TIDMKWG
RNS Number : 0878O
Kingswood Holdings Limited
29 September 2023
Kingswood 2023 Half-year Report
Kingswood Holdings Limited (AIM: KWG), the international, fully
integrated wealth and investment management group, is pleased to
announce its unaudited interim financial results for the half year
ended 30 June 2023.
H1 2023 Group Operating Profit was GBP5.0m, GBP0.5m or 10%
higher than H1 2022.
UK & Ireland revenue increased by 41% compared to the same
period last year, of which 86% is recurring in nature. UK & I
Operating Profit was GBP7.7m and in line with expectations.
US revenue decreased by 38% compared to the same period last
year, impacted by a slowdown in capital market activity. Operating
Profits were GBP0.6m, falling short of expectation, though with
recovery expected in H2 2023.
Group Assets under Management and Advice (AuM/A) at June 2023
were GBP12.0bn, having increased by GBP1.5bn compared to December
2022, supported by UK&I acquisitions of Barry Fleming &
Partners (BFP) and Moloney Investments Ltd (MMPI) and in the US by
the on-boarding of an additional 9 registered representatives.
In the UK, migration of AuA into its Discretionary Central
Investment Propositions, notably the IBOSS AM MPS solution has
gathered pace with AuM reaching GBP1.05bn in June 2023, up from
GBP0.65bn on December 2022 - an increase of 62%.
David Lawrence, Kingswood Chief Executive Officer,
commented:
"I am delighted to share our interim financial results for 2023.
Despite continued economic and market uncertainties, the group has
delivered strong growth year over year, and we continue to build
the business into a leading participant in the sector. Our business
fundamentals remain strong, with positive net asset growth, high
levels of recurring revenue and very low adviser and consequently
client attrition.
"We continue to have a clear growth focus across the business
with complementary investment in our People, Technology and Client
Experience to enable and support this. Whilst our focus remains on
inorganic opportunities with which we have a proven integration
model, organic growth has seen an increased focus across our three
drivers of more advice for more clients, migration of AuA into our
investment propositions and growing our IBOSS IFA distribution
channel.
"In the US, whilst market conditions have impacted performance,
the fundamentals across both the investment banking and
alternatives divisions give us confidence that as markets recover
an accelerated growth trajectory will re-appear."
H1'23 - Strategic Highlights:
-- UK & Ireland successfully completed the purchase of Moloney Investments Ltd (MMPI) and Barry Fleming & Partners
(Tax, Trusts and Investment Planning) Limited (BFP):-
--
1. 70% acquisition of MMPI, a leading financial advisory group based in Dublin with EUR0.8bn AuM/A and EBITDA
of c.EUR4.0m
2. BFP, an IFA business based in Berkshire with GBP150m AuA and Operating Profit of c.GBP0.2m.
-- UK & Ireland AuM/A increased by GBP1.4bn to GBP9.5bn in H1'23, driven by acquisitions and encouraging levels of
organic growth:
--
1. Inorganic growth : GBP0.85bn client assets onboarded following the acquisitions of MMPI and BFP
2. Strong levels of growth from vertical integration : GBP1.05bn client assets under our own management, an
increase of GBP0.4bn compared to FY'22
3. Institutional growth : GBP80m AuM net inflows in H1'23, with client assets 17% higher year on year.
-- IBOSS has been ranked by Next Wealth as the sixth fastest growing discretionary fund manager by assets and
percentage of assets over the past 12 months. We have retained our 5 Star and 5 Diamond Defaqto ratings and
gained further recognition from the adviser community by scooping three accolades at the Citywire Wealth Manager
Awards. In 2023, IBOSS hopes to become the only DFM provider to win FTAdviser's 5 Star Award for four consecutive
years.
-- Kingswood was named as one of the UK's 'Best Workplaces for Women' in 2023, by Great Place to Work. We continue
to make progress in addressing diversity imbalances across the organisation and remain committed to increasing
the female representation of our UK adviser population to at least 25% in the medium term, compared to current
levels of 20% (2022: 19%).
-- Kingswood Go, our UK focused digital finance app and portal, is a great success with 3,525 clients registered and
readily using the app. The app also enables us to serve smaller clients in an efficient and cost-effective
manner. Accordingly, we can target clients at an earlier stage of their wealth journey.
-- We strive to maintain the highest level of service for our clients as reflected in our 'Vouchedfor' rating of 4.8
/ 5.0.
-- Kingswood exhibits a strong Consumer Duty culture and pays particular attention to the needs of clients with
characteristics of vulnerability. We successfully delivered in our Consumer Duty requirements by the 31st July
2023 deadline.
-- Inorganic growth continues to see focus with two transactions currently in exclusive discussions. We continue
undertake a highly effective process of integration where the clients sit at the heart of this process.
-- Kingswood US unveiled Kingswood Investments, a comprehensive in-house investment banking and capital markets
division - which is set to contribute to future revenue generation, with its inaugural deal scheduled to close in
September. This addition, along with the business' existing investment banking team in Florida and SPAC Advisory
team, positions Kingswood US as a provider of one of the industry's most extensive investment banking services.
-- Kingswood US has invested in cutting-edge technology within the wealth management sector, ensuring that its
advisors have access to a top-tier technology platform. The integration of Altigo, an industry-leading automated
alternative investment platform, surpassed 1,200 subscriptions, representing $129 million in investments in just
three years.
-- Kingswood US achieved recognition in the USA Today list of Best Financial Advisory Firms, a ranking compiled by
Statista for USA Today. This accolade resulted from assessing over 31,000 RIAs, narrowing it down to the top 500
firms based on their asset under management growth, client and peer recommendations, both in the short and long
term.
-- Our US footprint further expanded in the first half of the year adding nine new registered representatives and
supporting growth in our total AuM/A in Kingswood US.
-- Kingswood US has obtained approval from FINRA (Financial Industry Regulatory Authority) to broaden its authorized
business activities. This development positions the company to continue its natural growth trajectory. The
revised membership agreement grants the opportunity for the potential employment of 325 individuals, the
operation of up to one hundred offices; and engagement in research activities. These approvals mark a significant
milestone for Kingswood US, allowing the company to strengthen its capabilities, extend its reach, and solidify
its standing in the market. This expanded scope of operations aligns seamlessly with Kingswood's strategy for
organic growth and enlarging its market presence.
