The directors present the strategic report for the year ended 31 March 2024.
Amplifi Capital (U.K.) Limited (‘Amplifi’) operates a consumer lending platform which offers unsecured personal loans to near prime consumers who may not otherwise have access to credit from traditional high street banks. Amplifi provides loans directly under its Reevo brand as well as providing platform brokerage services to two of the largest credit unions in the United Kingdom. The platform seeks to build a leading position in consumer finance, currently offering personal loans, with ambitions to launch a credit card operation in the future. The principal activities of the company include brokerage, credit and data analytics, technology services, and loan portfolio servicing.
Despite significant headwinds faced by the Company over the past 12 months impacting our customers and the markets we operate in, we remained resilient and focused on long-term priorities. While the results reflect these challenging conditions, with a loss before taxation of £0.1m (2023: £5.5m profit) the Company continued to make progress in key strategic areas. The results for the year are set out in the Company’s Statement of Comprehensive Income. No dividend is proposed (2023: £nil).
Risk management is overseen by Amplifi’s Risk Committee, which is responsible for the monitoring and oversight over legal, regulatory, financial and operational risks and requirements.
There are a number of potential risks and uncertainties which could have a material impact on the Company’s long-term performance:
Regulatory Risk - The Company defines this as the risk of failure to comply with regulatory requirements applying to business arrangements and activities.
Amplifi is regulated by the Financial Conduct Authority (FCA) (ref:718749) in relation to consumer credit origination and servicing operations. It is specifically authorised for credit broking and debt administration and trades under the names “Reevo”, “Reevo Money” and "My Community Finance” as well as its own name, Amplifi Capital.
Failure to comply with relevant regulations could result in regulatory censure leading to suspension or termination of the company’s ability to conduct business and could lead to financial loss. The long term on-going success of the business is supported by pro-actively monitoring compliance with the regulatory requirements, maintaining a pro-active and open relationship with the FCA and a commitment to strengthening the company’s governance and compliance framework.
On 31 July 2023 the FCA’s final rules and guidance on New Consumer Duty rule came in to force and the Company has undertaken a major review of all its policies and procedures during the period since the rules were published to ensure ongoing compliance.
Strategic Risk - The Company defines this as the risk that the Company does not devise and implement a business strategy that meets the objectives of its shareholders and other stakeholders.
The Company’s strategy is primarily based on the future provision of credit products to consumers, primarily in the near prime market. Changes in economic conditions could impact the ability of the Company to maintain and grow market demand as per its strategic plans. Also, competitors may develop new products which may disrupt the Company’s market share. The Company continually re-evaluates strategy based on periodic evaluation of consumer needs, market demand and the approach to strategy execution.
Reputational Risk - The Company defines this as the risk of a reduction in market share and customer demand due to reputational reasons.
In particular, as part of this strategy, Amplifi strives to maintain a high standard in customer service. Amplifi continually considers the needs and priorities of existing and potential customers in its decision making. The company remains committed to maintaining high standards of service to its customers through investment in its staff and processes. This is reflected in the 4.8 Trustpilot rating which the company holds across all its customer facing channels.
Credit Risk – The Company defines this as the risk of financial losses as a result of the non-recoverability of monies owed to it.
The Company’s core credit risk exposure arises from its outstanding loan book receivables from customers. Credit risk on the loan book is primarily managed and monitored by the Company’s loan decision systems and credit scoring tools. These rules and the lending strategies from which they are derived are continually re-evaluated.
Liquidity Risk - The Company defines this as the risk of failing to meet financial obligations as and when they fall due. The risk arises from unexpected cash outflows or expected inflows which fail to materialise. The Company operates a policy of prudent liquidity management to ensure it maintains sufficient cash reserves to facilitate its needs.
The Company continually monitors and reforecasts the liquidity position to ensure it has sufficient cash to meet its projected requirements.
Market Risk - The Company defines this as the risk of financial losses from changes in market factors such as foreign exchange rates and interest rate changes. The company has little exposure to foreign currency movement as its operations are solely based in the United Kingdom. The Company’s primary market risk exposure is to changes in interest rates. The Company, and its parent company, continually evaluate the need to formulate a mitigation strategy and implement hedging strategies from time to time.
Operational Risk - The Company defines this as the risk of losses from inadequate or failed processes, systems, people, or from external events. The Company manages this risk through management and Board oversight. There are a number of operating committees that regularly meet to monitor and take action to mitigate or address any risks.
