The directors present their annual report and financial statements for the year ended 30 June 2021.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The group operates from a branch located in Madrid, Spain
During the year the group continued its ongoing development of its internet trading platform.
After the year end, on 14 March 2022, Tradeslide Ventures Limited obtained regulatory approval in Spain for launching a new subsidiary under the name S apiens Markets EU S ociedad D e V alores , S.A (100% owned by Tradeslide Ventures Limited ). At the time of approval of these financial statements , Tradeslide Ventures Limited is in the process of incorporating the new company in Spain. The company also acquired a further new Spanish subsidiary after the year end . See note 24 for further details.
The auditor, HW Fisher LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the financial statements of Tradeslide Ventures Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2021 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard , and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit :
the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements ; and
the directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport .
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the company is entitled to claim exemption in preparing a strategic report due to it being a member of an ineligible group.
As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements , the directors are responsible for assessing the parent company ' s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements .
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 .
As part of our planning process:
We enquired of management the systems and controls the group has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006 and Financial Conduct Authority regulations, including CASS.
We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and all accounting records included in the accounting system, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Obtaining third party confirmation of material bank balances.
Documenting and verifying all significant related party and consolidated balances and transactions.
Reviewing documentation such as the group board minutes for discussion of irregularities including fraud.
Reviewing documentation such as the CASS audit report for evidence of compliance with FCA rules and confirmation that client monies have been treated correctly.
Reviewing documentation and the accounting entries of share issues which occurred during the year.
Testing all material consolidation adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was €846,157 (2020 - €649,436 loss).
Tradeslide Ventures Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales . The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in euros , which is the functional currency of the group . Monetary a mounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ : Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income ;
- Section 33 ‘Related Party Disclosures’ : Compensation for key management personnel .
The consolidated financial statements incorporate those of Tradeslide Ventures Limited and its subsidiary Tradeslide Trading Tech Limited. A subsidiary is an entity that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits .
All financial statements are made up to 30 June 2021 . Where necessary, adjustments are made to the financial statements of its subsidiary to bring the accounting policies used into line with those used by the holding company.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The directors have considered the effect of the Covid-19 outbreak . Due to the nature of its operations, the outbreak has caused little disruption to the group's business to date and the directors consider it unlikely that a prolonged outbreak will cause significant disruption.
The company and group have net assets at year-end . T he group’s subsidiary has seen significant improved performance post year end. The group also has sufficient cash reserves, having undergone a recapitalisation exercise during the year . As at the year end, the group's only external debt was €485k which was due to be repaid in June 2022. However, the loan note holders have extended the repayment date by another year to June 2023. Accordingly having considered the future plans and forecasts of the group, the directors have a reasonable expectation that the group has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the 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 group provides online brokerage services. Turnover from brokerage services is typically recognised on completion of a transaction.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .
Development expenditure is capitalised if all of the following can be demonstrated:
(a) The technical feasibility of completing the intangible asset so that it will be available for use or sale.
(b) Its intention to complete the intangible asset and use or sell it.
(c) Its ability to use or sell the intangible asset.
(d) How the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset.
(e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.
(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account .
I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors , are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account , except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets .
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company issues equity settled share based payments to certain employees (including directors). The company accounts for share based payment transactions with employees in accordance with Financial Reporting Standard (FRS) No. 20 'Share based payments'. The cost of granting share options is recognised through the profit and loss from the date of grant and over the vesting period of the options. Where the performance of certain non-market conditions are required to be satisfied before the options can vest, the company estimates the fair value of the options to be nil if these conditions are not likely to arise in the near future. This estimate is revised at each financial year end.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The critical judgements which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The company has adopted a policy of capitalising expenditure in the development phase that meets the criteria set out in the accounting policy note for intangible fixed assets. For development costs to be capitalised, judgement is applied as to whether the criteria for recognising development costs are met.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Determining the estimated useful life of research and development costs requires the use of judgement. The group evaluates among other factors, the expected usage of the asset, its life cycle, technical and technological development, stability of the industry and competitors. Any change in the estimate of useful life will result in a change in the amortisation rate and will impact upon the income statement.
The remaining estimated useful life of capitalised development costs is detailed at note 12.
The calculation of the charge in relation to share based payments requires management to estimate the fair value of the share-based payment on the date of grant. The estimates take into account a number of factors including vesting conditions, the period of time over which the share options are recognised, the exercise price of the options and the expected future volatility of the company's share price.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors who exercised share options during the year was 2 (2020 – 0). The aggregate amount of the gains by the directors on the exercise of share options during the financial year was €72,023 (2020 – €0).
As at 30 June 2021 two directors held 87 share options each in the company with an exercise value of €55,430 and weighted average exercise price of €637.13.
