,198,750
Net assets |  |  | 3,377,396 |  | 4,198,750
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 74 |  | 74
Share premium account |  |  | 8,972,519 |  | 8,917,513
Capital redemption reserve |  |  | 57 |  | 57
Foreign exchange reserve |  |  | (131) |  | 30,224
Profit and loss account |  |  | (5,595,123) |  | (4,749,118)
|  |  | 3,377,396 |  | 4,198,750
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
K Barrett
Director
Date: 10 June 2025
The notes on pages 15 to 28 form part of these financial statements. Page 9
UNBIASED EC1 LIMITED REGISTERED NUMBER: 07504263 COMPANY BALANCE SHEET AS AT 30 SEPTEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 13 |  | 4 |  | 4
|  |  | 4 |  | 4
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 8,315,373 |  | 8,605,785 |
|  | 8,315,373 |  | 8,605,785 |
Creditors: amounts falling due within one year | 16 | (242,551) |  | - |
Net current assets |  |  | 8,072,822 |  | 8,605,785
Total assets less current liabilities |  |  | 8,072,826 |  | 8,605,789
Net assets excluding pension asset |  |  | 8,072,826 |  | 8,605,789
Net assets |  |  | 8,072,826 |  | 8,605,789
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 74 |  | 74
Share premium account |  |  | 8,972,519 |  | 8,917,513
Capital redemption reserve |  |  | 57 |  | 57
Profit and loss account |  |  | (899,824) |  | (311,855)
|  |  | 8,072,826 |  | 8,605,789
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
K Barrett
Director
Date: 10 June 2025
The notes on pages 15 to 28 form part of these financial statements. Page 10
UNBIASED EC1 LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Called up share capital | Share premium account | Capital redemption reserve | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £ | £
At 1 October 2023 | 74 | 8,917,513 | 57 | 30,224 | (4,749,118) | 4,198,750
Loss for the year | - | - | - | - | (846,005) | (846,005)
Foreign exchange | - | - | - | (30,355) | - | (30,355)
Shares issued during the year | - | 55,006 | - | - | - | 55,006
At 30 September 2024 | 74 | 8,972,519 | 57 | (131) | (5,595,123) | 3,377,396
| The notes on pages 15 to 28 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Called up share capital | Share premium account | Capital redemption reserve | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £ | £
At 1 October 2022 | 67 | 4,583,318 | 57 | - | (2,065,840) | 2,517,602
Loss for the year | - | - | - | - | (2,683,278) | (2,683,278)
Foreign exchange | - | - | - | 30,224 | - | 30,224
Shares issued during the year | 7 | 4,334,195 | - | - | - | 4,334,202
At 30 September 2023 | 74 | 8,917,513 | 57 | 30,224 | (4,749,118) | 4,198,750
| The notes on pages 15 to 28 form part of these financial statements.
Page 11
UNBIASED EC1 LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 October 2023 | 74 | 8,917,513 | 57 | (311,855) | 8,605,789
Loss for the year | - | - | - | (587,969) | (587,969)
Shares issued during the year | - | 55,006 | - | - | 55,006
At 30 September 2024 | 74 | 8,972,519 | 57 | (899,824) | 8,072,826
| The notes on pages 15 to 28 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 October 2022 | 67 | 4,583,318 | 57 | (79,619) | 4,503,823
Loss for the year | - | - | - | (232,236) | (232,236)
Shares issued during the year | 7 | 4,334,195 | - | - | 4,334,202
At 30 September 2023 | 74 | 8,917,513 | 57 | (311,855) | 8,605,789
| The notes on pages 15 to 28 form part of these financial statements.
Page 12
UNBIASED EC1 LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (846,005) | (2,683,278)
Adjustments for: |  |
Amortisation of intangible assets | 1,342,679 | 966,083
Interest received | (93,387) | (67,744)
Tax credit | (169,262) | -
(Increase) in debtors | (1,465,858) | (131,832)
Increase in creditors | 618,245 | 936,128
Corporation tax received | - | 58,718
Foreign exchange | (30,355) | 30,224
Net cash generated from operating activities | (643,943) | (891,701)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (1,972,698) | (1,499,574)
Interest received | 93,387 | 67,744
Net cash from investing activities | (1,879,311) | (1,431,830)
Cash flows from financing activities |  |
Issue of ordinary shares | - | 4,334,202
Net cash used in financing activities | - | 4,334,202
Net (decrease)/increase in cash and cash equivalents | (2,523,254) | 2,010,671
Cash and cash equivalents at beginning of year | 4,612,572 | 2,601,901
Cash and cash equivalents at the end of year | 2,089,318 | 4,612,572
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,089,318 | 4,612,572
| 2,089,318 | 4,612,572
The notes on pages 15 to 28 form part of these financial statements.