Capital Management – The Company’s capital comprises its ordinary share capital and accumulated reserves. The objective of the directors of both the Company, and its parent, Amplifi Holding Limited, when managing capital is to safeguard the group’s ability to continue as a going concern in order to provide long-term returns for the shareholders. The company is not currently subject to any specific externally imposed capital requirements.
The results of the company for the year show an increase in revenue of 91% to £41.7m (2023: £21.8m), and a loss taken to equity of £1.0m (2023: £4.7m profit). The company's net assets have decreased by 14% to £5.7m (2023: £6.7m). The loss in the year and reduction in net assets reflect a non-cash impairment charge mentioned below.
During the year, the company drew amounts under its secured loan facility with a resultant increase in borrowing of £17.0m, resulting in a liability at 31st March 2024 of £47.0m (2023: £30.0m).
Amplifi continues to make significant investments in its technology, risk management, customer operations and compliance functions as well as providing capital to the credit union sector.
In particular, the Company has significantly increased its number of employees in the year. Amplifi understands that attracting, motivating and retaining talent at all levels is vital to the continuing success and growth of the business. The Company invests in its employees through various benefits schemes and wellbeing initiatives as well as providing opportunities for training and development.
Amplifi has continued its R&D efforts to develop an innovative platform aimed at automating and streamlining financial services processes for Credit Unions and Community Development Finance Institutions (CDFIs). Collaborating with Gojoko Marketing Ltd, the project incorporates cutting-edge technologies to improve data processing, operational efficiency, and system scalability. This ongoing R&D investment supports Amplifi’s commitment to delivering ethical, responsible financial products while driving long-term value and efficiency improvements.
As part of our commitment to prudent and transparent financial reporting, the Company has recognised a non-cash impairment charge in relation to its deferred share investments held with certain Credit Unions. This accounting adjustment, while reducing reported profit before tax to a loss of £0.1m for the year (from a pre-adjusted profit of £5.2m), reflects a forward-looking reassessment of the recoverable value of these investments in light of evolving market conditions. Importantly, this adjustment does not impact the Company’s strong underlying operational performance.
The Company uses key performance indicators. The performance of the main indicators in this reporting period were:
Loss before tax £0.1m (2023: £5.5m profit)
Total assets £118.7m (2023: £40.9m)
Net Current assets £11.0m (2023: £12.4m)
Net assets £5.7m (2023: £6.7m)
Own Loan book £63.2m (2023: £6.6m)
Bad debts provision £4.1m (2023: £0.2m)
Amplifi is committed to becoming a leading provider of accessible and affordable credit. We enable our customers to responsibly structure their personal finances by offering access to affordable fixed-rate finance. Amplifi remains confident in its long-term strategy and continues to actively support the Credit Union sector and its Reevo customers as a key part of its mission to deliver inclusive financial services.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2024.
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The company has continued its R&D efforts to develop an innovative platform aimed at automating and streamlining financial service processes for Credit Unions and Community Development Finance Institutions (CDFIs). This ongoing R&D investment supports Amplifi’s commitment to delivering ethical, responsible financial products while driving long-term value and efficiency improvements.
Following the year end, the Company has drawn down £1.5m on the loan facility referred to in Note 17.
We have audited the financial statements of Amplifi Capital (U.K.) Limited (also known as My Community Finance) (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Material uncertainty relating to going concern
We draw attention to note 1.2 in the financial statements which indicates that the company is reliant on two significant undertakings for a significant proportion of its revenue. Since the year end, these significant undertakings have reported losses in their financial year ended 30 September 2024, which has resulted in a reduction in loan originations in the credit unions and therefore fee income earned by the company over the period.
These events or conditions, along with the other matters as set out in note 1.2, indicate that a material uncertainty exists which may cast significant doubt on the company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter. 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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FCA regulations, FRS 102 and Companies Act 2006.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to deferred remuneration due in more than one year, recoverability of other receivables, adequacy of the bad debt provision within trade receivables and impairment of fixed asset investments.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Performing a proof in total of revenue for evidence of management bias.
Obtaining third-party confirmation of material bank and loan balances.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation such as the company board minutes, for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/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.
The income statement has been prepared on the basis that all operations are continuing operations.
Amplifi Capital (U.K.) Limited (also known as My Community Finance) is a private company limited by shares incorporated in England and Wales. The registered office is 30 Churchill Place, London, E14 5RE, England.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Amplifi Holding Ltd. These consolidated financial statements are publicly available.