The company holds a trading account with Tradeslide Trading Tech Limited a wholly owned subsidiary of the company, which it uses to hedge Tradeslide Trading Tech Limited's exposure on client trades. During the year ended 30 June 2021, the company incurred losses of €8,967 (2020: €43,768) from this activity.
At the year end, a balance of €62,920 (2020: €421) is included within other debtors in respect of this account. This is the maximum exposure to the company at 30 June 2021.
The actual credit for the year can be reconciled to the expected tax credit based on the profit or loss and the standard rate of tax as follows:
The company has timing differences of €214,039 (2020: €287,479) on fixed assets. No deferred tax liability for these differences is recognised in the financial statements as the company has unused tax losses of €3,391,349 (2020: €3,154,949) at the period end which are in excess of the fixed asset timing differences.
The deferred tax asset at 25% (2020:19%) of €847,837 (2020: €544,819) arising on the tax losses after offsetting against fixed asset timing differences is not recognised in the financial statements as there is uncertainty in connection with their recoverability against profits in future periods.
Intangible fixed assets relate to costs incurred in developing the company's trading platform.
The development costs are being amortised over a period of 10 years. At 30 June 2021 the remaining amortisation period is 3.7 years (2020: 4.7 years).
Details of the company's subsidiaries at 30 June 2021 are as follows:
Secured senior debt bears interest at a rate of 7.5% per annum. Interest is payable monthly. The secured senior debt was originally repayable in June 2021, however is now repayable in June 2022 and is secured over the assets of Tradeslide Trading Tech Limited, the company's wholly owned subsidiary.
The convertible loan notes were converted into 1,960 A Shares on 25 June 2021.
Unamortised transaction fees relate to both the secured senior debt and the unsecured convertible loan notes and are amortised over the term of these loans. As both loans originally had expiry dates in June 2021, the transactions fees were fully amortised at year end.
The company has issued share options in an equity-settled share based payment arrangement to certain employees and investors.
The share options outstanding at 30 June 2021 had an exercise price ranging from €251 to €650 (2020: €151 to €650), and a remaining weighted average contractual life of 4. 2 4 years (2020: 6.28 years).
87 of the share options outstanding at 30 June 2021 (2020: 539) are held by a director of the company. These share options have a weighted average exercise price of €637.13 (2020: €383.52) per share.
87 of the share options outstanding at 30 June 2021 (2020: 540) are held by another director. These share options have a weighted average exercise price of €637.13 (2020: €383.52) per share.
The weighted average share price at the date of exercise for share options exercised during the year was €496.58 (2020 - €0).
The options outstanding at 30 June 2021 had an exercise price ranging from 251 to 650 , and a remaining contractual life of 4.24 years.
The company has issued both authorised and un-authorised share options. 2,093 unauthorised share options had previously been granted however as the company and group was loss making, no share based payment charge was recognised as the directors deemed the shares to have a lower value than the strike price.
During the year ended 30 June 2021 1,074 authorised share options were issued during the year and exercised. These shares led to a share based payment charge due to the group now being profitable and the strike price being deemed lower than the value of a share in the company.
The company estimated the fair value of the share options at grant date using the Black-Scholes model because the company's shares are not publicly traded and therefore a third party value per share is not available.
€41,874 of the share based parent charge has been recognised in Tradeslide Trading Tech on the basis that the option holders are employed by them. The remining share based payment charge has been recognised in Tradeslide Ventures. Of the share based payment charged recognised in the group financial statements, €41,874 has been recognised in wages and salaries, €72,203 has been recognised in directors remuneration and €36,012 has been recognised in consultancy costs.
On 2nd March 2021 2,525 share options were exercised by option holders. The company issued 2,525 'A' ordinary shares with a nominal value of €1 for consideration of €480,630.
On 25th May 2021 the company issued 1,960 'A' ordinary shares with a nominal value of €1 for consideration of €1,326,594 on conversion of convertible loan notes.
On 1st June 2021 the company issued 1,613 'A' ordinary shares with a nominal value of €1 for consideration of €1,024,255.
On 1st June 2021 the company issued 740 'A' ordinary shares with a nominal value of €1 on conversion of loans of €400,000.
As at the 30 June 2021, the group has an estimated maximum exposure of €41,000 (2020: €50,000) in respect of unhedged trades.
At 30 June 20 21 , the company and group have the following leasing commitme nts :
After the year end, on 14 March 2022, Tradeslide Ventures Limited obtained regulatory approval in Spain for launching a new subsidiary under the name S apiens Markets EU S ociedad D e V alores , S.A (100% owned by Tradeslide Ventures). At the time of approval of these financial statements , Tradeslide Ventures Limited is in the process of incorporating the new company in Spain.
