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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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QUAI INVESTMENT SERVICES LIMITED
COMPANY INFORMATION
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QUAI INVESTMENT SERVICES LIMITED
CONTENTS
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QUAI INVESTMENT SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Quai Investment Services Limited continued to offer regulated services during the year. The company’s services are provided to corporate clients and Independent Financial Advisors.
Continued strong growth was experienced during the year and the company now has 13 corporate clients, up from 10 at the previous reporting date. During the year, the company migrated a book of JISA accounts (circa 120,000 investor accounts) in August, which significantly increased the cash and assets held under the FCA CASS regime. In addition, Quai Investment Services Limited launched a Cash ISA for a corporate client in August. Following the acquisition of Intelligent Money’s book of business called Intelligent in May 2024, the acquisition has been successfully integrated into the existing business. The company now operates across two sites, Peterborough and Nottingham. The company continues to develop new products in the financial services space and will continue to improve these products with different features and efficiencies to ensure that its clients get market leading services. In addition, efficiency projects will aim to further improve the services provided to underlying retail customers while ensuring good customer outcomes in line with Consumer Duty. IT development continues to add simpler integration for corporate clients as well as providing scalability as the company continues to grow. Existing and further strategic partnerships further support the ongoing growth of the business.
Market Risk – Refers to those risks that arise from fluctuations in values or income from assets, or from movements in interest and/or exchange rates. The company is exposed to market risk due to revenue being calculated based on asset values (mainly for the Corporate Client business proposition) and attrition of accounts for the direct business (Intelligent Money). Attrition is driven by investor behaviour, product features and customer service, leading to a reduction in annual fees. Assets under Administration (AuA) and potential fluctuations are monitored on a monthly basis at Board level while customer attrition is also reviewed with potential long term impacts analysed and mitigations put in place.
Liquidity Risk – There is a risk that cashflow is insufficient to meet our ongoing overheads. The company holds deposits with banks. Should further funding be required the parent would provide this support. Cashflow forecasts and financial plans are prepared and reviewed by the board. Regulatory Risk – The company operates in a highly regulated environment and there is risk associated with the activities undertaken in the provision of savings and investment products, in particular in the governance of the products, the documentation supporting the products and in monitoring activities in relation to the distributor of the products and the underlying retail customers. To mitigate this risk the company employs suitably qualified senior managers with wide-ranging financial sector expertise in other regulated businesses. In addition, this part systems and third party consulting expertise is utilised as and when required. Regulatory change is routinely monitored and planned for where it impacts the business. Operational Risk – The company outsources the administration of its products and services to Quai Administration Services Limited (QASL), which is a group company. An Outsource Agreement and Service Level Agreement are in place. The company ensures adequate oversight of the services performed by QASL in line with its regulatory responsibility and regularly assesses the appropriateness of the relationship.
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QUAI INVESTMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The key financial key performance indicators used by the business are revenue, gross margin, cash resources and EBITDA. Regulatory requirements are monitored regularly.
Revenue grew to £2,814,739 in 2025 (2024: £2,244,547) and the company made a profit of £267,449 (2024: loss of £5,267) while the gross profit margin improved to 26.4% from 11.4%. The year ended 31 December 2025 reflects the ongoing growth of the business and also includes full year revenue generated from Intelligent Money’s book of business. Furthermore, the period ended 31 December 2024 included exceptional costs following the acquisition. As at the year end the company held £938,034 in (immediate access) bank deposits. The company held both capital and liquidity resources in excess of its regulatory requirement. The directors are satisfied with the company’s overall financial performance.
The financial key performance indicators are supplemented by a range of other key performance indicators associated with AuA growth, number of investor accounts supported and target operational performance linked to client Service Level Agreements.
AuA grew to ca. £1.8bn while investor accounts supported grew to over 200,000 as at 31 December 2025.
As an online and paperless company with a small office footprint, the company consumed less than 40,000 kWh of energy during the year. The company falls under the definition of a low energy user and is therefore exempt from the reporting requirement under SECR.
This report was approved by the board on 24 April 2026 and signed on its behalf.
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QUAI INVESTMENT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £267,449 (2024 - loss £5,267).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
S Parsons and J Watson were appointed as directors on 2 March 2026.
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QUAI INVESTMENT SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Barnes Roffe Audit Limited, will be proposed for appointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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QUAI INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUAI INVESTMENT SERVICES LIMITED
We have audited the financial statements of Quai Investment Services Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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.
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QUAI INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUAI INVESTMENT SERVICES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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QUAI INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUAI INVESTMENT SERVICES LIMITED (CONTINUED)
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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was a follows
∙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 of the relevant sector;
∙we focused on the laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an impact: employment law, data protection, anti-money laundering, market abuse regulations and financial services regulations including Client Assets and specific areas of regulatory capital and liquidity and certain aspects of company legislation and financial services legislation recognising the financial and regulated nature of the Company's activities and its legal form;
∙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.
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QUAI INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUAI INVESTMENT SERVICES LIMITED (CONTINUED)
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;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
The areas that we identified as being susceptible to misstatement through fraud were:
∙Management bias in the estimates and judgements made; and
∙Management override of controls.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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QUAI INVESTMENT SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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QUAI INVESTMENT SERVICES LIMITED
REGISTERED NUMBER: 09919243
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 19 form part of these financial statements.
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QUAI INVESTMENT SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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QUAI INVESTMENT SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Quai Investment Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Tesla Court, Innovation Way, Lynch Wood, Peterborough, PE2 6FL.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
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. The fair value of consideration takes into account trade discounts and settlement discounts if applicable.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Turnover in respect of set up fees is recognised in line with the individual agreement and is chargeable once the account is set up. Management fees are recognised in line with the period to which the service provision relates. Fees collected and distributed on behalf of corporate clients are not recognised in turnover. Any fees collected on this basis, that have not been distributed at the accounting date, are reflected in cash at bank with a corresponding entry representing the distributable amount within other creditors.
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QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic 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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Equity instruments issued by the company 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 company.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
a) Critical judgements in applying the Company's accounting policies No critical judgements have been made by the management in preparing these financial statements. b) Key accounting estimates and assumptions No critical accounting estimates and assumptions have been made by management in preparing these financial statements.
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QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The parent company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the parent company, in an independently administered fund. The Company contributions to this scheme in the year totalled £7,784 (2024 - £Nil). At the balance sheet date there were amounts outstanding of £Nil (2024 - £Nil).
The company is a wholly owned subsidiary of Quai Administration Services Limited which is the ultimate parent undertaking, incorporated in England and Wales. The registered office of the ultimate parent undertaking is 16 Tesla Court, Innovation Way, Lynch Wood, Peterborough, PE2 6FL.
The consolidated financial statements of Quai Administration Services Limited and its subsidiaries are available from Companies House.
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