TROVE RESEARCH LIMITED
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Cash
£1.2m
-26.7% vs 2024
Net assets
-£10m
-33.2% lowest in 6 filed years
Employees
41
-18% vs 2024
Profit before tax
-£3.3m
+56.7% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
6-year trend · vs Technology median
Accounts
6-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|---|---|---|
| Turnover | — | — | — | £3,421,000 | £3,635,000 | £4,476,000 | +23.1% | |
| Operating profit | — | — | — | -£2,877,000 | -£7,635,000 | -£3,371,000 | +55.8% | |
| Profit before tax | — | — | — | -£2,898,000 | -£7,627,000 | -£3,304,000 | +56.7% | |
| Net profit | — | £22,769 | -£756,759 | -£2,812,000 | -£5,742,000 | -£2,541,000 | +55.7% | |
| Cash | £137,606 | £81,478 | £130,957 | £227,000 | £1,627,000 | £1,192,000 | -26.7% | |
| Total assets less current liabilities | £22,385 | £46,774 | -£701,275 | -£2,961,000 | -£6,600,000 | -£9,903,000 | -50% | |
| Net assets | £21,905 | £44,674 | -£708,575 | -£3,155,000 | -£7,656,000 | -£10,197,000 | -33.2% | |
| Equity | £21,905 | £44,674 | — | — | — | — | — | |
| Average employees | 2 | 12 | 31 | 47 | 50 | 41 | -18% | |
| Wages | — | — | — | £3,946,000 | £5,298,000 | £3,459,000 | -34.7% | |
| Directors' remuneration | — | — | — | £0 | £0 | — | — | |
| Directors' pension contributions | £NaN | £NaN | £NaN | £0 | £0 | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | -84.1% | — | -75.3% | |
| Net margin | — | — | — | -82.2% | -158.0% | -56.8% | |
| Gearing (liabilities / total assets) | 85.0% | 87.9% | 235.7% | 311.7% | 244.5% | 453.3% | |
| Current ratio | — | — | — | 0.32x | 0.44x | 0.22x |
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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The Directors believe that the Company operates with satisfactory prospects of future cash flows and has little exposure to credit, liquidity or other financial risk. A cash flow forecast for the next 12 months from the date of these Annual Report and Financial Statements prepared by management has indicated that the Company will have sufficient cash assets to be able to meet its debts as and when they are due. As a result, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for 12 months from the date of signing of this Annual Report and Financial Statements. The ultimate parent undertaking of the Company, MSCI Inc., has also provided a letter of support to the Company effective for a period of 12 months from the date of signing of the Annual Report and Financial Statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the annual report and financial statements.”
Significant events
- “The Company's direct subsidiary undertaking, Trove Research LLC, was dissolved with effect on 26 April 2024.”
- “As at the balance sheet date, the Company held £579k in a bank account with NatWest Bank for which access was temporarily delayed due to an administrative issue... Subsequent to the balance sheet date... the administrative matter was resolved and full access to the funds was restored.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
3 active · 4 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| EHMER, Judith Katharina | Director | 2025-06-30 | Aug 1983 | German |
| LAINE, Nadia, Ms. | Director | 2025-06-30 | Oct 1979 | British,French |
| PROCTER, Jonathan Michael, Mr. | Director | 2023-11-01 | Apr 1967 | British |
Show 4 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| HERPERS, Jillis | Director | 2023-11-01 | 2024-02-05 |
| PULICKAL, Olga, Ms. | Director | 2023-11-01 | 2025-06-30 |
| TURNER, Clare | Director | 2020-01-01 | 2023-11-01 |
| TURNER, Guy Samuel | Director | 2014-12-23 | 2023-11-01 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Msci Solutions (Uk) Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2023-11-01 | Active |
| Clare Turner | Individual | Shares 25–50%, Voting 25–50% | 2020-12-20 | Ceased 2023-11-01 |
| Guy Samuel Turner | Individual | Shares 25–50%, Voting 25–50%, Appoints directors | 2016-12-23 | Ceased 2023-11-01 |
Filing timeline
Last 20 of 58 total filings
Material constitutional events — rename, articles re-file, resolution
- 2023-11-11 RESOLUTIONS Resolution
- 2023-11-11 MA Memorandum articles
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-11 | AA | accounts | Accounts with accounts type full | |
| 2026-01-06 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2026-01-06 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-08-13 | AA | accounts | Accounts with accounts type full | |
| 2025-07-09 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-08 | TM01 | officers | Termination director company with name termination date | |
| 2025-07-08 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-08 | AA | accounts | Accounts with accounts type full | |
| 2025-01-06 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-08-01 | SH01 | capital | Capital allotment shares | |
| 2024-02-16 | TM01 | officers | Termination director company with name termination date | |
| 2024-01-04 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-01-03 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2024-01-03 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2024-01-03 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2023-11-11 | RESOLUTIONS | resolution | Resolution | |
| 2023-11-11 | MA | incorporation | Memorandum articles | |
| 2023-11-10 | AP01 | officers | Appoint person director company with name date | |
| 2023-11-09 | TM01 | officers | Termination director company with name termination date | |
| 2023-11-09 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 3
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.