After the year end, in December 2021, Tradeslide Ventures Limited acquired 100% of the share capital of a company called Tradeslide Tecnologia S.L. (B16935918) for a consideration of €3,000. The registered address of the subsidiary is 6th Floor, 19 Recoletos Street, Madrid.
The remuneration of key management personnel is as follows.
During the year the company and group was charged consultancy services amounting to €108,000 (20 20 : € 108,000 ) from Bocoja Asset Management, a company controlled by a member of key management personnel who subsequently was appointed as director post year end. Included within trade creditors at 30 June 2021 are amounts of €9,000 (2020: €9,000) owed to Bocoja Asset Management in respect of consultancy services.
During the year the company and group was charged consultancy services amounting to € 101,400 (20 20 : € 102,644 ) from Bipicol A G, a company controlled by a director. Included within accruals at 30 June 2021 are amounts of €7,800 (2020: €7,800) owed to Bipicol AG in respect of consultancy services.
Services purchased from Bocoja Asset Management and Bipicol AG are included within the aggregate compensation of key management personnel above.
Other transactions with related parties
Transactions with group undertakings
Included within amounts owed to group undertakings at 30 June 2021 is an amount of €nil (2020: €1,349,709) owed to Tradeslide Trading Tech Limited, a wholly owned subsidiary of the company. The prior year creditor was cleared by way of a dividend to the value of €1,600,000.
Included within amounts owed by group undertakings at 30 June 2021 is an amount of €4 9 1,714 (2020: €nil) owed by Tradeslide Trading Tech Limited, a wholly owned subsidiary of the company.
Transactions with the directors
At the year end, Bipicol AG, a company controlled by a director, held €nil (2020: €100,000) of unsecured convertible loan notes, the terms of which are set out in note 18 and during the year interest of €8,986 (2020: €12,427) accrued on these convertible loan notes. As outlined in note 20, these loan notes were converted in to share capital and therefore at the year end, amounts outstanding to Bipicol AG in respect of convertible loan notes total €nil (2020: €112,427).
At the year ended 30 June 2021, ALIGDA, a company controlled by a close family member of a director, held €nil (2020: 10,000) of unsecured convertible loan notes, the terms of which are set out in note 18, and during the year interest of €899 (2020: €1,237) accrued on these convertible loan notes. As outlined in note 20, these loan notes were converted in to share capital and therefore at the year end, amounts outstanding to ALIGDA in respect of convertible loan notes total €nil (2019: €11,237). This director also held €nil (2020: €76,787) of unsecured convertible loan notes and during the year interest of €6,908 (2020: €8,331) was accrued. At the year end, amounts outstanding to the director in respect of convertible loan notes total €nil (2020: €85,118) due to the loan conversion mentioned above.
At the year ended 30 June 2021, the company and group owed a director € 5 0,000 (2020: € 50 ,000) in respect of loan notes. This amount is repayable in June 2022 . Interest accrues daily at 7.5% and is charged on the principle. Interest of € 3 , 75 0 (2020: € 3 , 125 ) was charged and paid during the year.
Transactions with key management personnel
At the year ended 30 June 2021 Bocoja Asset Management, a company controlled by a member of key management personnel , who was appointed a director post year end, held €nil (2020: €25,000) of unsecured convertible loan notes, the terms of which are set out in note 18, and during the year interest of €2,247 (2020: €3,532) accrued on these convertible loan notes. As outlined in note 20, these loan notes were converted in to share capital and therefore at the year end, amounts outstanding to Bocoja Asset Management in respect of convertible loan notes total €nil (2020: €28,532).
Other transactions with related parties
At the year ended 30 June 2021, Carula IJC SL held €nil (2020: €132,276) of unsecured convertible loan notes, the terms of which are set out in note 18, and during the year interest of €11,887 (2020: €16,147) accrued on these convertible loan notes. As outlined in note 20, these loan notes were converted in to share capital and therefore at the year end, amounts outstanding to Carula IJC SL in respect of Convertible loan notes total €nil (2020: €148,423).
At the year ended 30 June 2021 the company and group owed Carula IJC SL €100,000 (2020: €100,000) in respect of loan notes. This amount is repayable in June 2022 . Interest accrues daily at 7.5% and is charged on the principle. Interest of €7,500 (2020: €7,500) was charged and paid during the year.
A director as well as a member of key management personnel , who was appointed as a director post year end, have significant influence over Carula IJC SL.
At the year ended 30 June 2021 the company and group owed Laurobi Solar SL, a company controlled by a director, €40,000 (2020: €40,000) in respect of loan notes. This amount is repayable in June 2022 . Interest accrues daily at 7.5% and is charged on the principle. Interest of €3,000 (2020: €3,000) was charged and paid during the year.
The directors consider that there is no ultimate controlling party.