Page 13
UNBIASED EC1 LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2024
|  | At 1 October 2023 | Cash flows | At 30 September 2024
|  | £ | £ | £
Cash at bank and in hand | 4,612,572 | (2,523,254) | 2,089,318
| 4,612,572 | (2,523,254) | 2,089,318
The notes on pages 15 to 28 form part of these financial statements.
Page 14
UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. | General information
Unbiased EC1 Limited is a private limited company limited by shares and incorporated in England and Wales. The registered address is 3rd Floor, 32-38 Saffron Hill, London, England, EC1N 8FH. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 15
UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 16
UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 17
UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The estimated useful lives range as follows:
|  |  |  | Other | - | 10 | years
|  |  |  | Development costs | - | 4 | years
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 18
UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 20% | Reducing balance
|  |  |  | Office equipment | - | 20% | Reducing balance
|  |  |  | Computer equipment | - | 33% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Page 19
UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Intangible fixed assets Intangible fixed assets relating to software development costs and other intangible costs which are amortised over their useful economic life which is deemed to be 4 and 10 years respectively.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 13,316,176 | 10,253,868
| Rest of the World | 495,992 | -
|  | 13,812,168 | 10,253,868
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 905 | (1,364)
| Other operating lease rentals | 225,344 | 237,445
| Amortisation | 1,342,679 | 966,083
6. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 15,350 | 12,200
| Other services | 8,350 | 10,800
| Total | 23,700 | 23,000
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UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Wages and salaries | 4,276,899 | 4,043,060
| Social security costs | 918,087 | 617,993
| Cost of defined contribution scheme | 194,937 | 249,369
|  | 5,389,923 | 4,910,422
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Average Number of employees | 76 | 62 | 5 | 5
8. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 530,739 | 496,885
| Group contributions to defined contribution pension schemes | 36,122 | 39,164
|  | 566,861 | 536,049
| During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £176,579 (2023 - £168,170).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £20,931 (2023 - £18,499). Key management personnel are considered to be the Board of Directors.
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 93,387 | 67,744
|  | 93,387 | 67,744
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UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Current tax |  |
| Corporate tax credit | - | (60,000)
| Adjustments in respect of previous periods | 60,000 | -
| Total current tax | 60,000 | (60,000)
| Origination and reversal of timing differences | 191,122 | -
| Short term timing differences | (15,332) | -
| Losses and other deductions | (1,671,401) | -
| Total deferred tax | (1,495,611) | -
| Taxation on loss on ordinary activities | (1,435,611) | (60,000)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (2,281,616) | (2,743,278)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%) | (570,404) | (644,664)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 866 | 35,591
| Fixed asset differences | 6,073 | 4,651
| Movement in deferred tax charge previously not recognised | (1,066,695) | (122,674)
| Adjustments to brought forwards values | - | (277)
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | - | (60,000)
| Adjustments to tax charge in respect of previous periods | 60,000 | -
| Unrelieved loss on foreign subsidiaries | 134,549 | 727,373
| Total tax charge for the year | (1,435,611) | (60,000)
| Factors that may affect future tax charges
The Group has £6,232,771 (2023: £5,364,331) of losses carried forward to set against future trading profits. Page 22
UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
11. | Intangible assets
| Group
|  | Development costs | Other | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 October 2023 | 4,785,408 | 734,601 | 5,520,009
| Additions | 1,972,698 | - | 1,972,698
| At 30 September 2024 | 6,758,106 | 734,601 | 7,492,707
| Amortisation |  |  |
| At 1 October 2023 | 2,618,392 | 515,981 | 3,134,373
| Charge for the year | 1,318,389 | 24,290 | 1,342,679
| At 30 September 2024 | 3,936,781 | 540,271 | 4,477,052
| Net book value |  |  |
| At 30 September 2024 | 2,821,325 | 194,330 | 3,015,655
| At 30 September 2023 | 2,167,016 | 218,620 | 2,385,636
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UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
12. | Tangible fixed assets
| Group
|  | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 October 2023 | 88,642 | 3,919 | 80,757 | 173,318
| At 30 September 2024 | 88,642 | 3,919 | 80,757 | 173,318
| Depreciation |  |  |  |
| At 1 October 2023 | 88,642 | 3,919 | 80,757 | 173,318
| At 30 September 2024 | 88,642 | 3,919 | 80,757 | 173,318
| Net book value |  |  |  |
| At 30 September 2024 | - | - | - | -
| At 30 September 2023 | - | - | - | -
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UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 October 2023 | 4
| At 30 September 2024 | 4
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Unbiased Limited | England & Wales | Ordinary | 100%
| IFA Promotion Limited (Dormant) | England & Wales | Ordinary | 100%
| Advice First Limited (Dormant) | England & Wales | Ordinary | 100%
| Impartial.co.uk Limited (Dormant) | England & Wales | Ordinary | 100%
| Unbiased.co.uk Limited (Dormant) | England & Wales | Ordinary | 100%
| Unbiased Group Services Limited | England & Wales | Ordinary | 100%
| Unbiased Incorporated | USA | Ordinary | 100%
| The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Unbiased Limited | 2,677,117 | 31,812
| IFA Promotion Limited (Dormant) | 1 | 1
| Advice First Limited (Dormant) | 100 | 100
| Impartial.co.uk Limited (Dormant) | 1 | 1
| Unbiased.co.uk Limited (Dormant) | 1 | 1
| Unbiased Group Services Limited | (57,101) | (18,903)
| Unbiased Incorporated | 1,506,077 | (31,812)
| Unbiased Limited and Unbiased Group Services Limited have taken advantage of the exemption from a statutory audit under the parent company guarantees as per the Companies Act 479A.
