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Registered number: 06124143












EXEGY UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

EXEGY UK LIMITED

CONTENTS



Page
Company information
 
1
Group strategic report
 
2 - 3
Directors' report
 
4
Directors' responsibilities statement
 
5
Independent auditors' report
 
6 - 9
Consolidated profit and loss account
 
10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Notes to the financial statements
 
18 - 36


 

EXEGY UK LIMITED
 
COMPANY INFORMATION


Directors
P Feret 
D E Taylor 




Company secretary
Taylor Wessing Secretaries Limited



Registered number
06124143



Registered office
5 New Street Square

London

EC4A 3TW




Independent auditors
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

EXEGY UK LIMITED
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors have pleasure in presenting their strategic report for the year ended 31 December 2023.

Principal activity and business review
 
The principal activity of the group is to provide high-performance electronic trading solutions to the global financial services industry. The parent entity, Exegy, Inc, has developed proprietary trading, market data and exchange connectivity platforms that facilitate feed coverage of all North American, European, Australian and Asian securities exchanges. The Exegy UK group acts as a limited risk distributor to customers in the European market. 
Exegy UK Limited acquired the Enyx SA group in May 2022. Enyx SA was subsequently re-branded as Exegy SA. The post acquisition results of Exegy SA have been included in the comparative 2022 financial information contained within these financial statements. The Exegy group has also started to integrate the employees of Vela Trading into the business towards the end of 2023.
The directors continue to integrate the businesses, and are satisfied with the performance during the year. Turnover reflects an increase, principally as a result of a full 12 month contribution from the Exegy SA business acquired in 2022. The group recorded an operating loss for the year of £1,793,899 (2022: loss of £184,453).
Interest receivable and similar income for the group amounted to £1,018,687 (2022: £293,337), including foreign exchange gains on intercompany balances with the US parent. The group recorded a loss before tax of £775,212 (2022: profit of £108,884). The operating losses incurred in the year reflect the period of transition in integrating the acquisition into the business. EBITDA for the group amounted to a loss of £210,480 (2022: earnings of £837,676).

Principal risks and uncertainties
 
The directors address both the strategic and specific business risks facing the group including, but not restricted to liquidity risk, foreign currency risk, credit risk and operational risk.
Liquidity risk is managed at a group level to ensure that there are sufficient liquid resources across the group to fund operational activities and investment. Similarly, foreign currency risk is managed at a group level, and sufficient liquid funds are maintained across the operating currencies of the group (USD, GBP and Euro). The UK group does not engage in any hedging strategies.
The directors monitor the potential credit risk by ensuring regular credit checks on customers and by adopting robust credit control procedures. The group also ensures that the business has appropriate and skilled employees to deliver against the business objectives. 

Going concern

The directors of the company and its group have prepared these financial statements on the going concern basis, having received assurances from the parent company and the wider group confirming their intention to support the company and its group for a period of at least twelve months from the date of approval of these financial statements. As set out in note 2.3 to these financial statements, the facilities of the wider group include a substantial term loan that matures in May 2026. Preliminary discussions have commenced regarding the refinancing and these are expected to progress as maturity approaches. However, the absence of renewed committed facilities beyond May 2026 indicates the existence of a material uncertainty which may cast doubt on the ability of the company and its group to continue as a going concern. Notwithstanding this, the directors remain confident that the re-negotiation of the term loan facility will be concluded successfully.

Page 2

 

EXEGY UK LIMITED

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key performance indicators
 
The directors regard the key measures as revenue, gross margin and operating profit. The directors also measure the net asset position of the balance sheet.
Revenue for the group grew from £12,469,885 in 2022 to £14,821,813 in 2023, a rise of 16%. This was aided by a full 12 months of revenue being recognised across all group entities in 2023, following the acquisition in 2022. The gross profit margin rose during the same period, from 39% in 2022 to 46% in 2023. Operating result fell, from an operating loss of £184,453 in 2022 to an operating loss of £1,793,899 in 2023.

 


This report was approved by the board and signed on its behalf.



P Feret
Director

Date: 16 June 2025

Page 3

 

EXEGY UK LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The loss for the year, after taxation, amounted to £411,849 (2022 - profit £516,819).

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:

P Feret (appointed 28 February 2023)
D E Taylor 

Matters covered in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information,
required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

This report was approved by the board and signed on its behalf.
 





P Feret
Director

Date: 16 June 2025

Page 4

 

EXEGY UK LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 2006They 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.

