Company registration number 02910523 (England and Wales)
CLEVER ADVISER TECHNOLOGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CLEVER ADVISER TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
Mr G A Roberts
Mr G J Cliff
Mrs N Cornish
Mr S De Rycke
Dr H N Shirman
Mr S Quiligotti
Mr C G Wilde
Secretary
Mr G A Roberts
Company number
02910523
Registered office
Watergate House
85 Watergate Street
Chester
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
CLEVER ADVISER TECHNOLOGY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
CLEVER ADVISER TECHNOLOGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Review of the business
The key performance indicators for the group are as follows:
2025
2024
£
£
Turnover
1,873,400
1,689,037
Loss before taxation
(553,984)
(428,697)
Net current assets
2,058,142
1,175,023
Profit and loss reserves
295,211
710,545

The c ompany’s assets under management (AUM), the key driver of revenue, have decreased as at the financial year end date of 31 March 2025 to £608 m (2024: £1,434 m). This was primarily due to the transfer of its Managed Portfolio Service (MPS) business to its wholly owned subsidiary, Clever Investment Management Limited (CIM), in February, which accounted for £740 m. However overall, the c ompany’s average AUM for the 10-month period prior to the transfer of its MPS trade to CIM increased to £1,411 m (2024: £1,327 m). This contributed to group revenues increasing for the year to £1.9m (2024: £1.7 m).

Operating expenses of the group increased to £2.5m (2024: £2.1 m), primarily due to planned additional investment in sales events and marketing of £0.4m (2024: £0.1 m). This impacted the group’s loss before tax for the year of £0.6 m (2024: £0.4 m).

The group had net current assets at the year end of £2.1m (2024: £1.2 m), of which £1.7m (2024: £0.8 m) was cash at bank and in hand.

The capital position of the group remained strong during the year, with shareholders’ funds at the year end of £2.1 m (2024: £1.1 m), supplemented by third party investment from Marlborough Group Holdings Limited during the year.

Principal risks and uncertainties

The key determinant of revenue and profitability, being growth in AUM and new fund sales, will continue to be significantly influenced by the performance of global stock markets. We expect to continue to face challenges in 2025, with uncertainty in the markets due to ongoing conflicts in Ukraine and the Middle East and the impact of the international trade wars. Additionally, the loss of AUM from Independent Financial Adviser (IFA) customers being acquired by large asset management companies, continues to be a threat to the company. Despite these challenges, the company’s strategy of increasing its brand awareness and distribution networks from increased sales and marketing activity is expected to mitigate these risks. Also, the quality of the company’s unique product offering using data-driven proprietary technology to assist IFAs in managing portfolios, continues to act as a key differentiator for the business.

The key financial performance indicators of AUM, revenue, profit/loss before tax and liquidity have been referred to above.

CLEVER ADVISER TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Statement by the directors in performance of their statutory duties in accordance with S172(1) Companies Act 2006

The board of directors of Clever Adviser Technology Limited consider that in their decision-making they have acted in a manner most likely to promote the success of the company for the benefit of its members as a whole. In doing so, they have considered their statutory duties as follows:

a) The likely consequence of any decision in the long term

b) The interests of the company’s employees

c) The need to foster the company’s business relationships with suppliers, customers and others

d) The impact of the company’s operations on the community and the environment

e) The desirability of the company maintaining a reputation for high standards of business conduct

f) The need to act fairly between members of the company.

The company recognises its responsibilities towards its staff and considers that it has appropriate policies in place regarding the remuneration and welfare of its employees. A flexible hybrid working policy is adopted by the company and the company has a remuneration policy to ensure that all staff are appropriately remunerated.

The company is committed to service excellence and high standards of business conduct and has invested in recruitment so these standards can be maintained as IFA customer numbers grow. The company has continued to invest in its staff and the directors remain confident the business employs staff with the appropriate qualifications and expertise to meet its objectives.

The company is aware of its environmental responsibilities and endeavours to minimise its operational impact on the environment. The company has installed energy-efficient equipment and motion detector lighting in its offices. Additionally, it encourages hybrid working to minimise unnecessary travel and has transitioned to the ownership of zero emission company vehicles.

The central task of the Board is to set the strategy for the company and to build on its existing considerable strengths and to focus on future growth. The company will also continue to strive to provide an objective, transparent, data-driven fund selection service that delivers strong relative and real returns for our customers and ultimately their end clients.

