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Registered number: 13635779
INGENIOUS APEX LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INGENIOUS APEX LIMITED
COMPANY INFORMATION
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INGENIOUS APEX LIMITED
CONTENTS
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Independent Auditors' Report
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Notes to the Financial Statements
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INGENIOUS APEX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The principal activity of Ingenious Apex Limited (the "Company") is that of a holding company to a subsidiary dealing in the issuance of commercial loans to prospective borrowers for the purpose of funding residential, commercial and mixed use development projects to generate returns to its shareholders. The Company carries on these activities through its membership of Ingenious Real Estate Finance LLP and Ingenious Real Estate Finance 2 LLP ("the Partnerships") via its subsidiary.
Directors' responsibilities statement
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The Directors are responsible for preparing 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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 2006. They 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.
The Directors who served during the year and subsequently were:
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P F Touche (resigned 27 February 2025)
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INGENIOUS APEX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Each of the persons who is a Director at the date of approval of this report confirms that so far the Director is aware there is no relevant audit information of which the Company's auditor is unaware and the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
Moore Kingston Smith LLP, formerly Shipleys LLP was appointed as auditor to the company by the Directors and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INGENIOUS APEX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INGENIOUS APEX LIMITED
We have audited the financial statements of Ingenious Apex Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet and the related notes, including a summary of significant accounting policies. The 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 December 2024 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.
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 UK, including the FRC’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
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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.
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 Report. Our 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material
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INGENIOUS APEX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INGENIOUS APEX LIMITED (CONTINUED)
misstatement in the financial statements or a material misstatement of the other information. 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
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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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 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; or
∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.
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INGENIOUS APEX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INGENIOUS APEX LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 auditor’s 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:
- We obtained an understanding of the Company's business, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the Company's financial statements to material misstatement from irregularities, including fraud, which are instances of non-compliance with laws and regulations.
- Based on this understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries on the management; journal entry testing; review of board minutes and any correspondence received from regulatory bodies; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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INGENIOUS APEX LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INGENIOUS APEX LIMITED (CONTINUED)
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 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.
Joseph Kinton (Senior Statutory Auditor)
for and on behalf of
Moore Kingston Smith LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
26 September 2025
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INGENIOUS APEX LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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Changes in fair value of investments
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Profit for the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the profit and loss account.
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 9 to 17 form part of these financial statements.
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INGENIOUS APEX LIMITED
REGISTERED NUMBER: 13635779
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
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Basis of preparation of financial statements
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The Company is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page.
The principal activity of the Company in the period under review was that of a holding company to a subsidiary dealing in the issuance of commercial loans to prospective borrowers for the purpose of funding residential, commercial and mixed use development projects to generate returns to its shareholders. The Company carries on these activities through its membership of Ingenious Real Estate Finance LLP and Ingenious Real Estate Finance 2 LLP ("the Partnerships") via its subsidiary.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 2).
The functional and presentational currency of the Company is considered to be pound sterling because that is the currency of the primary economic environment in which the Company operates. The amounts in the financial statements are rounded to the nearest pound sterling.
The Company heads a small group and as the ultimate parent Company for this group, has taken the consolidation exemption on the grounds set out in paragraph 9.9(b) of FRS 102, whereby its subsidiaries are held as part of an investment portfolio and shall be measured at fair value with changes in fair value recognised in profit and loss.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The Company's business activities, together with the factors likely to affect its future development, performance and position have been reviewed by the Directors. Having assessed its financial position, profit and cash flow forecasts, the Directors believe that the Company is well placed to manage its business successfully and will be able to continue in operational existence for the foreseeable future.
Accordingly, the Company continues to adopt the going concern basis in preparing the Annual Report and Financial Statements.
Investments in subsidiaries are held at fair value, and are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period.
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Tax is recognised in the Statement of Comprehensive Income, 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.
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Cash and cash equivalents
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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.