Whilst the company has made an operating profit in the year and had net current assets of £5.7m as at 31 March 2024, it is reliant on two significant undertakings (Brent Shrine Credit Union Limited (t/a My Community Bank) and North Edinburgh and Castle Credit Union Limited (t/a Castle Community Bank)) for a significant proportion of its revenue. Since the year end, these significant undertakings have reported losses in their financial year ended 30 September 2024, which has resulted in a reduction in loan originations in the credit unions and therefore fee income earned by the company over the period. Additionally, the company has been providing support to the credit unions in the form of new deferred share capital investment and drawn from existing reserves to fund its own loan portfolio.
These factors have created some uncertainty over the funding requirements and forecast liquidity position of the company. In light of the challenging trading position of the company, the directors have been prioritising initiatives to deliver increased loan origination volumes across its channels whilst ensuring that new business is written in line with the company’s risk appetite. The directors have also taken actions to improve the operational efficiency of the company. Additionally, in January 2025, the company pro-actively entered into discussions with its senior lender to explore options to restructure its external debt obligations. As part of this process, the senior lender has agreed a period of forbearance in respect of its 31 March 2025 interest coupon.
Based on the above, the directors consider that there is a material uncertainty that may cast doubt on the company’s ability to continue as a going concern. Notwithstanding the uncertainty, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements and thus consider it appropriate to continue adopting the going concern basis in preparing the financial statements.
The intangible assets under development relate to a credit card platform in development but not yet in use.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments in deferred shares are initially measured at cost and are assessed for impairment at each reporting date, and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Government grants
Government grants, which include amounts received from the Bounce Back Loan Scheme that cover interest and fees payable to the lender, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the period in which the associated costs are incurred, using the accrual model.
Sundry income
Sundry income represents the profit sweep from a company under common control received following the priority order of payments and some other income from a company under common control, which are accounted for on an accruals basis.
Sale of loan receivables to a company under common control
During the year, the company sold a series of loan receivables to a company under common control. The sale is not deemed to have met the derecognition criteria as the company has retained significantly all the risks and rewards of ownership of the loans. As such, the company has recognised the loans on its balance sheet along with a liability to the purchaser in respect of the proceeds received.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
At the year-end, the company holds deferred shares in two significant undertakings with a coupon rate ranging from 13.5% to 18%. Management have assessed whether indicators of impairment existed at the year-end in relation to these investments, through review of the significant undertakings results for the period to 31 March 2024 and following the year-end. In assessing the recoverable amount of the investments, the directors have deemed that a net asset value as at 31 March 2024 approach is most appropriate. Management have relied upon the 31 March 2024 management accounts provided by the significant undertakings as a best estimate of the carrying value of the investments at that date. This has resulted in an impairment loss of £5,291,411 being recognised, with carrying value of the deferred share investments being £36,431,289.
Deferred remuneration due in more than one year
Included within other payables due in more than one year is deferred remuneration payable to key management personnel and staff. The amount has been deferred as it is due for payment in June 2025 on the basis that the individual is still employed by the company. The directors have made a judgement that it is probable the employees entitled to this remuneration will be employed by the company in June 2025 therefore the full amount should be provided for.
Recoverability of other receivables
At the year end the company was owed £12,573,076 (2023: £3,678,888) included in other receivables due from a company under common control. The directors assess the recoverability of these debts based on the actual and forecast financial results of the company under common control. At the year end the directors consider the amounts included in other receivables to be recoverable. Following the year end, the balance has been recovered.
Bad debt provision
At the year end a bad debt provision of £4,124,534 (2023: £225,176) was included within trade receivables against short term loans made to consumers. Management have assessed the recoverability of the loans on a line by line basis with reference to arrears information at the balance sheet date and following the year end. This is achieved by categorising each loan into a risk band which varies depending on the number of days that payments are in arrears. As there are no historic trends available for reference due to the scaling up of the consumer lending business, and due to the nature of the loans, the provision involves a high degree of uncertainty.
An analysis of the company's revenue is as follows:
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 2).
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
During the year, £159,694 of intangible assets under development were transferred to a company under common control.
During the year, tangible fixed assets with cost and accumulated depreciation of £61,074 were transferred to a company under common control.
The company holds £41,722,700 of deferred shares at the year-end date (2023: £24,367,000) with a coupon rate ranging from 13.5% to 18%. During the year, impairment losses of £5,291,411 have been recognised.
Following the year-end, the company has acquired £6,349,738 deferred shares with a coupon rate ranging from 6% to 18.47%.