H1'23 - Financial Highlights
-- Group revenue of GBP62.7m decreased by GBP17.6m, or 22%, compared to H1'22. This was due to a decrease of
GBP24.4m in US revenues is reflected in US Investment Banking as macro-economic headwinds and market volatility
led to a slowdown in capital market activity. The increase of GBP6.8m across UK & Ireland revenues has been
achieved through a combination of acquisitions and organic growth.
-- 86% of UK revenue is recurring in nature, providing a strong, annuity-style fee stream. Investment Banking fees
are a larger portion of Kingswood US revenues, and transactional in nature, which means that recurring revenue
for the Group was 33% compared to 28% in 2022.
-- Operating Profit of GBP5.0m was GBP0.5m, or 10%, higher than H1'22 reflecting acquisitions in the UK & Ireland
partly offset by the reduction in profits from lower US Investment Banking revenues in the US business.
-- Within Kingswood US, Investment Banking experienced a 48% decline in revenue compared to the previous year,
delivering $33.5 million, down from $65 million in 2022. This decrease was primarily attributed to lower deal
volumes due to challenging macroeconomic conditions. Despite this decline, the business maintains a strong
recruitment pipeline for new advisers, with a particular focus on developing consistent and recurring revenue
streams through client asset management. During the first half of 2023, Kingswood US expanded its presence in the
U.S. by adding 9 new registered representatives and increasing AUM/A by $0.4 billion, contributing to a 32%
increase in fee-based revenue.
The Kingswood Board believes Operating Profit is the most
appropriate indicator to explain the underlying performance of the
Group. The definition of Operating Profit is profit before finance
costs, amortisation and depreciation, gains and losses, and
exceptional costs (business re-positioning and transaction
costs)
GBP'000 (unless otherwise stated) H1'23 H1'22 Change % Change GBP
----------------------------------- -------- -------- --------- -----------
Wealth Planning 16,715 12,864 30% 3,851
Investment Management 3,917 3,588 9% 329
Kingswood Ireland 2,533 - n/a 2,533
Kingswood US 39,565 63,937 (38)% -24,372
Total Revenue 62,730 80,389 (22)% -17,659
Recurring Revenue 33% 28%
Kingswood UK&I 7,729 5,810 33% 1,919
Kingswood US 591 1,529 (61)% -938
Division Operating Profit 8,320 7,339 13% 981
Central Costs (3,355) (2,834) (18)% (521)
Operating Profit 4,965 4,505 10% 460
GBP'000 (unless otherwise stated) H1'23 FY'22 Change % Change GBP
----------------------------------- -------- -------- --------- -----------
Total Equity 64,806 73,967 12% (9,161)
Total Cash 24,126 19,642 23% 4,484
Key Metrics 0
AUM/A (GBPm) 11,954 10,453 14% 1,501
# of UK&I Advisers 116 100 16% 16
# of US RIA/IBD reps 241 232 4% 9
Outlook
In our 2022 Annual Report we stated that our "near term" target
for the group was to get to GBP12.5bn of AuA. We are delighted
that, despite difficult conditions, we have made strong progress
against this objective and at June 2023 our AuA/M now stands at
GBP12bn (GBP10.5bn at December 2022).
In the first half of the year, we have increased the amount of
assets under our own management in our market leading discretionary
propositions by GBP0.4bn to GBP1.05bn. A strong suite of
initiatives are in place to encourage vertical integration. We
believe there remains a significant further opportunity within our
existing wealth advisory AuA to increase from our current levels of
20.5% to 40%, over a three-year term, subject to client
suitability.
We stated an expectation for a total group proforma operating
profit of GBP14.7m for 2023 in our 2022 annual results. Whilst our
UK and Ireland business is tracking broadly in line with
expectations, difficult conditions in the US lead to us revising
this expectation to GBP13.6m due to lower than expected Investment
Banking / Capital Markets activity and a more cautious approach in
the US to users of our Alternatives division, as investors sought
better returns across a broader range of opportunities .
We remain confident in the success of our ambitious long-term
growth strategy, grounded in supporting our clients to protect and
grow their wealth.
Our new advisory clients, which are historically derived from
professional introducer base and referrals, continue to see strong
inflows into the business, despite volatile market conditions. We
also continue to invest in a range of lead generation and digital
tools to widen reach to new and younger demographics.
In the second half of the year, we expect further organic growth
and positive net inflows, and the business remains well positioned
as financial markets begin to recover.
For further details, please contact:
Kingswood Holdings Limited +44 (0)20 7293 0730
David Lawrence www.kingswood-group.com
Cavendish Capital Markets Limited Ltd (Nomad & Broker)
Simon Hicks / Abigail Kelly +44 (0)20 7220 0500
GreenTarget (for Kingswood media) +44 (0)20 7324 5498
Jamie Brownlee / Ellie Basle Jamie.Brownlee@greentarget.co.uk
The Group's Nominated Adviser and Broker, finnCap Ltd, has now
changed its name to Cavendish Capital Markets Limited following
completion of its own corporate merger.
Company Registration No. 42316 (Guernsey)
KINGSWOOD HOLDINGS LIMITED
CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIODED 30 JUNE 2023
Page
KINGSWOOD HOLDINGS LIMITED
CONTENTS
Financial and Operational Review 1 - 2
Interim Consolidated Statement of Comprehensive Income 3 - 4
Interim Consolidated Statement of Financial Position 5 - 6
Interim Consolidated Statement of Changes in Equity 7 - 8
Interim Consolidated Statement of Cash Flows 9
Notes to the Interim Consolidated Financial Statements 10 - 26
Group Review:
The Group has continued to build momentum in 2023 and revenue
and operating profit have grown despite unfavourable market
conditions. Our business continues to grow organically in both the
UK and US and our acquisition activity is slowing down, as planned.
We have a strong leadership team that is driving tangible results
and realising our ambition to become a leading fully integrated
International wealth & investment management business.
