|
Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Quai Administration Services Limited and its subsidiaries (“the Group”) continued to make good progress during the year with ongoing recurring administration fees increasing to £5m, while total revenue increased to £6.5m for the Group. Assets under Administration (“AuA”) increased to £2.9bn which, together with a strong pipeline of new business, provides a solid platform for further growth in fee income.
The Group continues to make significant investment in developing its proprietary technology platform, extending the range of products and services it supports and further automating process flows while making integration with customers and their investors simpler, more cost effective and secure. At 31 December 2025 circa 470,000 investor accounts were supported by the platform, up from circa 260,000 at 31 December 2024. In August 2025, the company raised further share capital and converted its existing convertible loan notes into equity. The company also increased its existing loan with Salica to continue to fund its growth. 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 Group now operates across two sites, Peterborough and Nottingham.
The board and senior executive management team regularly reviews risks and uncertainties facing the business and maintains a risk register outlining the nature of the analysed risk, categorised by impact (inherent risk) and in each case setting out risk mitigation activities and residual risk. The principal risks faced by the business are considered below.
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 Group 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. 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 ongoing overheads. The Board review cash forecasts on a monthly basis and consider action that might need to be taken in order to improve cash flow and make available additional working capital. The group has been able to raise additional capital when necessary and as revenue grows (underpinned by a stable cost base) and new clients from an already strong pipeline launch their products on the platform, the Board are confident that necessary further capital could be raised if required. Regulatory Risk – The group operates in a highly regulated environment, providing services to customers who undertake activities as regulated financial service businesses. There is risk associated with the activities undertaken in the provision of savings and investment products, in the governance of the products and documentation supporting the products. The outsourced administration services involve provision of services designed to support customers’ ability to comply with FCA rules. To mitigate this risk the group employs suitably qualified senior managers with wide-ranging financial sector expertise in other regulated businesses. In addition, third party 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 – This risk arises from processes undertaken within and transactions flowing through the group’s technology platform. The risks associated with technological and operational process failure is carefully reviewed by the senior management team and where necessary discussed with the board. The group continues to invest in improving its internal controls around data processing; ensuring that issues when they arise are logged, analysed and remedial action taken.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The key financial performance indicators used by the business are revenue, gross margin, forecast cash resources and EBIT. Regulatory requirements for the regulated subsidiary Quai Investment Services Limited are monitored regularly.
Revenue for the group grew to £6.5m in 2025 (2024: £6.1m) and the group made a loss of £2.3m (2024: loss of £429,868). The year ended 31 December 2025 reflects the ongoing growth of the business and investment in people and operating model as the baseline for future expansion. The year ended 31 December 2025 also includes additional costs following the acquisition of Intelligent Money’s book of business in the previous year. The directors are satisfied with the group’s overall financial performance, building the foundation for ongoing growth.
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.
The group has several innovative projects underway which will again be recognised for Research & Development specifically around functionality for straight through pension transfers, increasing the speed, scale and efficiencies.
The group continues to develop new products in the financial space and will continue to improve these products with different features and efficiency projects to ensure that its clients get best of breed services and system efficiencies to service the underlying customer. Further IT development will add simpler integration for clients as well as providing more scalability as the company continues to grow. Further strategic partnerships will also continue to help grow the business.
As an online and paperless group with a workforce of 73 employees and a small office footprint, the group consumed less than 40,000 kWh of energy during the year. The group 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 2 June 2026 and signed on its behalf.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION 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 Group strategic report, the Directors' report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £2,339,528 (2024 - loss £429,868).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors who served during the year were:
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
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUAI ADMINISTRATION SERVICES LIMITED
We have audited the financial statements of Quai Administration Services Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's or the 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.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUAI ADMINISTRATION 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUAI ADMINISTRATION 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 Group 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 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 FCA Handbook, Companies Act 2006 and ISO standards;
∙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;
∙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.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUAI ADMINISTRATION SERVICES LIMITED (CONTINUED)
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
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
REGISTERED NUMBER: 07584959
CONSOLIDATED 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 2 June 2026.
The notes on pages 15 to 34 form part of these financial statements.
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
QUAI ADMINISTRATION SERVICES LIMITED
REGISTERED NUMBER: 07584959
COMPANY 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 15 to 34 form part of these financial statements.
Page 11
|