Registration number: 15128418

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15 to 30

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Company Information

Directors

A C Callow R Callow

Registered office

128 City Road London EC1V 2NX

Auditors

Hawsons Chartered Accountants Statutory Auditor Pegasus House 463a Glossop Road Sheffield South Yorkshire S10 2QD

Solicitors

Clarion Solicitors Elizabeth House 13-19 Queen Street Leeds LS1 2TW

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Strategic Report for the period from 10 September 2023 to 31 December 2024

The directors present their strategic report for the period from 10 September 2023 to 31 December 2024.

Review of the business and future developments

The principal activity of the company is the provision of software and services to deliver a Digital Banking Experience Platform for its regional and corporate clients operating in banking and financial services, who wish to improve customer service outcomes via a sophisticated digital experience.

Its software and services are provided under long term contracts to a range of clients in both the United States and United Kingdom including leading credit unions, UK banks, other financial institutions and providers of motor finance (including global vehicle manufacturers) and providers of core banking platforms.

With the acquisition of Connect FSS in the United States in late 2024, the Group has embarked on an aggressive transformation and integration project to build the foundations for the next level of strategic growth. This investment has focused on people, processes and technology solutions including the appointment of both a new CEO and CFO to oversee and harmonise the collective operations, the rollout of standard back-office tools and applications and renewed investment in the sales capability. The company continues to maintain a culture of strong cost control culminating in the final consolidation of all UK operations into AWS to provide higher operational performance for lower unit cost.

The business’ go-to-market strategy and offering to clients has been unified under a single brand, Fintilect, creating a unique identify in the Fintech sector. Recognising the unique business requirements based on customer and regulatory requirements, the Directors have retained and continue to develop the UK Interact product and US Emerge product to maximise the customer target market and improve the efficiency of implementing client solutions.

2024 was a year of transition and integration setting the Company up for continued growth in 2025. The current 2025 performance is bearing fruit of the focus and investment in previous periods, however, a strategic opportunity was taken to sell the UK element of the business in September 2025.

Sales pipeline, revenues, costs, analysis of profit centres and cash are regularly reviewed and forecast to track performance and enable any appropriate action to be taken promptly.

The group's key financial and other performance indicators during the period were as follows:

Financial KPIs	Unit	2024
Revenue	£	19,264,233
Operating profit/(loss)	£	(7,367,071)
Operating profit/(loss) - prior to exceptional items	£	95,492

Principal risks and uncertainties

The directors consider the specific risks related to the group's business as, the general performance of the UK and US economy and in particular, the effect of rising interest rates on its clients’ appetites for investing in digital technology.

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

......................................... A C Callow Director

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Directors' Report for the Period from 10 September 2023 to 31 December 2024

The directors present their report and the for the period from 10 September 2023 to 31 December 2024.

Incorporation

The company was incorporated on 10 September 2023.

Change of company name

The company changed its name from Fintilect Holdings Limited to Monument Holdco Limited effective from 11 September 2025.

Directors of the group

The directors who held office during the period were as follows:

A K W Chan (appointed 10 September 2023 and ceased 22 August 2025)

R Littlewood (appointed 10 September 2023 and ceased 22 August 2025)

J Young (appointed 10 September 2023 and ceased 2 April 2024)

The following directors were appointed after the period end:

A C Callow (appointed 18 August 2025)

R Callow (appointed 22 August 2025)

Principal activity

The principal activity of the Fintilect group is the provision of software and services to regional and corporate clients operating in the banking and financial services sector.

Directors' liabilities

The company has made qualifying third party indemnity provisions for the benefits of its directors which were made during the year and remain in force at the date of this report.

Disclosure of information to the auditor

Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:

• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and

• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Directors' Report for the Period from 10 September 2023 to 31 December 2024 (continued)

Reappointment of auditors

The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

......................................... A C Callow Director

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements 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; 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Independent Auditor's Report to the Members of Monument Holdco Limited

Opinion

We have audited the financial statements of Monument Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 10 September 2023 to 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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 group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the period 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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

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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.

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.

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Independent Auditor's Report to the Members of Monument Holdco Limited (continued)

Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our 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 and 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company 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 Statement of Directors' Responsibilities set out on page 5, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Independent Auditor's Report to the Members of Monument Holdco Limited (continued)

The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.

Audit procedures performed by the engagement team included:

•

Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

•	Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;

•	Challenging assumptions and judgements made by management in their significant accounting estimates;

•	Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of
-the-auditor’s-responsibilities-for. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Simon Bladen (Senior Statutory Auditor)
For and on behalf of Hawsons Chartered Accountants, Statutory Auditor

Pegasus House
463a Glossop Road
Sheffield
South Yorkshire
S10 2QD

30 September 2025

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

Consolidated Statement of Comprehensive Income for the Period from 10 September 2023 to 31 December 2024

	Note	Period from 10 September 2023 to 31 December 2024 £
Turnover	2	19,264,233
Cost of sales		(6,348,929)
Gross profit		12,915,304
Administrative expenses		(12,901,729)
Other operating income		81,917
Operating profit before exceptional items		95,492
Exceptional expenses	6	(7,462,563)
Operating loss	3	(7,367,071)
Other interest receivable and similar income	4	8,673
Interest payable and similar expenses	5	(209,979)
Loss before tax		(7,568,377)
Tax on loss	9	(423,188)
Loss for the financial period		(7,991,565)

Total comprehensive income for the period	(7,991,565)
Total comprehensive income attributable to:
Owners of the company	(7,991,565)

The above results were derived from continuing operations.

The group has no recognised gains or losses for the period other than the results above.

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

(Registration number: 15128418)

Consolidated Balance Sheet as at 31 December 2024

	Note	2024 £
Fixed assets
Intangible assets	10	7,117,199
Tangible assets	11	504,393
		7,621,592
Current assets
Debtors	13	3,117,443
Cash at bank and in hand		740,968
		3,858,411
Creditors: Amounts falling due within one year	14	(14,924,126)
Net current liabilities		(11,065,715)
Total assets less current liabilities		(3,444,123)
Creditors: Amounts falling due after more than one year	14	(4,537,438)
Net liabilities		(7,981,561)
Capital and reserves
Called up share capital	17	10,004
Retained earnings		(7,991,565)
Equity attributable to owners of the company		(7,981,561)
Shareholders' deficit		(7,981,561)

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

......................................... A C Callow Director

Monument Holdco Limited
(formerly Fintilect Holdings Limited)

(Registration number: 15128418)
Balance Sheet as at 31 December 2024

	Note	2024 £
Fixed assets
Investments	12	11,829,859
Creditors: Amounts falling due within one year	14	(459,795)
Total assets less current liabilities		11,370,064
Creditors: Amounts falling due after more than one year	14	(18,445,060)
Net liabilities		(7,074,996)
Capital and reserves
Called up share capital	17	10,004
Retained earnings		(7,085,000)
Shareholders' deficit		(7,074,996)