The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
The group operates an online cash deposit platform providing individuals, their wealth managers, corporates and charities with access to a wide range of savings and deposit accounts from a panel of banks and building societies.
The company is authorised by the Financial Conduct Authority (reference number 605504) under the Payment Services Regulations 2017 for the provision of payment services.
The Company’s subsidiary, Flagstone International Limited, is established in Jersey with company number 138017 and is regulated by the Jersey Financial Services Commission to carry out trust company business and investment business.
Results and Performance
The results of the group for the year ended 31 December 2024 show an operating profit of £4.7m (31 Dec 2023: £3.8m). The shareholders' funds of the group were £31.9m (31 Dec 2023: £15.4m).
In March 2024, the company agreed to an equity investment from Estancia Capital Partners, amounting to £108m of primary and secondary investments. Under the terms of the deal, Estancia holds a minority stake in the Flagstone business.
Business environment
Cash deposit platforms are relatively new globally, and in the UK, but the market is competitive. The addressable market presents significant opportunities. We expect high competition as existing participants seek growth, either organically or through consolidation.
Strategy
The Group's success relies on offering market-leading cash deposit products through innovative technology and an extensive distribution network. We continue to invest in our systems to enhance customer experience, platform resilience, and scalability. Our commercial team has built a leading panel of banking partners and a broad distribution network in the UK. Focusing on these elements ensures we maintain our competitive edge.
Our people are crucial to our strategic objectives, so we invest significantly in creating an excellent employee culture and working environment.
Principal Risks and Uncertainties
Risk management is integral to our operations, guided by the Risk Management Framework approved annually by the Risk Committee. Compliance with regulations, legal, and ethical standards is a priority, with the compliance and risk teams playing a key oversight role. The Risk Committee ensures a proper internal control framework exists to manage financial risks effectively.
Cash reconciliations and customer payments are key operational risks. The Group has developed robust procedures and controls to mitigate these risks, monitored and reviewed regularly by senior management.
The Group also faces potential financial, reputational, and regulatory risks from data security breaches. Protecting customer data is paramount, and management has implemented strong defenses, reviewed and monitored regularly. The business also maintains insurance for this risk, reviewed annually.
Interest rates are a significant uncertainty for the Group. The demand for our services is linked to market interest rates. Management regularly reviews the interest rate market and incorporates this into business planning.
We have made significant progress throughout the year in relation to key elements of our strategy. The Board monitors the progress of the group by reference to the following KPIs:
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 8.
No ordinary or preference dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Post year-end to 24/07/2025, the company issued 4,008 Ordinary B shares at a nominal value of 1p each. The shares were issued at a total consideration of £40.08. Post year-end to 24/07/2025, the company changed 3,338 Ordinary B shares into the same amount of Deferred shares at a nominal value of 1p each, further detail is included in note 22.
We have audited the financial statements of Flagstone Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
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 polices have been appropriately applied.
Reviewing and challenging the assumption and judgments used by management in their significant accounting estimates.
Assessing the extent of compliance , or lack thereof, with the relevant laws and regulations
Testing key revenue lines, in particular cut off, for evidence of management bias.
Obtaining third-party confirmation of bank and loan balances
Documenting and verifying all significant related party balances and transactions
Reviewing documentation such as company board minutes, for discussions of irregularities including fraud.
Testing client monies are segregated from corporate funds.
Reviewing all significant consolidation adjustments.
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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,697,854 (2023 - £10,142,755 profit).
Flagstone Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor, Clareville House, 26-27 Oxendon Street, London, SW1Y 4EL.
The group consists of Flagstone Group Ltd and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The 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 for parent company information presented within the consolidated financial statements:
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 26 ‘Share based Payment’: Share-based payment expense (employee incentive non cash charge) charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled employee incentives, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Flagstone Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
A copy of the consolidated financial statements may be obtained from the parent, Flagstone Group Limited, 1st Floor Clareville House 27, Oxendon Street, London, England, SW1Y 4EL.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The group made a profit after tax in the year to 31 December 2024 of £2.4m. Post year-end the group has continued to experience significant growth and remains profitable. Additionally, management believes the group will continue to experience healthy increases in both revenue and customer base.
