Registrar

Registration number: 07437933

Investment Software Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Investment Software Limited

Company Information

Directors

I Khan A R Pirrie

Registered office

36 Leadenhall Street London EC3A 1AT

Bankers

Barclays Bank Plc Ilford 320 New North Road Hainault Essex IG6 3BU

Accountants

Lambert Chapman LLP 3 Warners Mill Silks Way Braintree Essex CM7 3GB

Investment Software Limited

(Registration number: 07437933)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	2,623,255	2,247,627
Tangible assets	5	37,053	38,751
		2,660,308	2,286,378
Current assets
Debtors	6	1,689,696	1,259,277
Cash at bank and in hand		230,767	921,474
		1,920,463	2,180,751
Creditors: Amounts falling due within one year	7	(1,508,024)	(1,745,324)
Net current assets		412,439	435,427
Net assets		3,072,747	2,721,805
Capital and reserves
Called up share capital	8	100	100
Retained earnings		3,072,647	2,721,705
Shareholders' funds		3,072,747	2,721,805

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

A R Pirrie
Director

Investment Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is: 36 Leadenhall Street, London, EC3A 1AT.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the
requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of specialist software and associated consultancy services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Computer software development invoiced in advance for fixed periods are taken to revenue on a straight line basis over the term of the contract. Revenue not recognised in the Profit and Loss account under this policy is classified as deferred income and shown within creditors.

Tax

Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge / credit is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	33% Straight Line Method
Office Equipment	33% Straight Line Method

Intangible Assets

This comprises of the following assets which the directors consider have enduring benefit in support of the company's activities.

Capitalised costs incurred in the development of FTP protocol based communication interface; protocol driven messaging service; order interface; FIX protocol scalability; a client interface to a third party applications; new custodian interface and trade matching algorithm; new platform securities interface and a new thesis interface. The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of a cross browser and device compliant web portal; HTML 5 conversion; HTML migration; migration from angular 1 to angular 2 and a real time trading blotter. The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of a rules driven trading module; an improved order processing interface; order routing scheduling and job queue processing systems. The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of client performance monitoring and calculation. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of client data to enable users to create data fields; questionnaire creation tool and workflow and email notifications. The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of multi-tenanted application; MiFID II transaction reporting and a new notification alert system. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of the source code cloud migration; single sign on capability and report merging tools. The anticipated useful life of the costs capitalised is over 5 years.

Investment Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Capitalised costs incurred in the development of new custodian interface and trade matching algorithm to connect to various third parties. The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of a cross browser and device compliant real-time trading blotter that can allow for up to 60,000 trades being displayed and updated in real-time at any one time. The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of order processing under load to be able to validate and process up to 500,000 trades per hour. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of a third party trading interface that required an extra security layer having to reside inside a demilitarized zone (DMZ). The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of order processing under load to be able to validate and process up to 500,000 trades per hour. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of software to identify and capture trading messages that could become out of sequence and lost. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of a job queuing optimisation engine. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of portfolio performance calculation optimisation. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of Intra-day FX feed. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of Global permissions to allow 'head-office' to control underlying tenants. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of Commissions and Charges expansion. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of Interactive MI screens to allow clients to perform MI analysis. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of HTML 5 Migration to cater for cross-browser compatibility. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of 3rd party Interface to send market transactional data in proprietary format. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development allowing users to create their own fields through a UI. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development allowing performance return calculations across 1000's of portfolios in a timely manner. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development allowing jobs to be paused, re-prioritised. The anticipated useful life of the costs capitalised is over 5 years.

Investment Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Capitalised costs incurred in the development of new custodian interface and trade matching algorithm to connect to various third parties. The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of a cross browser and device compliant real-time trading blotter that can allow for up to 60,000 trades being displayed and updated in real-time at any one time. The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of order processing under load to be able to validate and process up to 500,000 trades per hour. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of a third party trading interface that required an extra security layer having to reside inside a demilitarized zone (DMZ). The anticipated useful life of the costs capitalised is between 3 and 5 years.

Capitalised costs incurred in the development of order processing under load to be able to validate and process up to 500,000 trades per hour. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of software to identify and capture trading messages that could become out of sequence and lost. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of a job queuing optimisation engine. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of portfolio performance calculation optimisation. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of Intra-day FX feed. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of Global permissions to allow 'head-office' to control underlying tenants. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of Commissions and Charges expansion. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of Interactive MI screens to allow clients to perform MI analysis. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of HTML 5 Migration to cater for cross-browser compatibility. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of 3rd party Interface to send market transactional data in proprietary format. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development allowing users to create their own fields through a UI. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development allowing performance return calculations across 1000's of portfolios in a timely manner. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development allowing jobs to be paused, re-prioritised. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of new screens to allow client to perform MI analysis. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development to combine all entities included in a Group (Groups, Clients, Account Groups, Accounts). The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of a new interface to be able to send market transactional data to Clearstream and Global plus in their proprietary format. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of an automated reconciliation process between client ledgers and firms ledgers, as well as with external custodians. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of a user interface allowing users to create their own expression fields against various entities. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of an algorithm to determine proposed orders from daily cash transactions based on a buy list associated with the account. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the development of a connections to third party systems bespoke to client needs. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of a grouping/ splitting system based on attributes and triggers to automate grouping. The anticipated useful life of the costs capitalised is over 3 years.

Capitalised costs incurred in the development of a ringfencing access protocol to better assign rights to multiple responsible persons. The anticipated useful life of the costs capitalised is over 5 years.

Capitalised costs incurred in the developments of a system to appropriately deal with fractional and residual shares not previously dealt with adequately. The anticipated useful life of the costs capitalised is over 5 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Investment Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2023 - 54).

4	Intangible assets

	Development projects  £	Total £
Cost or valuation
At 1 January 2024	5,106,032	5,106,032
Additions	1,081,493	1,081,493
At 31 December 2024	6,187,525	6,187,525
Amortisation
At 1 January 2024	2,858,405	2,858,405
Amortisation charge	705,865	705,865
At 31 December 2024	3,564,270	3,564,270
Carrying amount
At 31 December 2024	2,623,255	2,623,255
At 31 December 2023	2,247,627	2,247,627

Investment Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Fixtures and fittings  £	Office equipment  £	Total £
Cost or valuation
At 1 January 2024	71,129	97,470	168,599
Additions	-	24,779	24,779
Disposals	(1,617)	-	(1,617)
At 31 December 2024	69,512	122,249	191,761
Depreciation
At 1 January 2024	53,722	76,126	129,848
Charge for the year	9,809	16,597	26,406
Eliminated on disposal	(1,546)	-	(1,546)
At 31 December 2024	61,985	92,723	154,708
Carrying amount
At 31 December 2024	7,527	29,526	37,053
At 31 December 2023	17,407	21,344	38,751

6

Debtors

	2024 £	2023 £
Trade debtors	894,698	584,211
Amounts owed by group undertakings	92,313	21,789
Other debtors	277,598	332,458
Prepayments & accrued income	301,782	143,514
Deferred tax assets	123,305	177,305
	1,689,696	1,259,277

Included within debtors is £92,313 (2023 - £21,789) which are amounts owed by related parties, whilst these amounts are repayable on demand it is unlikely the balances will be repaid in full in the 12 months after the reporting date.

Investment Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	87,893	97,499
Social security and other taxes	215,116	359,155
Directors' current accounts	158	222
Other creditors	69,659	27,365
Accruals and deferred income	1,135,198	1,261,083
	1,508,024	1,745,324

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary A shares of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £1,784). The financial commitments not included in the balance sheet are in respect of operating leases.