THE LINK ASSET AND SECURITIES COMPANY LIMITED

• ⚠

  Material uncertainty over going concern

  The Directors have transferred the Company's operational activities to a fellow subsidiary of TP ICAP Group plc, and the financial statements have therefore been prepared on a basis other than going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Moore Kingston Smith LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have transferred the Company's operational activities to a fellow subsidiary of TP ICAP Group plc, and the financial statements have therefore been prepared on a basis other than going concern.”

Significant events

• “ICAP Securities Limited and The Link Asset and Securities Company Limited - Proceedings by the Cologne Public Prosecutor: On 11 May 2020, TP ICAP learned that proceedings have been commenced by the Cologne Public prosecutor against ICAP Securities Limited ('ISL') and The Link Asset and Securities Company Ltd ('Link') in connection with criminal investigations into individuals suspected of aiding and abetting tax evasion between 2004 and 2012. It is possible that the Cologne Public Prosecutor may seek to impose an administrative fine against the Company or Link and confiscate the earnings that the Company or Link allegedly derived from the underlying alleged criminal conduct by the relevant individuals. The Company and Link have appointed external lawyers to advise them. The Group issued proceedings against NEX in respect of breach of warranties under the sale and purchase agreement in connection with the IGBB acquisition in relation to these matters. The claim against NEX has been settled on confidential terms. Since the Cologne proceedings are at an early stage, details of the alleged wrongdoing or case against the Company and Link are not yet available, and it is not possible at present to provide a reliable estimate of any potential financial impact on the Group.”
• “MM Warburg & CO (AG & Co.) KGaA and others v. TP ICAP Markets Limited, The Link Asset and Securities Company Limited and others: TP ICAP Markets Limited ('TPIML') and The Link Asset and Securities Company Limited ('Link') are defendants in a claim filed in Hamburg by MM Warburg & CO (AG & Co.) KGaA and two other group companies (together 'Warburg') on 31 December 2020, but which only reached TPIML and Link on 26 October 2021. The claim relates to certain German 'cum-ex' transactions that took place between 2007 and 2011. In relation to those transactions Warburg has refunded EUR 185 million to the German tax authorities and is subject to a criminal confiscation order of EUR 176.5 million. It has also been ordered to repay a further EUR 60.8 million to the German tax authorities and is subject to a related civil claim for EUR 48.8 million. Warburg's claims are based primarily on joint and several liability (Warburg having now dropped claims initially advanced in tort and most of the claims initially advanced in contract). The Company and Link filed their defence in April 2022 and received Warburg's reply to the defence in September 2022. The Company and Link filed their rejoinder in response to Warburg's reply to the Company and Link's defence on 6 December 2023. A hearing took place on 13 May 2024 with submissions filed in July 2024. On 30 October 2024, the Hamburg Court issued a non-binding final notice giving preliminary views on the claim with further submissions prior to a hearing held in January 2025. The Court issued a partial judgment on 5 March 2025 dismissing certain claims and deciding certain matters. It postponed judgment on certain other matters. As the outcome remains uncertain and cannot be reliably estimated, the Group has not recognised a provision at this time. Due to the level of uncertainty, it is not practicable to estimate any potential financial impact in respect of this matter.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -96.6%

  £29,000 → £1,000

• Net assets

  +3.8%

  £4,547,000 → £4,721,000

• Employees

  —

  Not reported

• Operating profit

  +92.3%

  -£13,000 → -£1,000

• Profit before tax

  +51.9%

  £154,000 → £234,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers