'Freetrade' word trademark
Freetrade was unsuccessful in its 'Freetrade' word application in the EU.[1] Does this mean that Freetrade has to pay the trademark holder a fee to use the 'Freetrade' word in the EU? If so, what's the estimated cost per year?
Series B funding amount
In March 2021, the company said that it raised £50 million in an oversubscribed Series B.[2]
The company annual report financial statements shows that in the year ended 30th September 2021, the total amount raised in the period is £35 million, a difference of £15 million from the £50 million. Is the main reason for the difference becasue the raised amount is based on certain milestones being achieved? If so, what's the milestones? If not, what's the reason?
Groupship Consulting Limited
In 2017, the company wrote, "[t]he Company...has a consultancy agreement with Groupship in relation to book keeping, accounting and general administration. Adam Dodds, a director of the Company, is also a director of Groupship. The fee under the current agreement is for £6,000 per quarter."[3]
£6k per quarter seems materially above the market rate. How was the rate determined, and why was the agreement subsequently terminated? If the reason is because of a
Freetrade's proprietary brokerage system
The Crowdcube Freetrade campaign page details that Tim is the original architect of the company's proprietary brokerage system, the Freetrade Cloud Platform.
It's reasonable to assume that the CTO of the company when the brokerage system was first released is the original architect of the system.
Is there any evidence to confirm the actual architect?
London Stock Exchange member
Freetrade details that it's a member of the London Stock Exchange.
I think the main benefit of being a LSE member is direct trading access to the LSE, which I assume means that members can buy and sell securities listed on the exchange, ultimately leading to reduced brokerage fees and commission. Please confirm that reduced brokerage fees and commissions is the main benefit? If so, what's the fee difference relatively to not being a member?
Work-in-Progress
Year | 1 | 2 | 3 | 4 | 5 | 6 |
---|---|---|---|---|---|---|
Year end date | 30/09/2016 | 30/09/2017 | 30/09/2018 | 30/09/2019 | 30/09/2020 | 30/09/2021 |
Historic | Historic | Historic | Historic | Historic | Historic | |
Revenue breakdown | ||||||
Transaction revenue (£'000) | 1,323 | 9,048 | ||||
Recurring revenue (£'000) | 338 | 3,274 | ||||
Transaction revenue as a proportion of total revenue (%) | 80 | 74 | ||||
Recurring (revenue as a proportion of total revenue (%) | 20 | 26 | ||||
Operating loss | ||||||
Auditor's remuneration | ||||||
For the audit of Freetrade Limited and the consolidated financial statements | 65 | 81 | ||||
Audit related assurance services | 138 | 96 | ||||
Non-audited related services | 0 | 30 | ||||
Total | 203 | 207 | ||||
Employee costs | ||||||
Staff costs (including Directors) comprise: | ||||||
Wages and salaries | 3,973 | 8,672 | ||||
Social security costs | 455 | 1,011 | ||||
Pension costs | 188 | 355 | ||||
Share-based payments | 2,022 | 818 | ||||
Total | 6,648 | 10,856 | ||||
The number of permanent employees (excluding Directors) was: | ||||||
As at 30 September | 80 | 187 | ||||
Monthly average for the financial year | 61 | 114 | ||||
Investments: | ||||||
Investment in Freetrade Europa AB | 0 | 544 | ||||
Property, plant and equipment | ||||||
Cost: | ||||||
Computer equipment | 203 | 432 | ||||
Office equipment | 38 | 127 | ||||
Right-of-use assets | 0 | 5,499 | ||||
Total | 241 | 6,058 | ||||
Accumulate depreciation: | ||||||
Computer equipment | 121 | 226 | ||||
Office equipment | 26 | 37 | ||||
Right-of-use assets | 0 | 215 | ||||
Total | 147 | 478 | ||||
Net book value: | ||||||
Computer equipment | 82 | 206 | ||||
Office equipment | 12 | 90 | ||||
Right-of-use assets | 0 | 5,284 | ||||
Total | 94 | 5,580 | ||||
Trade and other receivables | ||||||
Trade receivables | 127 | 397 | ||||
Less: provision for impairment of trade receivables | (87) | (309) | ||||
Prepayment and accrued income | 409 | 5,476 | ||||
Amounts due from subsdiary undertakings. | 0 | 300 | ||||
Other receivables | 2,312 | 3,017 | ||||
Total | 2,761 | 8,881 | ||||
Current | 2,761 | 8,150 | ||||
Non-current | 0 | 731 | ||||
Trade and other payables | ||||||
Trade payables | 421 | 1,880 | ||||
Accruals | 965 | 2,960 | ||||
Deferred revenue | 0 | 183 | ||||
Other taxation and social security | 0 | 99 | ||||
Other payables | 75 | 109 | ||||
Total | 1,461 | 5,231 |