Finance Review:
We have maintained both cost and balance sheet discipline in the
first half of 2023. Our focus is to maximise shareholder returns
through Operating Profit growth combined with minimising our
weighted average cost of capital. We also continue to maintain a
strong discipline in how we think about the businesses we acquire,
ensuring that the multiples we pay are within our risk appetite and
funding profile.
Kingswood's financial performance remained resilient in H1'23
against a continued backdrop of market volatility. Group Assets
under Management and Advice (AuM/A) of GBP12.0bn at FY'23
represents a GBP1.5bn, or 14%, increase compared to FY'22.
Group revenue was GBP62.7m, a 22% decrease year on year. US
Investment Banking revenues are lower as macro-economic headwinds
and market volatility led to a slowdown in capital market activity.
In the UK and Ireland a 41% revenue increase was achieved through a
combination of acquisitions and organic growth.
Operating Profit of GBP5.0m is 10% higher than 2022, driven by a
GBP1m reduction in US profits and continued acquisition and organic
growth. C entral costs have increased by reflecting an increase in
the central resources required to support a larger business.
The overall result for H1'23 was a loss before tax of GBP8.6m
reflecting GBP0.3m of acquisition-related deferred consideration
expenses, GBP3.0m amortisation and depreciation, GBP5.8m finance
costs and GBP5.0m business re-positioning and transaction
costs.
The Group had GBP24.1m of cash as at H1'23, an increase of
GBP4.5m since 31 December 2022 with a positive cashflow from
operating activities.
Highlights -- UK & Ireland:
We have continued to build momentum on our strategic growth
plans over the first half of the year, following the acquisition of
Moloney Investments Ltd (MMPI) and Barry Fleming & Partners
(BFP). The 70% acquisition of MMPI, a leading advisory group based
in Dublin with EUR0.8bn AuM/A and annual Operating Profit of
c.EUR4.0m, is a highly strategic acquisition for the Group
providing access to the attractive Irish wealth management market
whilst also offering diverse new avenues for growth. The purchase
of BFP, an IFA business based in Berkshire has added GBP150m AuA
contributing c.GBP0.2m annual Operating Profit.
The hard work and dedication of our staff enables us to
continually deliver against our buy, build and grow strategy at
pace whilst maintaining the highest levels of service and
experience for our clients, as reflected in our 'Vouchedfor' rating
of 4.8 / 5.0. We expect organic growth in both initial and ongoing
fees post integration through accretive assets under influence and,
despite continued economic uncertainty, the UK business generated
healthy net client asset inflows over the first half of the
year.
The business delivered double-digit revenue and operating profit
growth in H1'23. Revenue of GBP23.2m was GBP6.7m (41%) higher and
over 80% of revenues are recurring in nature, providing the strong,
annuity style revenue stream required to deliver sustainable, long
term returns to our shareholders.
AuM/A increased by GBP1.4bn to GBP9.5bn over H1'23, driven by
acquisitions and encouraging levels of organic growth. There were
strong levels of vertical integration over the period, with client
retail Assets under our own Management (AuM) in IBOSS AM MPS and
Personal DFM now totalling GBP1.05bn, an increase from GBP0.65bn at
FY'22. Institutional net asset inflows were GBP80m in the first six
months of the year, with total AuM 17% higher year on year.
US Highlights:
The US business continues to place a strong emphasis on
maintaining a robust recruitment pipeline for new advisers, with a
specific focus on cultivating reliable and recurring revenue
streams through the management of client assets. In the first half
of 2023, we extended our presence in the US by adding 9 new
registered representatives and increasing our assets under
management and advisement (AUM/A) by $0.2bn.
In the first half of the year (H1), operating profit saw a
decrease of 69% on a YoY basis, delivering $0.7m (2022: $2.3m). The
decrease in operating profit was primarily driven within revenue,
which saw a decline of 41% resulting in Group revenues of $48.4
million (2022: $82.2m). T he escalating geopolitical tensions, the
conflict in Ukraine, rising inflation rates, and the looming
spectre of a global recession are collectively exerting additional
stress on wealth management firms. These factors are especially
challenging because they are contributing to lower growth in assets
under management (AuM), which, in turn, is putting a strain on
profitability.
Investment Banking: Revenue in our Investment Banking division
declined by 48% compared to the previous year, amounting to $33.5
million (compared to $65 million in 2022). This decrease was
primarily due to subdued deal volumes resulting from unfavourable
macroeconomic conditions. The situation was exacerbated by
challenges in the banking and financial services sectors,
compounded by the collapse of Silicon Valley Bank. However, we
anticipate a rebound in deal volumes towards historical levels in
the second half of the year as market conditions improve.
Additionally, H1 marked the establishment of Kingswood Investments
(KWUS' internal investment banking team), which is set to
contribute to revenue generation in H2, with its inaugural deal
scheduled to close in September.
Our Alternatives division experienced a revenue decline of 47%
resulting in $2.3 million in revenue (compared to $4.4 million in
2022) This decline was attributed to shifting investment dynamics,
as investors sought better returns across a broader range of
opportunities, reducing reliance on riskier investments. Although
there were concerns about asset value markdowns in private markets,
the demand remains robust and is anticipated to align with
historical performance in H2.
On a positive note, Advisor Fees category recorded a 32% revenue
increase, delivering $5.3 million in revenue (compared to $3.9
million in 2022). This growth was fuelled by a 20 year-on-year
increase in the number of advisors, contributing an additional $450
million in AuM.
These results reflect our ability to adapt to changing market
conditions, seize growth opportunities, and maintain a strong
footing in our core revenue-generating sectors. While challenges
persist, we are optimistic about the prospects for the remainder of
the fiscal year.