Page 5

 

EXEGY UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXEGY UK LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2023

Qualified opinion


We have audited the financial statements of Exegy UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated profit and loss account, 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 policiesThe 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, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, 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 31 December 2023 and of the Group's profit 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 qualified opinion


The Group’s investment in Exegy SA was acquired in the prior year, on 3 May 2022. The Group’s investment in Exegy SA was acquired in the prior year, on 3 May 2022. The company, including its acquired sub-group, qualified as a small group for the year ended 31 December 2022, and consequently presented solo entity financial statements. For the year ended 31 December 2023, the company and its group became medium-sized, and hence are obliged to prepare consolidated financial statements. Although the prior year solo company financial statements were audited, and as referred to in the Other matters paragraph below, we have not audited the comparative consolidated financial information, and consequently we are unable to form an opinion thereon. Consequently, we were unable to determine whether any adjustments on the opening consolidated balance sheet as at 1 January 2023 would impact on the consolidated profit or loss or statement of cash flows for the year.
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 Auditors' 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 qualified opinion.


Other matters


The comparative figures include the unaudited post acquisition results of Exegy SA, which was acquired by the company on 3 May 2022.


Page 6

 

EXEGY UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXEGY UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements, which indicates that whilst the directors expect that the parent undertaking will be able to re-negotiate its loan facilities at or prior to maturity of its existing facilities in May 2026, the absence of committed facilities extending beyond May 2026 at the date of approval of these financial statements, indicates the existence of a material uncertainty. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the company and group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 7

 

EXEGY UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXEGY UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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.


Auditors' 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 Auditors' 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:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; 
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
 
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
 


 
Page 8

 

EXEGY UK LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXEGY UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance; and
• enquiring of management as to actual and potential litigation and claims;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities 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 Auditors' 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 2006Our 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 Auditors' 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.





Simon Mayston (Senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

17 June 2025
Page 9

 

EXEGY UK LIMITED
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
 4 
14,821,813
12,469,885

Cost of sales
  
(7,946,255)
(7,603,458)

Gross profit
  
6,875,558
4,866,427

Administrative expenses
  
(8,680,192)
(5,338,462)

Other operating income
  
10,735
287,582

Operating loss
 6 
(1,793,899)
(184,453)

Interest receivable and similar income
 9 
1,018,687
293,337

(Loss)/profit before tax
  
(775,212)
108,884

Tax on (loss)/profit
 10 
363,363
407,935

(Loss)/profit for the financial year
  
(411,849)
516,819

(Loss)/profit for the year attributable to:
  

Owners of the parent
  
(411,849)
516,819

  
(411,849)
516,819

Page 10

 

EXEGY UK LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


(Loss)/Profit for the financial year

  

(411,849)
516,819

Other comprehensive income
  


Currency translation differences
  
283,490
(44,205)

Other comprehensive income for the year
  
283,490
(44,205)

Total comprehensive (loss)/income for the year
  
(128,359)
472,614

(Loss)/profit for the year attributable to:
  


Owners of the parent Company
  
(411,849)
516,819

Total comprehensive (loss)/income attributable to:
  


Owners of the parent Company
  
(128,359)
472,614

Page 11


 
REGISTERED NUMBER:06124143
EXEGY UK LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
 12 
13,035,913
14,486,893

Tangible assets
 13 
228,009
170,129

  
13,263,922
14,657,022

Current assets
  

Stocks
 15 
452,994
373,856

Debtors: amounts falling due after more than one year
 16 
3,831,909
3,850,278

Debtors: amounts falling due within one year
 16 
3,436,941
3,967,093

Cash at bank and in hand
  
338,044
963,599

  
8,059,888
9,154,826

Creditors: amounts falling due within one year
 17 
(17,973,545)
(20,450,013)

Net current liabilities
  
 
 
(9,913,657)
 
 
(11,295,187)

Total assets less current liabilities
  
3,350,265
3,361,835

Provisions for liabilities
  

Deferred tax
  
(951,924)
(1,027,053)

Net assets
  
 
 
2,398,341
 
 
2,334,782


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Foreign exchange reserve
 20 
104,873
(370,535)

Profit and loss account
 20 
2,292,468
2,704,317

Total equity
  
2,398,341
2,334,782


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Feret
Director

Date: 16 June 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 12


 
REGISTERED NUMBER:06124143
EXEGY UK LIMITED

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
60,315
28,886

Investments
 14 
17,260,987
17,260,987

  
17,321,302
17,289,873

Current assets
  

Debtors: amounts falling due within one year
 16 
753,971
950,146

Cash at bank and in hand
  
116,142
29,452

  
870,113
979,598

Creditors: amounts falling due within one year
 17 
(16,024,192)
(16,343,496)

Net current liabilities
  
 
 
