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Registered number: 09477376









INSIGNIS ASSET MANAGEMENT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
G J P Hutson 
K J Toumazi 
P I Richards 




REGISTERED NUMBER
09477376



REGISTERED OFFICE
St John's Innovation Centre
Cowley Road

Cambridge

CB4 0WS




INDEPENDENT AUDITORS
Ensors Accountants LLP

Vision Park

Chivers Way

Histon

Cambridgeshire

CB24 9ZR





 
INSIGNIS ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Profit and Loss Account
 
9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Notes to the Financial Statements
 
14 - 27

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

INTRODUCTION
 
The directors present the strategic report for the year ended 31 March 2025.

BUSINESS REVIEW
 
The results for the company for the year ended 31st March 2025 are set out on pages 7 and 9, show an operating profit of £3,172,147 (2024 - £378,286). The shareholder funds of the company were £7,435,787 (2024 - £3,565,952).
The company continued the significant growth it had in the previous year into 2025 which led to greater revenue and profitability than the 2024 Accounts. This profitable growth has continued post year end. We remain confident in our ability to continue as going concern given all reasonable forecasts show positive cashflow.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Risk management forms a core part of the company’s activities. The company has a Risk Committee to ensure strict compliance with regulations, legal and ethical standards. The Risk Committee is responsible for the internal controls framework to manage financial risk.
A main principal risk is access to sufficient resources to fund operations of the company, The company is now profitable and is generating cash on operations. The Directors continually monitor these risks and can seek additional capital as and when necessary. The shareholders of the company remain very supportive.
The company has developed a robust set of controls and operational procedures for client funds which are continually monitored to ensure adherence by senior management.
Data security is a key risk, the security of client data is paramount to the business and the company has put in place robust defences to protect all data. These defences are reviewed on a regular basis to ensure sufficient protection. The company has in place insurance to cover this risk.
Interest rate movements are also a risk. The company reviews the possibility of interest rate movements and factors these reviews into business planning.

BUSINESS EVIRONMENT
 
The cash deposit platforms, whilst relatively new, are in a competitive market with several other companies offering similar services. The addressable market presents a large opportunity. We expect competition to remain high.

STRATEGY

The company’s success is dependent upon offering market leading cash deposits via significant technology allowing user friendly systems. The company continues to invest heavily in technology, to improve customer experience whilst satisfying the onboarding requirements of banks and other financial institutions. The company has access to over 3,500 saving products, some of which are exclusive to the company, from more than 45 financial institutions, all from a single platform. There is a single sign up process, and all UK-based banks on the Insignis Cash platform are members of the UK Financial Services Compensation Scheme (FSCS). 
The company also invests heavily in its employees to ensure an exceptional working environment.

Page 1

 
INSIGNIS ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


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



K J Toumazi
Director

Date: 1 August 2025
Page 2

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the Company is to provide a digital cash management platform that enables individuals, wealth managers, companies, charities and local authorities to receive an improved return on their cash holdings based on their individual priorities for security, liquidity and return.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £3,466,242 (2024 - £467,261).

No dividend were paid during the year (2024 - £NIL). No final dividends have been recommended.

DIRECTORS

The directors who served during the year were:

G J P Hutson 
K J Toumazi (appointed 2 July 2024)
P I Richards 

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FUTURE DEVELOPMENTS

A review of the business and its future development is set out in the strategic report. 

Page 3

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

RESEARCH AND DEVELOPMENT ACTIVITIES

The Company continues to invest heavily in it's product development in order to extend it's product portfolio and add value for customers. All expenditure is written off as incurred. 

DISCLOSURE OF INFORMATION TO AUDITORS

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

POST BALANCE SHEET EVENTS

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

AUDITORS

The auditorsEnsors Accountants LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





K J Toumazi
Director

Date: 1 August 2025
Page 4

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGNIS ASSET MANAGEMENT LIMITED
 

OPINION


We have audited the financial statements of Insignis Asset Management Limited (the 'Company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its 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 OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGNIS ASSET MANAGEMENT LIMITED (CONTINUED)


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 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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGNIS ASSET MANAGEMENT LIMITED (CONTINUED)


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 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: 
• obtained an understanding of the nature of the industry and sector, including the legal and regulatory        framework that the company operates in and how the company are complying with the legal and     regulatory framework; 
• inquired of management, and those charged with governance, about their own identification and     assessment of the risks of irregularities, including any known actual, suspected or alleged instances of    fraud; 
• discussed matters about non-compliance with laws and regulations and how fraud might occur including    assessment of how and where the financial statements may be susceptible to fraud. 
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


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.