KINGSWOOD HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2023
Six months Six months to Year ended
to
30 June 30 June 2022 31 Dec 2022
2023
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Revenue 3 62,730 80,389 145,998
Direct expenses (37,314) (60,330) (103,878)
Gross profit 25,416 20,059 42,120
Operating staff costs (14,034) (10,283) (23,720)
Other operating costs (6,417) (5,271) (9,704)
Total operating costs (20,451) (15,554) (33,424)
Operating profit 4,965 4,505 8,696
Non-operating costs:
Business re-positioning
costs (369) (1,202) (1,964)
Finance costs (7,138) (1,455) (6,398)
Amortisation and
depreciation (2,957) (1,863) (4,507)
Acquisition-related
items:
Other (losses) / gains 4 - - (23)
Remuneration charge
(deferred consideration) 10 (259) 6,309 (1,852)
Goodwill adjustment 8 - (6,364) -
Restructuring and
integration costs (4,161) (1,621) (4,924)
Loss before tax (9,919) (1,691) (10,972)
Tax (175) (139) (4,480)
Loss after tax (10,094) (1,830) (6,492)
Other comprehensive
income / (loss)
Items that may not be reclassified to profit
or loss
Exchange differences on
translation of foreign
operations - (417) -
Total comprehensive loss (10,094) (2,247) (6,492)
Six months to Six months to Year ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
- Owners of the parent company (10,537) (2,545) (7,797)
- Non-controlling interests 443 715 1,305
Total comprehensive loss is attributable to:
- Owners of the parent company (10,537) (2,962) (7,797)
- Non-controlling interests 443 715 1,305
Loss per share:
- Basic loss per share 5 GBP (0.05) GBP (0.01) GBP (0.04)
- Diluted loss per share 5 GBP (0.01) GBP (0.00) GBP (0.01)
The notes on pages 10 - 26 form an integral part of the financial statements.
30 Jun 2023 30 Jun 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 6 916 916 832
Right-of-use assets 7 3,298 3,071 3,553
Goodwill and other intangible assets 8 148,658 97,231 123,469
Deferred tax asset 4,492 - 4,492
157,364 101,218 132,346
Current assets
Short term investments 49 72 52
Trade and other receivables 10,380 7,207 9,274
Cash and cash equivalents 24,126 20,693 19,624
34,555 27,972 28,950
Total assets 191,919 129,190 161,296
Current liabilities
Trade and other payables 13,892 18,515 17,597
Deferred consideration payable 10 15,513 14,286 20,771
29,405 32,801 38,368
Non-current liabilities
Deferred consideration payable 10 12,559 10,304 9,228
Other non-current liabilities 2,519 2,956 2,806
Loans and borrowings 64,984 - 24,343
Deferred tax liability 17,646 7,521 12,584
Total liabilities 97,708 53,582 87,329
Net assets 64,806 75,608 73,967
Equity
Share capital 11 10,846 10,846 10,846
Share premium 11 8,224 8,224 8,224
Preference share capital 12 70,150 70,150 70,150
Other reserves 16,168 11,597 14,373
Foreign exchange reserve (1,087) 417 (422)
Retained (loss) (42,132) (27,638) (31,595)
Equity attributable to the owners of the Parent Company 62,169 73,596 71,576
Non-controlling interests (NCI) 2,637 2,012 2,391
Total equity 64,806 75,608 73,967
The notes on pages 10 - 26 form an integral part of the financial statements.
The financial statements of Kingswood Holdings Limited (registered number 42316) were approved
and authorised for issue by the Board of Directors, and signed on its behalf by:
David Hudd
Chairman
Date: 29(th) September 2023
KINGSWOOD HOLDINGS LIMITED
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(CONTINUED)
FOR THE PERIODED 30 JUNE 2023
Share Preference Other Foreign Retained Equity attributable NCI Total
capital and share reserves exchange earnings to the owners of
share capital reserve the parent Company
premium
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2022 19,070 70,150 11,041 (488) (23,800) 75,973 925 76,898
Loss for the
period - - - - (2,545) (2,545) 715 (1,830)
Movement on NCI - - - - - - 372 372
Consolidation
adjustment - - - - (1,293) (1,293) - (1,293)
Foreign exchange
gain - - - 905 - 905 - 905
Share based
remuneration - - 556 - - 556 - 556
Balance at 30
June 2022
(unaudited) 19,070 70,150 11,597 417 (27,638) 73,596 2,012 75,608
(Loss) / profit
for the period - - - - (5,252) (5,252) 590 (4,662)
Movement on NCI - - - - - - (351) (351)
Other adjustment - - - - 1,293 1,293 - 1,293
Share based
remuneration - - 296 - - 296 - 296
Preference share
capital reserve - - 2,480 - - 2,480 - 2,480
Foreign exchange
loss - - - (839) 2 (837) 140 (697)
Balance at 31
December 2022
(audited) 19,070 70,150 14,373 (422) (31,595) 71,576 2,391 73,967
(Loss) / profit for
the period - - - - (10,537) (10,537) 443 (10,094)
Movement on NCI - - - - - - (197) (197)
Consolidation
adjustment - - - - - - - -
Foreign exchange
movement - - - (665) - (665) - (665)
Share based
remuneration - - 498 - - 498 - 498
Preference share
capital - - 1,297 - - 1,297 - 1,297
Foreign exchange
gain - - - - - - - -
Balance at 30 June
2023 (unaudited) 19,070 70,150 16,168 (1,087) (40,835) 62,169 2,637 66,806
Period Period Year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Net cash generated from / (used in) operating
activities 13 3,852 (8,989) (2,704)
Investing activities
Property, plant and equipment purchased (99) (50) (113)
Acquisition of investments (28,458) (13,180) (32,272)
Remuneration charge (deferred consideration) (6,953) (173) (10,774)
Net cash used in investing activities (35,510) (13,403) (43,159)
Financing activities
Interest paid (3,565) (11) (21)
Lease payments (430) (454) (852)
Dividends paid to non-controlling interests - - (811)
New loans (repaid) / loans received 40,607 (156) 23,784
Net cash (used in)/generated from financing
activities 36,612 (621) 22,100
Net (decrease)/increase in cash and cash
equivalents 4,954 (23,013) (23,763)
Cash and cash equivalents at beginning of Period 19,624 42,933 42,933
Effect of foreign exchange rates (452) 771 454
Cash and cash equivalents at end of Period 24,126 20,691 19,624
The notes on pages 10 - 26 form an integral part of the financial statements.