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The Company's principal financial instruments are its cash at bank, investments in subsidiary companies, trade loan receivables and amounts owed by subsidiary companies. The main purpose of the cash at bank and trade loan receivables is to provide funding for the Company's operations and to ensure the Company can meet its liabilities and provision for committed loans as they fall due. Due to the nature of the financial instruments used by the Company, there is limited exposure to price risk. Credit risk of receivables is closely monitored. Fixed asset investments are held at fair value, and are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, which are described in Note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The areas involving a high degree of judgement or complexity or areas where assumptions and estimates are significant to the financial statements include the valuation of investments. The key assumptions that have a significant impact on the carrying value of investments that are valued through use of fair value are listed below.
Fair value of investments held involves regular reviews of the net asset values of underlying funds, partnerships, and equity instruments held. The directors will take into consideration market transactions of similar nature when considering changes to the valuation assumptions.
Provisions against doubtful debts are made where required on the basis of underlying commercial substance of balances outstanding.
There are no further areas where assumptions and estimates are significant to the financial information.
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The operating loss is stated after charging:
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During the financial year ended 31 December 2024, the Company has borne the audit fee of £2,700
(period ended 31 December 2023: £2,700) for Ingenious Apex Sub Co Limited, its subsidiary.
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The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).
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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
5.Taxation (continued)
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Factors affecting tax charge for the year/period
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The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22.61%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.61%)
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Recognition of previously unrecognised losses
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Transfer pricing adjustment
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Total tax charge for the year/period
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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The investment balance above relates to investment in a subsidiary, Ingenious Apex Sub Co Limited. The initial investment was £0.10, being one ordinary share in the company.
Fixed asset investments are held at fair value, and are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the year.
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The following was a subsidiary undertaking of the Company:
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Ingenious Apex Sub Co Limited
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The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
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Ingenious Apex Sub Co Limited
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Accruals and deferred income
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand, amounts owed by subsidiary undertakings, investments in a subsidiary and other debtors.
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Financial liabilities measured at fair value through profit or loss comprise accruals and deferred income.
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Authorised, allotted, called up and fully paid
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7,326,449 (2023 - 11,042,711) allotted, called up and fully paid shares of £0.10 each
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On 10 May 2024, Ingenious Estate Planning Limited withdrew its entire investment of 6,179,224 ordinary shares in the Company at £1.0584 (net asset value as at that date).
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Share premium account
The share premium account records the amount above the nominal value received for shares issued.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
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INGENIOUS APEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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The financial statements do not include disclosure of transactions between the Company and entities that are wholly-owned by the Group. This is because, as a subsidiary whose shares are wholly-controlled by the Group, it is exempt from the requirement to disclose such transactions, under FRS 102 section 33.
The Company is managed by Ingenious Capital Management Limited, which is a wholly-owned subsidiary of Ingenious Capital Management Holdings Limited, a company registered in England and Wales. During the year, T G Brown and P W Vorster were also directors of Ingenious Capital Management Limited.
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Post balance sheet events
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Share Allotments
168,964 shares were issued at £1.0710 between 1 January 2025 and 30 January 2025; 283,854 shares were issued at £1.0818 between 21 February 2025 and 4 April 2025; 930,110 shares were issued at £1.0907 between 9 May 2025 and 23 July 2025 and 533,754 shares were issued at £1.1019 between 15 August 2025 and 16 September 2025.
Capital Reductions
On 14 April 2025, the Company disposed of 111,618 ordinary shares during a capital reduction transaction as part of the normal course of the business.
On 4 July 2025, the Company disposed of 7,765 ordinary shares during a capital reduction transaction as part of the normal course of the business.
During the year to 31 December 2024, there was no direct or ultimate controlling party.
No consolidated financial statements are prepared for the Company as the exemption for the consolidation has been taken on the grounds set out in paragraph 9.9(b) of FRS 102 relating to subsidiaries held as part of an investment portfolio.
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