On behalf of the board

Mr C G Wilde
Director
3 July 2025
CLEVER ADVISER TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Principal activities

The principal activity of the company is the development and supply of a data-driven technological system that provides investment data to Independent Financial Advisers for the building and monitoring of their in-house investment portfolios.

The principal activity of Clever Investment Management Limited, a subsidiary of Clever Adviser Technology Limited, is the management of discretionary portfolios, powered by rational and data-driven decisions, on behalf of professional advisers.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G A Roberts
Mr G J Cliff
Mrs N Cornish
Mr S De Rycke
Dr H N Shirman
Mr S Quiligotti
Mr C G Wilde
Mr P Boughton
(Resigned 22 September 2024)
Auditor

Barlow Andrews LLP were appointed as auditor to the group 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.

Energy and carbon report

As the company is considered to be small in this reporting period, it has taken the exemption from the requirement to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr C G Wilde
Director
3 July 2025
CLEVER ADVISER TECHNOLOGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible 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 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 then 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;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CLEVER ADVISER TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLEVER ADVISER TECHNOLOGY LIMITED
- 5 -
Opinion

We have audited the financial statements of Clever Adviser Technology Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 March 2025 and of the group's loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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

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 group's and parent 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

CLEVER ADVISER TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLEVER ADVISER TECHNOLOGY LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

CLEVER ADVISER TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLEVER ADVISER TECHNOLOGY LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions; and

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The financial statements of Clever Adviser Technology Limited for the year ended 31 March 2024 were not required to be audited. As such, the comparative figures in the financial statements, for the group and the company, for the year ended 31 March 2025 are unaudited.

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.

Emma Woods (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
3 July 2025
CLEVER ADVISER TECHNOLOGY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
1,873,400
1,689,037
Administrative expenses
(2,476,296)
(2,144,248)
Operating loss
4
(602,896)
(455,211)
Interest receivable and similar income
8
53,013
30,615
Interest payable and similar expenses
9
(4,101)
(4,101)
Loss before taxation
(553,984)
(428,697)
Tax on loss
10
138,652
-
0
Loss for the financial year
(415,332)
(428,697)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CLEVER ADVISER TECHNOLOGY LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
8,798
15,668
Tangible assets
12
46,419
71,108
55,217
86,776
Current assets
Debtors
15
601,931
631,459
Cash at bank and in hand
1,669,491
789,617
2,271,422
1,421,076
Creditors: amounts falling due within one year
16
(213,280)
(246,053)
Net current assets
2,058,142
1,175,023
Total assets less current liabilities
2,113,359
1,261,799
Creditors: amounts falling due after more than one year
17
-
(8,343)
Provisions for liabilities
Provisions
19
-
0
(124,762)
-
(124,762)
Net assets
2,113,359
1,128,694
Capital and reserves
Called up share capital
21
224
204
Share premium account
1,817,920
417,943
Capital redemption reserve
4
2
Profit and loss reserves
295,211
710,545
Total equity
2,113,359
1,128,694
The financial statements were approved by the board of directors and authorised for issue on 3 July 2025 and are signed on its behalf by:
03 July 2025
Mr C G Wilde
Director
Company registration number 02910523 (England and Wales)
CLEVER ADVISER TECHNOLOGY LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
8,798
15,668
Tangible assets
12
46,419
71,108
Investments
13
425,001
1
480,218
86,777
Current assets
Debtors
15
617,777
631,459
Cash at bank and in hand
1,207,241
789,616
1,825,018
1,421,075
Creditors: amounts falling due within one year
16
(199,472)
(246,053)
Net current assets
1,625,546
1,175,022
Total assets less current liabilities
2,105,764
1,261,799
Creditors: amounts falling due after more than one year
17
-
(8,343)
Provisions for liabilities
Provisions
19
-
0
(124,762)
-
(124,762)
Net assets
2,105,764
1,128,694
Capital and reserves
Called up share capital
21
224
204
Share premium account
1,817,920
417,943
Capital redemption reserve
4
2
Profit and loss reserves
287,616
710,545
Total equity
2,105,764
1,128,694

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £422,927 (2024 - £428,697 loss).