1 Accounting policies
General information
Kingswood Holdings Limited is a company incorporated in Guernsey under The Companies (Guernsey)
Law, 2008. The shares of the Company are traded on the AIM market of the London Stock Exchange
(ticker symbol: KWG). The nature of the Group's operations and its principal activities are
set out in the Strategic Report. Certain subsidiaries in the Group are subject to the FCA's
regulatory capital requirements and therefore required to monitor their compliance with credit,
market and operational risk requirements, in addition to performing their own assessment of
capital requirements as part of the ICAAP.
1.1 Basis of accounting
The Group's interim condensed consolidated financial statements are prepared and presented
in accordance with IAS 34 'Interim Financial Reporting'. The accounting policies adopted by
the Group in the preparation of its 2022 interim report are consistent with those disclosed
in the annual financial statements for the year ended 31 December 2021.
The information relating to the six months ended 30 June 2022 and the six months ended 30
June 2021 do not constitute statutory financial statements and has not been audited. The interim
condensed consolidated financial statements do not include all the information and disclosures
required in the annual financial statements and should be read in conjunction with the Group's
most recent annual financial statements for the year ended 31 December 2021.
1.2 Changes in significant accounting policies
The Group has applied the same accounting policies and methods of computation in its interim
consolidated financial statements as in its 2022 annual financial statements.
1.3 Significant accounting policies
Going concern
The Directors review the going concern position of the Group on a regular basis as part of
the monthly reporting process which includes consolidated management accounts and cash flow
projections and have, at the time of approving the financial statements, a reasonable expectation
that the Group has adequate resources to continue in operational existence for the foreseeable
future. Accordingly, the Directors continue to adopt the going concern basis of accounting
in preparing the financial statements.
Revenue recognition
Performance obligations and timing of revenue recognition
The majority of the Group's UK revenue, being investment management fees and ongoing wealth
advisory, is derived from the value of funds under management / advice, with revenue recognised
over the period in which the related service is rendered. This method reflects the ongoing
portfolio servicing required to ensure the Group's contractual obligations to its clients
are met. This also applies to the Group's US Registered Investment Advisor ("RIA") business.
For certain commission, fee-based and initial wealth advisory income, revenue is recognised
at the point the service is completed. This applies in particular to the Group's US Independent
Broker Dealer ("IBD") services, and its execution-only UK investment management. There is
limited judgement needed in identifying the point such a service has been provided, owing
to the necessity of evidencing, typically via third-party support, a discharge of pre-agreed
duties.
1 Accounting policies
The US division also has significant Investment Banking operations, where commission is recognised
on successful completion of the underlying transaction.
Determining the transaction price
Most of the Group's UK revenue is charged as a percentage of the total value of assets under
management or advice. For revenue earned on a commission basis, such as the US broker dealing
business, a set percentage of the trade value will be charged. In the case of one-off or ad
hoc engagements, a fixed fee may be agreed.
Allocating amounts to performance obligations
Owing to the way in which the Group earns its revenue, which is largely either percentage-based
or fixed for discrete services rendered, there is no judgement required in determining the
allocation of amounts received. Where clients benefit from the provision of both investment
management and wealth advisory services, the Group is able to separately determine the quantum
of fees payable for each business stream.
Further details on revenue, including disaggregation by operating segment and the timing of
transfer of service(s), are provided in note 3 below.
2 Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group's accounting policies, which are described in note 1, the
Directors are required to make judgements, estimates and assumptions about the carrying amounts
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.
Critical judgements in applying the Group's accounting policies
The following are the critical judgements that the Directors have made in the process of applying
the Group's accounting policies that had the most significant effect on the amounts recognised
in the financial statements.
Assessment of control
Control is considered to exist where an investor has power over an investee, or else is exposed,
and has rights, to variable returns. The Group determines control to exist where its own direct
and implicit voting rights relative to other investors afford the Group -- via its board and
senior management -- the practical ability to direct, or as the case may be veto, the actions
of its investees.
The company holds 50.1% of voting rights in Kingswood US, LLC, parent company of the US and
its subsidiaries, as well as a majority stake in the US division's advisory board when grouped
with affiliated entities. The Group has thus determined that the Company has rights, to variable
returns from involvement with Kingswood US, LLC and its subsidiaries; and the ability to use
power over the US Group to affect the amount of those returns, as such the Company has consolidated
the sub-group as subsidiaries with a 49.9% non-controlling interest.
The company holds 70% of voting rights in Moloney Investments Limited, parent company of Ireland
and its subsidiaries, as well as a majority stake in the Ireland division's advisory board
when grouped with affiliated entities. The Group has thus determined that the Company has
the practical ability to direct the relevant activities of Moloney Investments Limited and
its subsidiaries and has consolidated the sub-group as subsidiaries with a 30% non-controlling
interest.
2 Critical accounting judgements and key sources of estimation uncertainty
Estimates and Assumptions
Intangible assets:
Expected duration of client relationships
The Group makes estimates as to the expected duration of client relationships to determine
the period over which related intangible assets are amortised. The amortisation period is
estimated with reference to historical data on account closure rates and expectations for
the future. During the period, client relationships were amortised over a 10-20 year period.
Goodwill
The amount of goodwill initially recognised as a result of a business combination is dependent
on the allocation of the purchase price to the fair value of the identifiable assets acquired
and the liabilities assumed. The determination of the fair value of the assets and liabilities
is based, to a considerable extent, on management's judgement. Goodwill is reviewed annually
for impairment by comparing the carrying amount of the Cash Generating Units (CGU) to their
expected recoverable amount, estimated on a value-in-use basis. The CGUs are based on the
business segments as outlined in note 3.
Share-based remuneration:
Share based payments
The calculation of the fair value of share-based payments requires assumptions to be made
regarding market conditions and future events. These assumptions are based on historic knowledge
and industry standards. Changes to the assumptions used would materially impact the charge
to the Statement of Comprehensive Income.
Deferred tax:
Recoverability of deferred tax assets
The amount of deferred tax assets recognised requires assumptions to be made to the financial
forecasts that probable sufficient taxable profits will be available to allow all or part
of the asset to be recovered.
Leases:
Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in leases where it is the lessee,
therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the
rate of interest that the Group would have to pay to borrow over a similar term, and with
a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic environment.