Page 7

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIGNIS ASSET MANAGEMENT LIMITED (CONTINUED)





Jayson Lawson (Senior Statutory Auditor)
  
for and on behalf of
Ensors Accountants LLP
 
Vision Park
Chivers Way
Histon
Cambridgeshire
CB24 9ZR
 

1 August 2025
Page 8

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

Turnover
 4 
20,501,688
10,533,049

Cost of sales
  
(1,754,390)
(833,422)

GROSS PROFIT
  
18,747,298
9,699,627

Administrative expenses
  
(15,173,643)
(9,321,341)

Share-based payment
 19 
(401,509)
-

OPERATING PROFIT
 5 
3,172,146
378,286

Interest receivable and similar income
 9 
154,657
69,542

PROFIT BEFORE TAX
  
3,326,803
447,828

Tax on profit
 10 
139,439
19,433

PROFIT FOR THE FINANCIAL YEAR
  
3,466,242
467,261

The notes on pages 14 to 27 form part of these financial statements.
Page 9

 
INSIGNIS ASSET MANAGEMENT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£


Profit for the financial year
3,466,242
467,261

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
3,466,242
467,261

The notes on pages 14 to 27 form part of these financial statements.
Page 10

 
INSIGNIS ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 09477376

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

FIXED ASSETS
  

Tangible fixed assets
 11 
114,422
60,252

  
114,422
60,252

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 12 
2,884,406
986,661

Cash and cash equivalents
 13 
6,624,264
3,661,658

  
9,508,670
4,648,319

Creditors: amounts falling due within one year
 14 
(2,187,305)
(1,142,619)

NET CURRENT ASSETS
  
 
 
7,321,365
 
 
3,505,700

TOTAL ASSETS LESS CURRENT LIABILITIES
  
7,435,787
3,565,952

NET ASSETS
  
7,435,787
3,565,952


CAPITAL AND RESERVES
  

Called up share capital 
 16 
882,364
880,280

Share premium account
 17 
7,576,279
7,576,279

Other reserves
 17 
401,509
-

Profit and loss account
 17 
(1,424,365)
(4,890,607)

  
7,435,787
3,565,952


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




K J Toumazi
Director

Date: 1 August 2025

The notes on pages 14 to 27 form part of these financial statements.
Page 11

 
INSIGNIS ASSET MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 APRIL 2023
879,808
7,576,279
-
(5,357,868)
3,098,219



Profit for the year
-
-
-
467,261
467,261

Shares issued during the year
472
-
-
-
472



At 1 APRIL 2024
880,280
7,576,279
-
(4,890,607)
3,565,952



Profit for the year
-
-
-
3,466,242
3,466,242

Shares issued during the year
2,084
-
-
-
2,084

Share based payments
-
-
401,509
-
401,509


AT 31 MARCH 2025
882,364
7,576,279
401,509
(1,424,365)
7,435,787


The notes on pages 14 to 27 form part of these financial statements.
Page 12

 
INSIGNIS ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
3,466,242
467,261

ADJUSTMENTS FOR:

Depreciation of tangible assets
100,571
83,607

Loss on disposal of tangible assets
776
-

Interest receivable and similar income
(154,657)
(69,542)

Taxation charge
(139,438)
(19,433)

(Increase)/decrease in debtors
(1,758,307)
1,896,693

Increase in creditors
1,044,686
453,483

Corporation tax received
-
221,457

Share based payment
401,509
-

NET CASH GENERATED FROM OPERATING ACTIVITIES

2,961,382
3,033,526


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(155,517)
(67,234)