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UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
14. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade debtors | 216,862 | 103,704 | - | -
| Amounts owed by group undertakings | - | - | 8,130,106 | 8,586,259
| Other debtors | 258,331 | 202,316 | 91,093 | 19,526
| Prepayments and accrued income | 269,385 | 184,980 | - | -
| Tax recoverable | 2,571 | 61,634 | - | -
| Deferred taxation | 1,495,611 | - | 94,174 | -
|  | 2,242,760 | 552,634 | 8,315,373 | 8,605,785
15. | Cash and cash equivalents
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Cash at bank and in hand | 2,089,318 | 4,612,572
|  | 2,089,318 | 4,612,572
16. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade creditors | 1,259,312 | 1,157,772 | - | -
| Taxation and social security | 744,781 | 536,377 | - | -
| Other creditors | 24,259 | 36,794 | - | -
| Accruals and deferred income | 1,941,985 | 1,621,149 | 242,551 | -
|  | 3,970,337 | 3,352,092 | 242,551 | -
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UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
17. | Deferred taxation
| Group
|  | 2024
|  | £
| Charged to profit or loss | 1,495,611
| At end of year | 1,495,611
| Company
|  | 2024
|  | £
| Charged to profit or loss | 94,174
| At end of year | 94,174
| The deferred tax asset is made up as follows:
|  | Group | Company
|  | 2024 | 2024
|  | £ | £
| Origination and reversal of timing differences | (191,122) | -
| Short term timing differences | 15,332 | -
| Losses and other deductions | 1,671,401 | 94,174
|  | 1,495,611 | 94,174
18. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 439,998 (2023 - 439,998) Ordinary shares of £0.00001 each | 4 | 4
|  | 3,411,929 (2023 - 3,411,929) A Ordinary shares of £0.00001 each | 34 | 34
|  | 19,707 (2021 - 19,707) B Ordinary shares of £0.00001 each | - | -
|  | 2,187,491 (2023 - 2,187,491) C Ordinary shares of £0.00001 each | 22 | 22
|  | 482,925 (2023 - 482,925) D Ordinary shares of £0.00001 each | 5 | 5
|  | 89,552 (2023 - 89,552) E Ordinary shares of £0.00001 each | 1 | 1
|  | 93,595 (2022 -93,595) Deferred shares of £0.00001 each | 1 | 1
|  | 729,163 (2022 -729,163) C1 Ordinary shares of £0.00001 each | 7 | 7
|  | 100 (2023 - nil) F Ordinary shares of £0.00001 each | - | -
|  |  | 74 | 74
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UNBIASED EC1 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
19. | Reserves
Share premium account The share premium account is the accumulated amount paid over the nominal value of shares issued up to the date of the balance sheet. Capital redemption reserve The Capital redemption reserve is comprised of amounts accumulated in respect of share based payments. Foreign exchange reserve Foreign exchange reserve is the accumulated foreign exchange differences on consolidation on conversion to presentational currency up to the date of the balance sheet. Profit and loss account The profit and loss represents cumulative profits and losses net of dividends paid and other adjustments.
20. | Commitments under operating leases
| At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 189,043 | 178,084
| Later than 1 year and not later than 5 years | 708,912 | -
|  | 897,955 | 178,084
21. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the compan in an adminstered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £194,937 (2023: £166,882). Contributions totalling £34,855 (2023: £28,199) were payable to the fund at the balance sheet date and are included in creditors.
22. | Related party transactions
| During the year, the company paid £57,774 (2023: £174,000) to YFM, a shareholder, for monitoring fees.
23. | Controlling party
At the year end the directors have noted that there is no ultimate controlling party.
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