The incremental borrowing rate therefore reflects what the Group 'would have to pay', which
requires estimation when no observable rates are available or when they need to be adjusted
to reflect the terms and conditions of the lease (for example, when leases are not in the
subsidiary's functional currency). The Group estimates the incremental borrowing rate using
observable inputs (such as market interest rates) when available and is required to make certain
entity-specific estimates (such as the subsidiary's stand-alone credit rating).
Deferred consideration:
Payment of deferred consideration
The Group structures acquisitions such that consideration is split between initial cash or
equity settlements and deferred payments. The initial value of the contingent consideration
is determined by EBITDA and/or revenue targets agreed on the acquisition of each asset. It
is subsequently remeasured at its fair value through the Statement of Comprehensive Income,
based on the Directors' best estimate of amounts payable at a future point in time, as determined
with reference to expected future performance. Forecasts are used to assist in the assumed
settlement amount.
3 Business and geographical segments
Information reported to the Group's Non-Executive Chairman for the purposes of resource
allocation
and assessment of segment performance is focused on the category of customer for each type
of activity.
The Group's reportable segments under IFRS 8 are as follows: investment management, wealth
planning and US operations.
The Group has disaggregated revenue into various categories in the following table which is
intended to depict how the nature, amount, timing and uncertainty of revenue and cash flows
are affected by economic date and enable users to understand the relationship with revenue
segment information provided below.
The following is an analysis of the Group's revenue and results by reportable segment for
the year to 31 December 2021. The table below details a full year's worth of revenue and results
for the principal business and geographical divisions, which has then reconciled to the results
included in the Statement of Comprehensive Income:
Investment Wealth US IRE Group Total
management planning operations operations
Perioded Ended 30 June 2023
Continuing operations: GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue (disaggregate
by timing):
Non-recurring 452 2,053 37,514 1,743 - 41,762
Recurring 3,465 14,662 2,051 790 - 20,968
External sales 3,917 16,715 39,565 2,533 - 62,730
Direct expenses (569) (793) (35,952) - - (37,314)
Gross profit 3,348 15,922 3,613 2,533 - 25,416
Operating profit / (loss) 1,379 5,589 591 761 (3,355) 4,965
Business re-positioning
costs (76) (104) (124) - (64) (368)
Finance costs (7) (87) (8) (1) (7,035) (7,138)
Amortisation and
depreciation (9) (823) - (18) (2,107) (2,957)
Remuneration charge
(deferred consideration) - - - (259) (259)
Transaction costs (61) (272) - (3,828) (4,161)
Goodwill adjustment - - - - -
Profit / (loss) before tax
from continuing operations 1,226 4,303 459 742 (16,649) (9,919)
Tax - (157) (14) (4) - (175)
Profit / (loss) after tax
from continuing operations 1,226 4,146 445 738 (16,649) (10,094)
3 Business and geographical segments
Perioded Ended 30 June Investment Wealth planning US Group Total
2022 management operations
Continuing operations: GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue (disaggregated by timing):
Non-recurring 465 1,776 55,944 - 58,185
Recurring 3,123 11,088 7,993 - 22,204
External sales 3,588 12,864 63,937 - 80,389
Direct expenses (717) (519) (59,094) - (60,330)
Gross profit 2,871 12,345 4,843 - 20,059
Operating (loss) / profit 685 5,125 1,529 (2,834) 4,505
Business re-positioning
costs (140) (336) (397) (329) (1,202)
Finance costs (1) (70) (3) (1,381) (1,455)
Amortisation and
depreciation - (687) 42 (1,218) (1,863)
Remuneration charge
(deferred consideration) - (42) - 6,351 6,309
Transaction costs - - - (1,621) (1,621)
Goodwill adjustment - - - (6,364) (6,364)
Profit / (loss) before tax
from continuing operations 544 3,990 1,171 (7,396) (1,691)
Tax - (129) 11 (21) (139)
Profit / (loss) after tax
from continuing operations 544 3,861 1,182 (7,417) (1,830)
3 Business and geographical segments
Year Ended 31 December Investment Wealth US Group Total
2022 management planning operations
(audited)
Continuing operations: GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue (disaggregated by timing):
Non-recurring 931 2,045 118,396 - 121,322
Recurring 6,252 15,169 9,431 23 28,394
External sales 7,183 17,214 127,827 23 149,716
Direct expenses (1,476) (913) (118,108) - (120,497)
Gross profit 3,176 16,301 9,719 23 29,219
Operating (loss) / profit 365 5,779 5,123 (4,940) 6,327
Business re-positioning
costs (177) (239) (263) (885) (1,564)
Finance costs - (72) 2 (4,857) (4,927)
Amortisation and
depreciation - (1,197) (212) (990) (2,399)
Other gains - - - (3,056) (3,056)
Remuneration charge
(deferred consideration) - (3,691) - (3,318) (7,009)
Transaction costs - (4) - (1,832) (1,836)
(Loss) / profit before tax
from continuing
operations 188 576 4,650 (19,878) (14,464)
Tax - (16) (317) (428) (761)
(Loss) / profit after tax
from continuing
operations 188 560 4,333 (20,306) (15,225)
4 Other (losses) / gains
Six months to Six months to Year Ended
30 June 2023 30 June 2022 31 December
2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Additional payments due on acquired businesses - - -
Unrealised gain/(loss) on investment - - (23)
- - (23)
5 Earnings per share
Six months to Six months to Year ended
30 Jun 2023 30 Jun 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Loss from continuing operations for the purposes
of basic loss per share, being net loss
attributable
to owners of the Group (10,537) (2,545) (7,797)
Number of shares
Weighted average number of ordinary shares for the
purposes of basic loss per share 216,920,719 216,920,719 216,920,724
Effect of dilutive potential ordinary shares:
Share options 6,624,664 8,580,094 5,897,018
Convertible preference shares in issue 525,217,205 469,263,291 512,407,029
Weighted average number of ordinary shares for the
purposes of diluted loss per share 748,762,592 694,764,104 735,224,771
Continuous operations:
Basic loss per share GBP(0.05) GBP(0.01) GBP(0.04)
Diluted loss per share GBP(0.01) GBP(0.00) GBP(0.01)
Total loss:
Basic loss per share GBP(0.05) GBP(0.01) GBP(0.04)