Interest received
154,657
69,542

NET CASH FROM INVESTING ACTIVITIES

(860)
2,308

CASH FLOWS FROM FINANCING ACTIVITIES

Shares issued
2,084
472

NET CASH USED IN FINANCING ACTIVITIES
2,084
472

INCREASE IN CASH AND CASH EQUIVALENTS
2,962,606
3,036,306

Cash and cash equivalents at beginning of year
3,661,658
625,352

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
6,624,264
3,661,658


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
6,624,264
3,661,658

6,624,264
3,661,658


Page 13

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


GENERAL INFORMATION

Insignis Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is St John's Innovation Centre, Cowley Road, Cambridge, England, CB4 0WS. It's principal trading address is

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue its operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover comprises fees receivable and payments revenue. Fees receivable are from the charges applied to clients for the use of the Company's digital cash management platform. It is recognised for services provided in the normal course of business and is shown net of any sales related taxes. Payments revenue is interest income earned from clients cash in transit that is temporarily not invested within a specific spoke account on the Company's saving platform.

 
2.5

RESEARCH AND DEVELOPMENT

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred. 

 
2.6

INTEREST INCOME

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

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

SHARE-BASED PAYMENTS

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 15

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; 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 16

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

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:

Fixtures and fittings
-
66%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

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 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 Company's cash management.

 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. 

 
2.14

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 17

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 18

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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. 
Share-based payment charge
Fair Value Determination: The fair value of share options at the grant date is estimated using the  Black-Scholes valuation model. This requires management to make assumptions regarding the expected volatility of the company’s shares, the expected life of the options, the risk-free interest rate, and expected dividend yields. Where observable market data is not available, management uses historical data and benchmarking to comparable entities.
Vesting Conditions: The recognition of the share-based payment expense is based on the number of options expected to vest. This involves judgement in assessing the likelihood of meeting performance and service conditions over the vesting period
Modification and Forfeiture Assumptions: Where options are modified or forfeited, management assesses the impact on the fair value and adjusts the charge accordingly. This includes estimating the probability of future forfeitures based on historical trends and current expectations.
These estimates and assumptions are reviewed on an ongoing basis. Changes in these assumptions could significantly affect the share-based payment expense recognised in the income statement and the corresponding equity reserve.


4.


TURNOVER

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


2025
2024
£
£

Rendering of services
20,501,688
10,533,049

20,501,688
10,533,049


Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
20,501,688
10,533,049


Page 19

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


OPERATING PROFIT

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
1,680
369

Depreciation of owned tangible fixed assets
100,571
83,607

Loss on disposal of tangible asset
776
-

Rental charge from operating lease
924,886
487,576

Share-based payment
401,509
-


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,200
20,000

7.


EMPLOYEES

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


2025
2024
£
£

Wages and salaries
9,366,246
5,663,533

Social security costs
1,079,312
662,402

Cost of defined contribution scheme
338,813
196,767

10,784,371
6,522,702


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


        2025
        2024
            No.
            No.







Employees
137
101

Page 20

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

8.


DIRECTORS' REMUNERATION

2025
2024
£
£

Directors' emoluments
390,727
232,885

Company contributions to defined contribution pension schemes
7,500
-

398,227
232,885


During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £151,154 (2024 - £140,385).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,500 (2024 - £NIL).


9.


INTEREST RECEIVABLE AND SIMILAR INCOME

2025
2024
£
£


Bank interest receivable
154,657
69,542
Page 21

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

10.


TAXATION


2025
2024
£
£

CORPORATION TAX


Current tax on profits for the year
-
(24,243)

Adjustments in respect of previous periods
24,243
4,810


24,243
(19,433)


TOTAL CURRENT TAX
24,243
(19,433)

DEFERRED TAX


Origination and reversal of timing differences
(163,682)
-

TOTAL DEFERRED TAX
(163,682)
-


TOTAL TAX ON PROFIT
(139,439)
(19,433)









Page 22

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



COST


At 1 April 2024
211,191


Additions
155,517


Disposals
(78,597)



At 31 March 2025

288,111



DEPRECIATION


At 1 April 2024
150,939


Charge for the year on owned assets
100,571


Disposals
(77,821)



At 31 March 2025

173,689



NET BOOK VALUE



At 31 March 2025
114,422



At 31 March 2024
60,252


12.