(15,154,079)
 
 
(15,363,898)

Total assets less current liabilities
  
2,167,223
1,925,975

  

  

Net assets
  
2,167,223
1,925,975


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Profit and loss account
  
2,166,223
1,924,975

Total equity
  
2,167,223
1,925,975


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


P Feret
Director

Date: 16 June 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 13

 

EXEGY UK LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2022
1,000
(178,658)
2,187,498
2,009,840
2,009,840


Comprehensive income for the year

Profit for the year
-
-
516,819
516,819
516,819


Contributions by and distributions to owners

Forex reserve movement
-
(191,877)
-
(191,877)
(191,877)



At 1 January 2023
1,000
(370,535)
2,704,317
2,334,782
2,334,782


Comprehensive income for the year

Loss for the year
-
-
(411,849)
(411,849)
(411,849)

Currency translation differences
-
283,490
-
283,490
283,490
Total comprehensive income for the year
-
283,490
(411,849)
(128,359)
(128,359)


Contributions by and distributions to owners

Forex reserve movement
-
191,918
-
191,918
191,918


Total transactions with owners
-
191,918
-
191,918
191,918


At 31 December 2023
1,000
104,873
2,292,468
2,398,341
2,398,341


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 

EXEGY UK LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
1,576,787
1,577,787


Comprehensive income for the year

Profit for the year
-
348,188
348,188
Total comprehensive income for the year
-
348,188
348,188



At 1 January 2023
1,000
1,924,975
1,925,975


Comprehensive income for the year

Profit for the year
-
241,248
241,248
Total comprehensive income for the year
-
241,248
241,248


At 31 December 2023
1,000
2,166,223
2,167,223


The notes on pages 18 to 36 form part of these financial statements.

Page 15

 

EXEGY UK LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/Profit for the financial year
(411,849)
516,819

Adjustments for:

Amortisation of intangible assets
1,450,980
997,381

Depreciation of tangible assets
91,375
50,797

Interest received
(1,018,687)
(293,337)

Taxation charge
(363,363)
(407,935)

(Increase) in stocks
(79,138)
(373,856)

Decrease/(increase) in debtors
797,229
(5,608,163)

(Decrease)/increase in creditors
(2,613,914)
4,442,954

Corporation tax received
176,972
310,894

Foreign exchange
475,408
104,873

Net cash (used in)/generated from operating activities

(1,494,987)
(259,573)


Cash flows from investing activities

Purchase of tangible fixed assets
(149,255)
(169,067)

Net cash used in investing activities

(149,255)
(169,067)
Page 16

 

EXEGY UK LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Interest paid
1,018,687
293,337

Net cash from financing activities
1,018,687
293,337

Net (decrease) in cash and cash equivalents
(625,555)
(135,303)

Cash and cash equivalents at beginning of year
963,599
1,098,902

Cash and cash equivalents at the end of year
338,044
963,599


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
338,044
963,599

338,044
963,599


Page 17

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Exegy UK Limited is a private company limited by shares incorporated in England and Wales. The
address of its registered office is 5 New Street Square, London, EC4A 3TW.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £

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 Profit and loss account 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 profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

Page 18

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The directors of the company and its group have received assurances from the parent company and wider group confirming their intention to support the company and its group for a period of at least twelve months from the date of approval of these financial statements. Furthermore, the company is in receipt of a letter of support from its intermediate parent undertaking, EXV Midco LLC, that it will continue to provide the funding necessary to enable the entity and its group to settle its liabilities as they fall due.
In considering the going concern basis of preparation, the directors have considered the ability of EXV Midco LLC and the Exegy group (“the wider group”) to provide support, including review of the wider group’s cash flow forecasts and the facilities currently in place and extending for at least twelve months from the date of approval of these financial statements. The facilities of the wider Exegy group include a substantial term loan that matures in May 2026. Preliminary discussions have commenced regarding the refinancing and these are expected to progress as maturity approaches. However, the absence of renewed committed facilities beyond May 2026 to cover the wider group’s projected future cash flows indicates the existence of a material uncertainty which may cast doubt on the ability of the company and its group to continue as a going concern.
Notwithstanding this, the directors remain confident that the re-negotiation of the term loan facility will be concluded successfully, and that the company and its group will have adequate funding to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 
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:
Revenue is derived from the leasing of hardware-accelerated computing appliances and providing bundled services relating to these appliances, such as remote managed services, full maintenance and product upgrades. Each component is considered a separate performance obligation with revenue being allocated to each performance obligation based on relative stand-alone selling prices. Upon successful installation of the appliance, revenue is recognised and an expense is recognised within cost of sales. Bundled-service components are recognised over the period of the contract. 