The financial statements were approved by the board of directors and authorised for issue on 3 July 2025 and are signed on its behalf by:
03 July 2025
Mr C G Wilde
Director
Company registration number 02910523 (England and Wales)
CLEVER ADVISER TECHNOLOGY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
204
417,943
1
1,139,242
1,557,390
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(428,697)
(428,697)
Redemption of shares
21
-
-
1
-
1
Balance at 31 March 2024
204
417,943
2
710,545
1,128,694
Year ended 31 March 2025:
Loss and total comprehensive income
-
-
-
(415,332)
(415,332)
Issue of share capital
21
23
1,399,977
-
-
1,400,000
Redemption of shares
21
-
-
2
(2)
-
0
Reduction of shares
21
(3)
-
-
-
(3)
Balance at 31 March 2025
224
1,817,920
4
295,211
2,113,359
CLEVER ADVISER TECHNOLOGY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
204
417,943
1
1,139,242
1,557,390
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
(428,697)
(428,697)
Redemption of shares
21
-
-
1
-
1
Balance at 31 March 2024
204
417,943
2
710,545
1,128,694
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
(422,927)
(422,927)
Issue of share capital
21
23
1,399,977
-
-
1,400,000
Redemption of shares
21
-
-
2
(2)
-
0
Reduction of shares
21
(3)
-
-
-
(3)
Balance at 31 March 2025
224
1,817,920
4
287,616
2,105,764
CLEVER ADVISER TECHNOLOGY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(536,242)
(514,381)
Interest paid
(4,101)
(4,101)
Net cash outflow from operating activities
(540,343)
(518,482)
Investing activities
Purchase of intangible assets
-
(7,016)
Purchase of tangible fixed assets
(7,796)
(1,249)
Proceeds from disposal of tangible fixed assets
-
250
Interest received
53,013
30,615
Net cash generated from investing activities
45,217
22,600
Financing activities
Proceeds from issue of shares
1,400,000
-
Redemption of shares
(3)
-
0
Payment of finance leases obligations
(24,997)
(24,997)
Net cash generated from/(used in) financing activities
1,375,000
(24,997)
Net increase/(decrease) in cash and cash equivalents
879,874
(520,879)
Cash and cash equivalents at beginning of year
789,617
1,310,496
Cash and cash equivalents at end of year
1,669,491
789,617
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

Clever Adviser Technology Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Watergate House, 85 Watergate Street, Chester.

The group consists of Clever Adviser Technology Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Clever Adviser Technology Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software and website development costs
10%-25% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
100% straight line
Fixtures and fittings
25% straight line
Computers
33% straight line
Motor vehicles
25% straight line with a residual value of £30,000

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Supply of technological data and services
771,715
929,890
Management of discretionary portfolios
1,101,685
759,147
1,873,400
1,689,037
2025
2024
£
£
Other revenue
Interest income
53,013
30,615
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
6,320
10,291
Depreciation of tangible fixed assets held under finance leases
26,165
26,165
Profit on disposal of tangible fixed assets
-
(146)
Amortisation of intangible assets
6,870
10,570
Operating lease charges
19,410
19,360
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,050
-
Audit of the financial statements of the company's subsidiaries
6,700
-
16,750
-
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
23
23
23
23

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,152,492
1,146,269
1,070,402
1,146,269
Social security costs
136,226
136,522
125,654
136,522
Pension costs
42,205
39,126
39,457
39,126
1,330,923
1,321,917
1,235,513
1,321,917
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
393,755
438,683
Company pension contributions to defined contribution schemes
12,367
13,149
406,122
451,832

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 6).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
86,499
109,415
Company pension contributions to defined contribution schemes
3,028
3,069
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
53,013
30,615
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
53,013
30,615
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
4,101
4,101
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(138,652)
-
0