The directors are confident with the company’s and group's strong cash position and the positive outlook for continued growth. The company and group will continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover comprises of interest and fees receivable from the operation of the group's savings platform. It is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of sales related taxes.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled employee incentive non cash charges are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled employee incentive non cash charge at the time they were granted are subsequently modified, the fair value of the employee incentive non cash charge under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original employee incentive. The employee incentive non cash expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Client funds
The group operates an asset protection and reconciliations policy for client funds to minimise the risk of loss to client
funds in the event of fraud, misuse, negligence, poor administration and insolvency. As such, the client funds are held and transacted in segregated bank accounts and are kept separate from the group's own monies. These segregated client accounts are held under bare trust arrangements on behalf of the group's depositors and accordingly the client funds are not reported in these financial statements.
VAT
VAT liability comprises of both the irrecoverable VAT that is generated through reverse charge VAT accounting when making purchases from non UK suppliers and the corresponding output VAT recognised. Expenditure is shown gross of VAT to take into account of the irrecoverable VAT.
In the application of the group’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.
Management uses judgement to determine if the investment in and loans to the subsidiary of the group are impaired. The valuation in the investment of subsidiary has increased in the year and is based on a fair market revenue multiple. The subsidiary was set up at the end of 2021 and the directors are not aware of any indication that the trading performance of the subsidiary will not be profitable in the future having taken into account factors such as their growth plans for the subsidiary, timing of expected net cash inflows, regulatory environment and availability of parent company support. Management have used key assumptions in their calculation to determine the investments recoverable amount as at the year end and post year end, specifically focusing on a valuation based on a fair market revenue multiple. The basis for this multiple was considered in detail by management and considered to be a prudent estimate of current market multiples. Furthermore the directors have provided a business plan taking into account the market and performance so far, as well as the forecasted performance. Management do not believe that the carrying value of the investment in the subsidiary is impaired.
A deferred tax asset is recognised when it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Recognition, therefore involves judgement regarding the prudent forecasting of future taxable profits of the business and in applying an appropriate risk adjustment factor.
Based on future forecasts and post year end results, it has been concluded that a deferred tax asset should be recognised for the carry forward of unused tax losses and unused tax credits totalling approximately £9.3m (2023: £17.6m).
The group has two employee incentive schemes; share options and growth shares. The group measures the cost of the employee incentive non cash charge on the basis of the fair value of the share options and growth shares at grant date. In determining the fair value, the group chooses the most suitable valuation pricing model for the equity instruments, including relevant judgements about certain inputs into the model such as the discount for lack of marketability and the historical volatility of the group's share price. The fair value of the share options and growth shares is recognised over the vesting period of the share options and growth shares. Both employee incentive plans fully vest upon an exit event and in accordance with the vesting table. Accordingly, the directors make an estimate annually of the date when it is considered more probable than not that an exit event will occur.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors who exercised share options during the year was 0 (2023 - 0).
From 1 April 2023 the main rate of UK corporation tax increased to 25%, previously 19%.
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The company has estimated unused tax losses of £9.3m (2023: £17.6m) available to carry forward against future taxable profits, resulting in a net deferred tax asset (at 25%) of £2,327,245 (2023: £4,396,224).
The subsidiary is registered in Jersey, which operates a three-tier corporate tax system. The subsidiary's losses are subject to the 0% rate and the 10% rate. The subsidiary has estimated net unused tax losses of £3.6m (2023: £2.3m) available to carry forward against future taxable profits. 0% losses totalling £2,401,073 and 10% losses totalling £1,183,182. Potential deferred tax asset (at 10%) of £118k (2023: £nil) has not been recognised within the financial statements as there is uncertainty over its recoverability.
The carrying amount of assets held under finance leases included in leasehold improvements was £nil at the year end (2023: £1,703). Depreciation charged in respect of assets held under finance leases included in leasehold improvements was £1,703 (2023: £43,379).