Page 19

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 profit and loss account 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.

 
2.6

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.

 
2.7

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.

Page 20

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

Page 21

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated profit and loss account over its useful economic life.

Other 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Developed technology
-
15
years
Goodwill
-
10
years
Trademarks
-
10
years

 
2.12

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.

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:

Short-term leasehold property
-
33%
Fixtures and fittings
-
20%
Office equipment
-
33%
Computer equipment
-
33%

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.

Page 22

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs).
Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

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.

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19

Financial instruments

The Group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. 
 
The Group’s policies for its major classes of financial assets and financial liabilities are set out below. 

Goodwill and financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Page 24

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Group would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.20

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 25

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, which are described in note 2, the key judgements made by the directors are:  
Goodwill and financial assets
 
The group makes an estimate of the fair value of certain intangibles at the acquisition date of subsidiary undertakings, retaining an external third-party valuer. When assessing the value of these assets the directors are required to identify and assign a value that a market participant would be willing to pay to acquire each of the intangibles being purchased. When assessing the fair value of intangibles, management considers factors including the estimated revenues and profits to be generated by the asset based on current market conditions and expectations, approved by the directors. Certain assumptions and limiting conditions were made when valuing the acquired intangible fixed assets. The intangible fixed assets are set out in note 12 to the financial statements. 

Financial liabilities

The group reviews the recoverable amount of its goodwill and intangible fixed assets if there has been an indication of impairment. The group uses the value in use model and if the recoverable amount is less than the carrying value the group recognises an impairment charge. Management apply an appropriate discount rate and growth rate to estimate future cash flows to value the recoverable amount of its cash generating units to which the goodwill is allocated. Management have concluded that there is no impairment to the carrying value of its goodwill and intangible fixed assets.



4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Leasing of hardware-accelerated computing applications and related services
14,821,813
12,469,885

14,821,813
12,469,885


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
6,297,823
6,135,653

Rest of Europe
1,961,823
981,109

Rest of the world
6,562,167
5,353,123

14,821,813
12,469,885


Page 26

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
10,735
287,582

10,735
287,582



6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
134,968
(27,094)

Other operating lease rentals
249,051
183,876

Auditors' remuneration - audit services
75,000
21,601

Auditors' remuneration - non audit services
15,000
5,000

Depreciation
91,375
61,661

Amortisation of goodwill
1,034,088
712,839

Amortisation of other intangible assets
416,892
284,542

Page 27

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£

Wages and salaries
4,471,963
2,372,380

Social security costs
976,269
115,242

Costs of defined contribution pension scheme
289,053
664,159

5,737,285
3,151,781


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Operations
14
22
3
2



General and administrative
10
9
2
-



Research and development
51
52
9
-



Sales and marketing
14
12
5
2

89
95
19
4


8.


Directors' remuneration

The directors received no remuneration during the period.


9.


Interest receivable and similar income

2023
2022
£
£


Group interest receivable
305,291
173,037

Foreign exchange gains in respect of intercompany balances
713,396
120,300

1,018,687
293,337

Page 28

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current UK tax on profits for the year
71,219
74,002

Overseas tax credit
(359,453)
(431,920)


(288,234)
(357,918)


Total current tax
(288,234)
(357,918)

Deferred tax


Origination and reversal of timing differences
(75,129)
(50,017)

Total deferred tax
(75,129)
(50,017)


Tax on (loss)/profit
(363,363)
(407,935)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(775,212)
108,884


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(182,175)
20,688

Effects of:


Other timing differences leading to an increase (decrease) in taxation
183,181
48,510

CIR (French R&D Tax Credit)
(364,369)
(477,133)

Total tax charge for the year
(363,363)
(407,935)

Page 29

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits of over £250,000. A small profits rate has also been introduced for companies with profits of £50,000 or less so that they continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate of 25% reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. This law has been substantively enacted.
 
For the financial year ended 31 December 2023, the current weighted average tax rate for current tax was 23.5%. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.


11.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent Company for the year was £241,248 (2022 - £348,188).


12.


