Troviq Private Markets Group Ltd


Directors	AFINK, Jeroen Gerrit Jan
	BOHILL, John
	PROCTOR, Jason William Horatio


Registered Address	7-9 Henrietta Street
	London
	WC2E 8PS


Registered Number	13859328 (England and Wales)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		344,801		291,396
Tangible assets	4		1,440		-
Investments	5		2,630,025		1,680,025
			2,976,266		1,971,421
Current assets
Debtors		91,447		111,441
Cash at bank and on hand		19,009		50,549
		110,456		161,990
Creditors amounts falling due within one year	6	(4,441,609)		(2,821,361)
Net current assets (liabilities)			(4,331,153)		(2,659,371)
Total assets less current liabilities			(1,354,887)		(687,950)
Net assets			(1,354,887)		(687,950)
Capital and reserves
Called up share capital			28		28
Share premium			313,824		313,824
Other reserves			3,046		-
Profit and loss account			(1,671,785)		(1,001,802)
Shareholders' funds			(1,354,887)		(687,950)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 26 September 2025, and are signed on its behalf by:

PROCTOR, Jason William Horatio
Director
Registered Company No. 13859328

Troviq Private Markets Group Ltd

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Going concern
	The Company had access to a Convertible Loan Facility of €715,000 (as at the balance sheet date), of which €332,500 had been drawn (as of the balance sheet date). During the period from the balance sheet date to the date of approval of the financial statements, the Company has (i) drawn down on the remainder of the convertible loan facility, (ii) agreed an additional working capital facility with one of its cornerstone clients. Furthermore, the Company has experienced significant revenue growth since the balance sheet date with the Company consequently transitioning from loss making (as of the balance sheet date) to approximately break-even/cash flow positive (on a run rate basis) as of the date of approval of the financial statements. Having considered these matters and after making appropriate enquiries, the Directors are satisfied that there are no material uncertainties to the Company’s ability to adopt the going concern basis of accounting and that the Company has adequate resources to continue to operate as a going concern for a period of 12 months from date of approval of the financial statements. For this reason, they consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

Going concern

The Company had access to a Convertible Loan Facility of €715,000 (as at the balance sheet date), of which €332,500 had been drawn (as of the balance sheet date). During the period from the balance sheet date to the date of approval of the financial statements, the Company has (i) drawn down on the remainder of the convertible loan facility, (ii) agreed an additional working capital facility with one of its cornerstone clients. Furthermore, the Company has experienced significant revenue growth since the balance sheet date with the Company consequently transitioning from loss making (as of the balance sheet date) to approximately break-even/cash flow positive (on a run rate basis) as of the date of approval of the financial statements. 
Having considered these matters and after making appropriate enquiries, the Directors are satisfied that there are no material uncertainties to the Company’s ability to adopt the going concern basis of accounting and that the Company has adequate resources to continue to operate as a going concern for a period of 12 months from date of approval of the financial statements. For this reason, they consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

	Share-based payments
	The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straightline basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

Share-based payments

The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straightline basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

2.	Average number of employees


		2024		2023
	Average number of employees during the year	0		0

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 24	291,396	291,396
Additions	53,405	53,405
At 31 December 24	344,801	344,801
Net book value
At 31 December 24	344,801	344,801
At 31 December 23	291,396	291,396

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
Additions	1,699	1,699
At 31 December 24	1,699	1,699
Depreciation and impairment
Charge for year	259	259
At 31 December 24	259	259
Net book value
At 31 December 24	1,440	1,440
At 31 December 23	-	-

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 24	1,680,025	1,680,025
Additions	950,000	950,000
At 31 December 24	2,630,025	2,630,025
Net book value
At 31 December 24	2,630,025	2,630,025
At 31 December 23	1,680,025	1,680,025

	Notes
	¹Investments in group undertakings and participating interests

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	51,998	26,192
Convertible loans	4,389,611	2,795,169
Total	4,441,609	2,821,361


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. At 31 December 2024 the Company had an outstanding convertible loan balance of £4.4m (2023: £2.8m). The relevant conversion event under the Convertible Loan agreement has occurred in 2025 and it is anticipated the conversion of the full value of the loan into equity will be competed before the end of 2025. No cash settlement is required.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

At 31 December 2024 the Company had an outstanding convertible loan balance of £4.4m (2023: £2.8m). The relevant conversion event under the Convertible Loan agreement has occurred in 2025 and it is anticipated the conversion of the full value of the loan into equity will be competed before the end of 2025. No cash settlement is required.