Diluted loss per share GBP(0.01) GBP(0.00) GBP(0.01)
6 Tangible Assets
Fixtures and equipment
GBP'000
Cost
At 1 January 2022 1,655
Additions 86
Acquisitions NBV 61
At 30 June 2022 1,802
Additions 27
Acquisitions NBV 19
Reclassifications 1,438
FX on opening 17
At 31 December 2022 3,303
Additions 99
Acquisitions NBV 160
Reclassifications 39
FX on opening (7)
At 30 June 2023 3,594
Accumulated depreciation
At 1 January 2022 714
Depreciation charged in the Period 172
At 30 June 2022 886
Depreciation charged in the Period 138
Reclassifications 1,438
FX on opening 9
At 31 December 2022 2,471
Depreciation charged in the Period 153
Reclassifications 39
FX on opening 15
At 30 June 2023 2678
Net book value
At 30 June 2023 916
At 31 December 2022 832
At 30 June 2022 916
7 Right-of-use assets
Land and buildings
GBP'000
Cost
At 1 January 2022 4,089
Movement due to FX 8
Additions 742
At 30 June 2022 4,839
Current year adjustment (137)
Movement due to FX (8)
Additions 963
At 31 December 2022 5,657
Current year adjustment 137
Additions 66
At 30 June 2023 5,860
Accumulated depreciation
At 1 January 2022 1,370
Depreciation charged in the Period 398
At 30 June 2022 1,768
Current year adjustment (25)
Depreciation charged in the Period 361
At 31 December 2022 2,104
Current year adjustment 25
Depreciation charged in the Period 433
At 30 June 2023 2,562
Net book value
At 30 June 2023 3,298
At 31 December 2022 3,553
At 30 June 2022 3,071
8 Goodwill and other intangible assets
Goodwill Other intangible assets Total
GBP'000 GBP'000 GBP'000
Cost
At 1 January 2022 45,150 42,615 87,765
Additions 11,226 13,449 24,675
Revaluation of acquisition (6,364) - (6,364)
At 30 June 2022 50,012 56,064 106,076
Additions 7,176 20,042 27,218
Exchange adjustments 629 - 629
At 30 December 2022 57,817 76,106 133,923
Additions 7,306 20,554 27,860
Movement due to FX (315) 14 (301)
Disposals - - -
At 30 June 2023 64,808 96,674 161,482
Accumulated amortisation
At 1 January 2022 2,279 5,231 7,510
Charge for period - 1,335 1,335
At 30 June 2022 2,279 6,566 8,845
Disposals
Charge for period - 1,609 1,609
At 31 December 2022 2,279 8,175 10,454
Disposals
Charge for period - 2,370 2,370
At 30 June 2023 2,279 10,545 12,824
8 Goodwill and other intangible assets (continued)
Net book value
As at 30 June 2023 62,529 86,129 148,658
As at 31 December 2022 55,538 67,931 123,469
As at 30 June 2022 47,733 49,498 97,231
9 Lease liabilities
The lease liabilities are included in trade and other payables and other non-current
liabilities
in the statement of financial position.
Land and buildings
GBP'000
At 1 January 2022 3,274
Additions 735
Interest expense 95
Lease payments (451)
At 30 June 2022 3,653
Additions 920
Interest expense 52
Lease payments (401)
At 31 December 2022 4,274
Additions 66
Interest expense 71
Lease payments (430)
At 30 June 2023 3,981
The Group recognises a right-of-use asset and a lease liability at the lease commencement
date. The right-of-use asset is initially measured at cost, and subsequently at cost less
any accumulated depreciation and impairment losses and adjusted for certain re-measurements
of the lease liability.
9 Lease liabilities (continued)
The lease liability is initially measured at the present value of the lease payments
that
are not paid at the commencement date, discounted using the Group's incremental
borrowing
rate.
The lease liability is subsequently increased by the interest cost on the lease
liability
and decreased by lease payment made.
The Group has applied judgement to determine the lease term for some lease contracts
in which
it is a lessee that includes renewal options. The assessment of whether the Group is
reasonably
certain to exercise such options impacts the lease term, which significantly affects
the amount
of lease liabilities and right-of-use assets recognised.
10 Deferred consideration payable
Six Months to Six Months to Year Ended
30 June 2023 30 June 2022 31 December 2022
GBP'000 GBP'000 GBP'000
Deferred consideration payable on acquisitions: 28,072 24,590 29,999
- falling due within one year 15,513 14,286 20,771
- due after more than one year 12,559 10,304 9,228
The deferred consideration payable on acquisitions is due to be paid in cash.
The deferred consideration liability is contingent on performance requirements during
the
deferred consideration period. The value of the contingent consideration is determined
by
EBITDA and/or revenue targets agreed on the acquisition of each asset, as defined under
the
respective Share or Business Purchase Agreement. As at the reporting date, the Group is
expecting
to pay the full value of its deferred consideration as all acquisitions are on target to
meet
the requirements.
Previously all deferred consideration payable on acquisitions was recorded as a deferred
liability
and included in the fair value of assets. However, in circumstances where the payment of
deferred
consideration is contingent on the seller remaining within the employment of the Group
during
the deferred period, the contingent portion of deferred consideration is not included in
the
fair value of consideration paid, rather is treated as remuneration and accounted for as
a
charge against profits over the deferred period.
11 Share capital
Six months Six months Year ended Six months Six months to Year ended
to to to
30 June 30 June 31 Dec 2022 30 June 30 June 2022 31 Dec 2022
2023 2022 2023
(unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)
Shares Shares Shares GBP'000 GBP'000 GBP'000
Ordinary
shares
issued:
Fully paid 216,920,719 216,920,719 216,920,719 10,846 10,846 10,846
216,920,719 216,920,719 216,920,719 10,846 10,846 10,846
Share capital and share premium
Number of Par value Share premium Total
ordinary
shares
'000 GBP'000 GBP'000 GBP'000
At 1 January 2022 216,921 10,846 8,224 19,070
Issued during year - - - -
As at 30 June 2022 216,921 10,846 8,224 19,070
At 31 December 2022 216,921 10,846 8,224 19,070
Issued during year - - - -
At 30 June 2023 216,921 10,846 8,224 19,070
Ordinary shares have a par value of GBP0.05 per share. They entitle the holder to
participate
in dividends, and to share in the proceeds of winding up the company in proportion
to the
number of, and amounts paid on, shares held. On a show of hands, every holder of
ordinary
shares present at a meeting in person or by proxy, is entitled to one vote and upon
a poll
each share is entitled to one vote.