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(553,984)
(428,697)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(138,496)
(107,174)
Tax effect of expenses that are not deductible in determining taxable profit
(2,510)
410
Unutilised tax losses carried forward
134,834
97,936
Permanent capital allowances in excess of depreciation
6,172
8,828
Under/(over) provided in prior years
(138,652)
-
0
Taxation credit
(138,652)
-
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
11
Intangible fixed assets
Group
Software and website development costs
£
Cost
At 1 April 2024 and 31 March 2025
333,343
Amortisation and impairment
At 1 April 2024
317,675
Amortisation charged for the year
6,870
At 31 March 2025
324,545
Carrying amount
At 31 March 2025
8,798
At 31 March 2024
15,668
Company
Software and website development costs
£
Cost
At 1 April 2024 and 31 March 2025
333,343
Amortisation and impairment
At 1 April 2024
317,675
Amortisation charged for the year
6,870
At 31 March 2025
324,545
Carrying amount
At 31 March 2025
8,798
At 31 March 2024
15,668
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
8,655
27,529
74,530
134,660
245,374
Additions
-
0
1,223
6,573
-
0
7,796
At 31 March 2025
8,655
28,752
81,103
134,660
253,170
Depreciation and impairment
At 1 April 2024
8,289
26,663
69,541
69,773
174,266
Depreciation charged in the year
366
667
5,287
26,165
32,485
At 31 March 2025
8,655
27,330
74,828
95,938
206,751
Carrying amount
At 31 March 2025
-
0
1,422
6,275
38,722
46,419
At 31 March 2024
366
866
4,989
64,887
71,108
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
8,655
27,529
74,530
134,660
245,374
Additions
-
0
1,223
6,573
-
0
7,796
At 31 March 2025
8,655
28,752
81,103
134,660
253,170
Depreciation and impairment
At 1 April 2024
8,289
26,663
69,541
69,773
174,266
Depreciation charged in the year
366
667
5,287
26,165
32,485
At 31 March 2025
8,655
27,330
74,828
95,938
206,751
Carrying amount
At 31 March 2025
-
0
1,422
6,275
38,722
46,419
At 31 March 2024
366
866
4,989
64,887
71,108

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
38,722
64,887
38,722
64,887
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
425,001
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
1
Additions
425,000
At 31 March 2025
425,001
Carrying amount
At 31 March 2025
425,001
At 31 March 2024
1
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Clever Investment Management Limited
Watergate House, 85 Watergate Street, Chester
Management of discretionary portfolios
Ordinary
100.00
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
69,654
80,439
69,654
80,439
Corporation tax recoverable
138,652
-
0
138,652
-
0
Amounts owed by group undertakings
-
-
158,818
-
Other debtors
10,038
141,362
10,037
141,362
Prepayments and accrued income
383,587
409,658
240,616
409,658
601,931
631,459
617,777
631,459
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
18
8,343
24,997
8,343
24,997
Trade creditors
113,648
122,186
113,648
122,186
Other taxation and social security
41,752
40,162
41,643
40,162
Other creditors
10,380
6,750
10,380
6,750
Accruals and deferred income
39,157
51,958
25,458
51,958
213,280
246,053
199,472
246,053
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
18
-
0
8,343
-
0
8,343
18
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
8,343
24,997
8,343
24,997
In two to five years
-
0
8,343
-
0
8,343
8,343
33,340
8,343
33,340

Finance lease payments represent rentals payable by the company or group for a motor vehicle. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
19
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
-
124,762
-
124,762
Movements on provisions:
Group
£
At 1 April 2024
124,762
Utilisation of provision
(124,762)
At 31 March 2025
-
Company
£
At 1 April 2024
124,762
Utilisation of provision
(124,762)
At 31 March 2025
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,205
39,126

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.2p each
89,475
89,475
179
179
A shares of 0.2p each
2,746
2,746
5
5
B shares of 0.2p each
8,724
9,720
17
20
C shares of 0.2p each
11,315
-
23
-
112,260
101,941
224
204

During the year, the company re-purchased and cancelled 996 £0.002 B ordinary shares.

The company issued 11,315 £0.002 C ordinary shares, for consideration of £1,400,000.

All shares rank pari passu.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
21,360
5,340
21,360
5,340
Between two and five years
26,700
-
26,700
-
48,060
5,340
48,060
5,340
CLEVER ADVISER TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
23
Cash absorbed by group operations
2025
2024
£
£
Loss after taxation
(415,332)
(428,697)
Adjustments for:
Taxation credited
(138,652)
-
0
Finance costs
4,101
4,101
Investment income
(53,013)
(30,615)
Gain on disposal of tangible fixed assets
-
(146)
Amortisation and impairment of intangible assets
6,870
10,570
Depreciation and impairment of tangible fixed assets
32,485
36,456
Decrease in provisions
(124,762)
(21,839)
Movements in working capital:
Decrease/(increase) in debtors
168,180
(125,169)
(Decrease)/increase in creditors
(16,119)
40,958
Cash absorbed by operations
(536,242)
(514,381)
24
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
789,617
879,874
1,669,491
Obligations under finance leases
(33,340)
24,997
(8,343)
756,277
904,871
1,661,148
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