The carrying amount of assets held under finance leases included within Computers was £464,309 at the year end (2023: £346,312). Depreciation charged in respect of assets held under finance leases included in equipment was £314,541 (2023: £187,894).
Details of the company's subsidiaries at 31 December 2024 are as follows:
The long-term loans are secured by fixed and floating charges over the assets of the group.
The loan is incurring interest at a rate of 9.5% per annum. Capital and interest payments were paid monthly in 2024 and will recur until March 2026.
Finance lease payments represent rentals payable by the company for certain items of equipment and all leasehold improvements. The average lease term is 30 to 36 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax asset set out above is expected to reverse within 2-3 years and relates to the utilisation of tax losses against future expected profits of the same period.
The company last issued EMI and unapproved share options to eligible employees in December 2020. The options fully vest upon an exit event estimated to be 9 years from grant date of the first tranche of options issued in February 2019, and in accordance with the following vesting table: 40% upon the second anniversary of the grant date, and an additional 20% on the third, fourth and fifth anniversary. The options have a contractual life of 10 years.
The options outstanding at 31 December 2024 had an exercise price ranging from 139.85 to 522.42, and a remaining contractual life of between 6 and 9 years.
During the year to 31 December 2024, 8,242 B Ordinary shares of 1p each were issued for an aggregate consideration of £82.42. These B Ordinary shares are growth shares and are classified as an employee incentive non cash charge. The shares fully vest upon an exit event estimated to be 5.2 years from grant date of the first tranche of shares issued.
An employee incentive non cash charge of £640,816 (2023: £nil) was recognised in the period in relation to the share options and growth shares.
The Ordinary A shares have full voting, dividend and capital distribution (including winding up) rights. They do not confer any rights of redemption.
The Preferred A1 and A2 shares have the right to vote at all general meetings and vote on any written resolutions of the company.
Upon a distribution of assets/liquidation/return of capital (other than conversion/redemption), the surplus assets of the company after liabilities are paid, will be distributed first to the Preferred A Shareholders, in priority to any other classes of shares, up to an amount per share held equal to the Preference Amount.
The Preference Amount means a price per Preferred A1 and A2 Share equal to the higher of (i) the amount paid up or credited as paid up (including premium) for such Preferred A1 and A2 Share and (ii) such Preferred A1 and A2 Share’s pro-rata share of all amounts available for distribution as though such amount were to be shared between all Shareholders pro-rata to the number of Shares held by them.
The balance of the surplus assets shall be distributed among the holders of Ordinary A Shares pro rata to the number of Ordinary A Shares held.
In 2024, 4,903 B Ordinary shares of 1p each were issued for an aggregate consideration of £49.03.
These B Ordinary shares are growth shares issued to employees, where shareholders are entitled to proceeds upon an exit event. These are reflected in the equity incentive non cash charge.
During the year, the company redesignated 3,339 (2023: 1,311) Ordinary B shares to 3,339 (2023: 1,311) deferred shares at 1p each. These deferred shares hold no rights to dividends, no rights to assets more than £1 as a class and no voting rights.
In November 2024 11,193 Preferred A2 1p Shares were issued for an aggregate consideration of £13,498,758. The consideration in excess of the nominal value of the shares is recognised in the Share Premium account.
In 2024, the company redesignated the class of 658 Ordinary A shares and 74 Preferred A1 shares to 732 Preferred A2 shares.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Company
During the year, administrative expenses of £1,450,015 (2023: £1,531,640) were recharged to its subsidiary. At the year end the company is owed £120,759 (2023: £15,761) by its subsidiary.
The additional investment to the subsidiary during the year was in the way of £1,345,017 capital contributions.
Post year-end to 24/07/2025, the company issued 4,008 Ordinary B shares at a nominal value of 1p each. The shares were issued at a total consideration of £40.08.
Post year end to 24/07/2025, the company redesignated the share class of 3,338 Ordinary B shares into 3,338 Deferred shares at a nominal value of 1p each.