Intangible assets

Group and Company





Patents
Development expenditure
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
443,538
4,346,666
10,694,069
15,484,273



At 31 December 2023

443,538
4,346,666
10,694,069
15,484,273



Amortisation


At 1 January 2023
43,071
241,470
712,839
997,380


Charge for the year
67,183
349,709
1,034,088
1,450,980



At 31 December 2023

110,254
591,179
1,746,927
2,448,360



Net book value



At 31 December 2023
333,284
3,755,487
8,947,142
13,035,913



At 31 December 2022
400,467
4,105,196
9,981,230
14,486,893



Page 30

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 January 2023
-
9,327
222,463
231,790


Additions
63,222
-
86,033
149,255



At 31 December 2023

63,222
9,327
308,496
381,045



Depreciation


At 1 January 2023
-
1,767
59,894
61,661


Charge for the year
36,607
1,304
53,464
91,375



At 31 December 2023

36,607
3,071
113,358
153,036



Net book value



At 31 December 2023
26,615
6,256
195,138
228,009



At 31 December 2022
-
7,560
162,569
170,129

Page 31

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company






Office equipment

£

Cost


At 1 January 2023
31,803


Additions
51,462



At 31 December 2023

83,265



Depreciation


At 1 January 2023
2,917


Charge for the year
20,033



At 31 December 2023

22,950



Net book value



At 31 December 2023
60,315



At 31 December 2022
28,886







14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
17,260,987



At 31 December 2023
17,260,987




Page 32

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Exegy S.A.
France
Ordinary
100%
EnyxFPGA, Inc.*
USA
Ordinary
100%
Solutions Exegy Canada, Inc.*
Canada
Ordinary
100%
Enyx Limited*
Hong Kong
Ordinary
100%

(* indirect investment)
The registered office of Exegy S.A. is 8 Rue Greneta, 75003, Paris, France; the principal activity is the development and sale of high-performance trading systems to the financial services industry.
The registered office of EnyxFPGA, Inc is 349 Marshall Avenue, Suite 100, St Louis, MO 63119, USA.
The registered office of Solutions Exegy Canada, Inc. is 401-417 Rue Saint-Pierre, Montreal QC, H2Y  2M4, Canada.
The registered office of Enyx Limited is 21/F, On Hing Building, 1 On Hing Terrace, Central, Hong Kong.

The principal activities of the indirectly-held subsidiary undertakings is to provide sales and marketing support to the group.
Exegy S.A. was acquired on 3 May 2022; the company changed its name from Enyx S.A. subsequent to the purchase. The acquisition was executed by Exegy UK Limited, with consideration being paid directly by Exegy, Inc to the vendors at acquisition, and accordingly there was no cash outflow in respect of the acquisition in the prior year consolidated cash flow statement.


15.


Stocks

Group
Group
2023
2022
£
£

Finished goods and consumables
452,994
373,856


There is no significant difference between the replacement cost of the stock and its carrying amount.

Page 33

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Amounts owed by group undertakings
3,831,909
3,850,278
-
-

Due within one year

Trade debtors
2,277,076
2,148,149
689,924
833,586

Other debtors
678,546
296,207
53,559
24,278

Prepayments and accrued income
297,525
1,364,265
10,488
92,282

Tax recoverable
183,794
158,472
-
-

7,268,850
7,817,371
753,971
950,146


Amounts owed by group undertakings are unsecured, are due for repayment by 19 May 2027, and bear interest at 8.25% per annum.


17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
535,165
578,261
116,755
182,849

Amounts owed to group undertakings
14,058,602
14,928,009
15,136,349
15,545,266

Corporation tax
244,076
171,544
241,347
134,098

Other taxation and social security
447,666
383,044
444,120
348,604

Other creditors
66,967
35,522
-
-

Accruals and deferred income
2,621,069
4,353,633
85,620
132,679

17,973,545
20,450,013
16,024,191
16,343,496


Amounts due to group undertakings are unsecured, interest-free, have no fixed repayment date and are repayable on demand.

Page 34

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Deferred taxation


Group



2023


£






At beginning of year
(1,027,053)


Charged to profit or loss
75,129



At end of year
(951,924)

Company


2023






At end of year
-
  

Group
Group
2023
2022
£
£

Deferred tax liability on acquisition fair value adjustments
(951,924)
(1,027,053)

(951,924)
(1,027,053)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



20.


Reserves

Foreign exchange reserve

The foreign exchange reserve represents foreign exchange differences arising on cumulative translation differences arising on the translation of the net investment in subsidiary undertakings.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and loss.

Page 35

 

EXEGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.


Analysis of net funds




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

963,599

(625,555)

338,044


963,599
(625,555)
338,044


22.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £289,053 (2022 - £664,159). Contributions totalling £63,010 (2022 - £104,590) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
235,253
235,253

Later than 1 year and not later than 5 years
235,253
470,507

470,506
705,760

24.


Related party transactions

The company and group has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


25.


Parent undertaking

The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Exegy Inc., whose registered office is 349 Marshall Avenue, St. Louis, MO 63119, United States of America. Copies of the group financial statements are not available to the public.

 
Page 36