Included in other investments is £4,998,081 relating to a subordinated note investment in a company under common control. This investment would be net off against amounts due to companies under common control within other payables on a winding down of the investment vehicle.
Following the year-end the company have increased the subordinated note investment in a company under common control by £7,100,000.
Also included in other investments is a £600,000 subordinated investment in a significant undertaking. The subordinated debt has a coupon rate ranging between 13% and 24% and is due for repayment on 21 March 2029. Following the year-end, the £600,000 subordinated investment was redeemed.
The company also has significant holdings in undertakings which are not consolidated.
The investments in the below significant undertakings do not give the company control over voting rights. Furthermore, this assists the undertakings to facilitate their activities, which in turn assists the company with its operations.
The direct shareholdings noted below relate to the deferred share class of the significant undertakings and the company has one voting share for each entity:
The above financial results are for the year ended 30 September 2024 and shareholding percentages are as at 31 March 2024 for both entities.
During the year, the company sold a series of loan receivables to a company under common control. The sale is not judged to have met the derecognition criteria and the company was deemed to have retain the risks and rewards of ownership of the loans. As such, the company has recognised a liability to the purchaser, representing the purchasers rights to cash flows of the loans. Included in other payables are amounts owed to the company under common control of £61,265,668 in respect of these loans.
Other borrowings relate to a loan facility of up to £50,000,000 which comprises of a £30,000,000 fixed rate facility at 14.5% and a £20,000,000 accordian facility at a variable rate of 10.5% + SONIA. At the year-end, £47,000,000 has been drawn down on this facility. There are loan arrangement fees of £664,202 included within prepayments and accrued income.
During the year a fixed and floating charge over the assets of the company in favour of a shareholder of the parent company was satisfied. Three new charges were registered in favour of agent and trustee on behalf of a lender containing a fixed charge, floating charge and negative pledge.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
At the year-end, the company was owed £12,573,076 (2023: £3,678,888) from Gojoko Marketing Limited, which is included in other receivables. This balance was recovered following the year end. The company received interest of £553,627 (2023: £259,866) during the year on the amounts owed from Gojoko Marketing Limited at an interest rate of 6.25% per annum.
As described in the fixed asset investments and significant undertakings notes above, the company holds deferred share investments in Brent Shrine Credit Union Limited (t/a My Community Bank) and North Edinburgh and Castle Credit Union Limited (t/a Castle Community Bank) with 72% (2023: 76%) and 82% (2023: 74%) direct ownership of the deferred shares in issue at the year-end, respectively. The company holds deferred share investments with a carrying value of £36,431,289 (2023: £24,367,700) at the year-end with coupon rates ranging from 13.5% to 18%. During the year, the company received deferred share interest receivable of £5,907,924 (2023: £3,283,525) and underwriting fees of £300,000 (2023: £478,750) on the deferred share investments held. Furthermore, the company received upfront and base brokerage fee income of £31,908,603 (2023: £19,935,305) and enhanced fee income of £nil (2023: £529,883) from the credit unions in accordance with the service agreements.
During the year, the company paid gross salary of £97,167 (2023: £67,837) to a shareholder and spouse of one of the directors.
During the year, the company sold a portfolio of loan receivables to a special purpose entity, Castor Financing Ltd, which is considered to be a company under common control. As the company has retained the substantial risks and rewards of ownership of the loans, they are not derecognised in the balance sheet.
At the year end, the company owed £61,265,668 (2023: £nil) to a company under common control, which is included within other payables.
During the year, the company incurred software costs of £5,760,000 (2023: £4,758,000), recruitment fees and recharged staff expenses of £nil (2023: £87,628) which were paid to Gojoko Marketing Ltd, a company under common control.
During the year, the company recognised £1,027,069 (2023: £nil) as servicing fees from company under common control in revenue.
During the year, the company recognised £515,822 (2023: £nil) within investment income relating to subordinated note interest received from an investment in a company under common control.
During the year, the company recognised £515,822 (2023: £nil) within finance costs relating to interest paid on the closure of the bridging loan relating to the transaction with a company under common control.
During the year, the company recognised £315,052 (2023: £nil) within other operating income for sundry income associated with the transaction with a company under common control.
During the year, the company recognised £6,046,637 (2023: £nil) in finance costs for non bank interest on loans relating to the amount owed to a company under common control included in other payables.
Following the year end, the Company has drawn down £1.5m on the loan facility referred to in Note 17.