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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
COMPANY INFORMATION
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UNBIASED EC1 LIMITED
CONTENTS
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UNBIASED EC1 LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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. 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.
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.
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UNBIASED EC1 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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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.
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.
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.
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.
The directors who served during the year were:
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UNBIASED EC1 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
There have been no significant events affecting the Group since the year end.
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.
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UNBIASED EC1 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNBIASED EC1 LIMITED
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).
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.
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.
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UNBIASED EC1 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNBIASED EC1 LIMITED (CONTINUED)
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.
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.
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.
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UNBIASED EC1 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNBIASED EC1 LIMITED (CONTINUED)
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.
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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UNBIASED EC1 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
REGISTERED NUMBER: 07504263
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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UNBIASED EC1 LIMITED
REGISTERED NUMBER: 07504263
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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UNBIASED EC1 LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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UNBIASED EC1 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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UNBIASED EC1 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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
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:
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.
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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.
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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:
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (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:
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.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
Analysis of turnover by country of destination:
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Group has £6,232,771 (2023: £5,364,331) of losses carried forward to set against future trading profits.
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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UNBIASED EC1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Share premium account
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
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.
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