DEBTORS

2025
2024
£
£


Trade debtors
1,158
-

Other debtors
864,970
90,446

Prepayments and accrued income
1,854,596
871,972

Tax recoverable
-
24,243

Deferred taxation
163,682
-

2,884,406
986,661


Page 23

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


CASH AND CASH EQUIVALENTS

2025
2024
£
£

Cash at bank and in hand
6,624,264
3,661,658



14.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025
2024
£
£

Trade creditors
93,262
411,764

Other taxation and social security
288,490
220,533

Other creditors
62,195
36,310

Accruals
1,743,358
474,012

2,187,305
1,142,619



15.


DEFERRED TAXATION




2025


£






Charged to profit or loss
163,682



AT END OF YEAR
163,682

The deferred tax asset is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(13,862)
-

Tax losses carried forward
177,544
-

163,682
-

Page 24

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

16.


SHARE CAPITAL

2025
2024
£
£
ALLOTTED, CALLED UP AND FULLY PAID



827,505 (2024 - 827,505) Ordinary shares of £1.00 each
827,505
827,505
101,424 (2024 - 80,581) V shares of £0.10 each
10,142
8,058
44,611 (2024 - 44,611) A Ordinary shares of £1.00 each
44,611
44,611
1,059 (2024 - 1,059) Deferred shares of £0.10 each
106
106

882,364

880,280


On 24 July 2024 the Company issued 20,843 V shares of £0.10 each for total consideration of £2,084. The difference between the total consideration and the total nominal value of the shares issued has been included in the share premium account.
The various class of shares have the following rights:
- Ordinary shares have full rights in respect to voting, dividends and distributions.
- V Shares have no rights in respect to voting and dividends with restricted rights on distributions.
- A Ordinary shares have full rights in respect to voting, dividends and distributions.
- Deferred shares have no rights in respect to voting, dividends and distributions.


17.


RESERVES

Share premium account

Includes any premium on issue of share capital. Any transaction costs associated with issuing shares are deducted from share premium.

Other reserves

Other Reserves represents the amount accumulated in respect of share-based payment expenses recognised.

Profit and loss account

Includes all current and prior year retained profits and losses.
18.


ANALYSIS OF NET FUNDS




At 1 April 2024
Cash flows
At 31 March 2025
£

£

£

Cash at bank and in hand

3,661,658

2,962,606

6,624,264







3,661,658
2,962,606
6,624,264
Page 25

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

19.


SHARE-BASED PAYMENTS

Share options are granted to employees under the ESOP plan and charges are recognised accordingly. Under the terms of the schemes, the vesting condition is contingent on continued service of the employee. The total share based payment charge we be re-assessed at each subsequent balance sheet date, based on the number of share options that be expected to vest.
In accordance with FRS 102 Share Based Payments, the Company is required to recognise an expense for the services received by the Company in exchange for shares in Insignis Asset Management Limited. The fair value of the share options at issuance was determined using a Black Scholes option pricing model.

Weighted average exercise price (pence)
2025
Number
2025

Granted during the year

43.99

32,533

Expired/cancelled during the year

43.99

(1,140)

OUTSTANDING AT THE END OF THE YEAR
43.99

31,393


2025

Option pricing model used


Black Scholes model

Weighted average share price


£43.99

Exercise price


£1 - £50

Weighted average contractual life (years)


9.46

Expected volatility


40%

Risk-free interest rate


3.952% - 4.244%


2025
2024


Share-based payment charge
401,509
-

Page 26

 
INSIGNIS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

20.


PENSION COMMITMENTS

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. 
Charged to the Profit and Loss in respect of defined contribution pension schemes during the year was £338,813 (2024 - £196,767).
Contributions totalling £62,195 (2024 - £36,310) were payable to the fund at the balance sheet date and are included in other creditors.


21.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
799,800
29,400

Later than 1 year and not later than 5 years
20,800
-

820,600
29,400


22.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemptions contained within FRS102 102.22.7A not disclose key management personnel compensation in total as the key management personnel and directors are considered to be the same.
Total purchases with companies under common control for the year are £41,820, previous year £Nil. In relation to Markham Private Clients Ltd.


23.


CONTROLLING PARTY

There are no ultimate controlling parties.
Page 27