Kingswood Holdings Limited does not have a limit on the amount of authorised
capital.
As at 31 December 2022 KPI (Nominees) Limited held 144,125,262 Ordinary Shares,
representing
66.4 per cent of ordinary shares in issue at year end.
12 Preference share capital
Six Months to Six Months to Year Ended Six Months to Six Months to Year Ended
30 June 2023 30 June 2022 31 Dec 2022 30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)
Shares Shares Shares GBP'000 GBP'000 GBP'000
Convertible preference shares issued:
Fully paid 77,428,443 77,428,443 77,428,443 77,428 77,428 77,428
77,428,443 77,428,443 77,428,443 77,428 77,428 77,428
Six Months to Six Months to Year Ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
Equity component 70,150 70,150 70,150
Liability component - - -
70,150 70,150 70,150
On 12 September 2019, Kingswood Holdings Limited entered into a
subscription agreement with HSQ Investment Limited, a wholly owned
indirect subsidiary of funds managed and/or advised by Pollen
Street Capital, to subscribe for up to 80 million irredeemable
convertible preference shares, at a subscription price of GBP1 each
(the Subscription). Pollen Street Capital is a global, independent
alternative asset investment management company, established in
2013 with currently GBP3.2 billion gross AUM across private equity
and credit strategies, focused on the financial and business
services sectors, with significant experience in speciality
finance.
All irredeemable convertible preference shares convert into new
ordinary shares at Pollen Street Capital's option at any time from
the earlier of an early conversion trigger or a fundraising, or
automatically on 31 December 2023. Preferential dividends on the
irredeemable convertible preference shares accrue daily at a fixed
rate of five per cent per annum from the date of issue. Effective
17 December 2021 onwards, these will be settled via the issue of
additional ordinary shares, thereby extinguishing the liability
component.
13 Notes to the cash flow statement
Cash and cash equivalents comprise cash and cash equivalents with an original
maturity of
three months or less. The carrying amount of these assets is approximately equal to
their
fair value.
Six Months to Six Months to Year Ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Loss before tax (9,919) (1,691) (10,972)
Depreciation and amortisation 2,957 1,863 4,507
Goodwill adjustment - 6,364 -
Finance costs 6,639 1,455 6,398
Remuneration charge (deferred consideration) 259 (7,399) 1,852
Acquisition of investments - - 586
Share-based payment expense 499 556 878
Other losses / (gains) - - 23
Foreign exchange gain - 12 -
Tax paid (175) (139) (22)
Operating cash flows before movements in working capital 260 1,021 (3,250)
(Increase)/decrease in receivables 6,318 786 1,821
Increase/(decrease) in payables (2,726) (10,796) (7,775)
Net cash inflow / (outflow) from operating activities 3,852 (8,989) (2,704)
14 Financial instruments
The following table states the classification of financial instruments and is
reconciled to
the Statement of Financial Position:
30 Jun 2023 30 Jun 2022 31 Dec 2022
Carrying amount Carrying amount Carrying amount
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Financial assets measured at amortised cost
Trade and other receivables 10,181 5,846 9,273
Cash and cash equivalents 24,126 20,693 19,624
Financial liabilities measured at amortised
cost
Trade and other payables (11,316) (16,530) (16,130)
Other non-current liabilities (2,519) (222) (2,806)
Lease liability (1,462) (3,653) (1,467)
Financial liabilities measured at fair value
through profit and loss
Deferred consideration payable (28,072) (24,590) (29,999)
(9,060) (18,456) (21,505)
Financial instruments not measured at fair value includes cash and cash equivalents,
trade
and other receivables, trade and other payables, and other non-current liabilities.
Due to their short-term nature, the carrying value of cash and cash equivalents,
trade and
other receivables, and trade and other payables approximates fair value.
Item Fair value Valuation technique Fair value
hierarchy level
GBP'000
Deferred 28,072 Fair value of Level 3
consideration deferred
payable consideration
payable is
estimated by
discounting the
future cash flows
using the IRR
inherent in the
company's
acquisition price.
15 Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set
out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
Six months to Six months to Year ended
30 June 2023 30 June 2022 31 Dec 2022
(unaudited) (unaudited) (audited)
2023 2022 2022
GBP'000 GBP'000 GBP'000
Salaries and other short-term employee benefits 665 103 678
Other related parties
During the period, KHL incurred fees of GBP50,000 (30 June 2022: GBP58,333; 31 December 2022:
GBP116,000) from KPI (Nominees) Limited in relation to Non-Executive Director remuneration.
At 30 June 2023, GBPnil of these fees remained unpaid (30 June 2022: GBPnil; 31 December 2022:
GBPnil).
Fees received from Moor Park Capital Partners LLP, in which Gary Wilder holds a beneficial
interest, relating to property related services provided by KHL totalled GBPnil for the period
ended 30 June 2023 (30 June 2022: GBP23,708; 31 December 2022: GBP23,708), of which GBPnil
(30 June 2022: GBPnil; 31 December 2022: GBPnil) was outstanding at 30 June 2023.
Fees paid for financial and due diligence services to Kingswood LLP, in which Gary Wilder
and Jonathan Massing hold a beneficial interest, totalled GBP69,469 for the period to 30 June
2023 (30 June 2022: GBP420,807; 31 December 2022: GBP479,955), of which GBPnil (30 June 2022:
GBPnil; 31 December 2022: GBPnil) was outstanding at 30 June 2023.
16 Ultimate controlling party
As at the date of approving the financial statements, the ultimate controlling party of the
Group was KPI (Nominees) Limited.
17 Events after the reporting date
There were no significant events after the reporting period.
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IR EAANPASKDEAA
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