UK 21:25 Thursday, 5 November 2026
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Quindell subsidiary Ingenie Ltd (of Gary Lineker fame) has filed its calendar 2013 accounts at Companies House but this is a spectacular own goal as it has hidden the full ghastly truth from investors. In the words of Alan Hansen “shocking defending” by Rob Terry.
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Comments
lostindenmark
Tom
The links seem to be broken
Tom Winnifrith
Darren has fixed – get a young person to help with IT!
Sorry about that
T
Duck and Dive
Owning 43% of the equity doesn’t amount to ownership of the company. On that basis, Ingenie wasn’t a subsidiary of the PLC.
AL
Duck and Dive:
Correct, Ingenie wasn’t a subsidiary of QPP PLC. However, it was an associated company.
I fall down on understanding the implications of this on the annual accounts though.
Tom Winnifrith
D&D
43% gives Quenron control. It is thus part of the group & as such will now be getting a call from Companies Hse today :)
T
Jotun
Tom,
This may be a stupid question as I’m not an expert but is there also another reason why Ingenie is covered by S384? I understand that it is not on the list of authorized insurance companies, but what is the definition of “carries on insurance market activity”? Does this fit ingenie? Sorry if that’s a stupid or non-relevant question.
Tom Winnifrith
Insurance companis MUST file in full. Just not being an insurance company does not mean you are exempt
T
Jotun
Yes what I was getting at was whether Ingenie actually counted as an insurance company under the act or not. I guess that under lay terms it would but perhaps in this legal sense it isn’t. And by covered I meant that it wasn’t exempt under the small companies provision.
Either way if the group bit means it can’t get away with the abbreviated accounts then it makes it interesting.
As a general point, I have found your articles on QPP very interesting and hope that everything comes out in the end. I feel that as well as a potential case study in the financial world the bulletin boards for this stock would make a fascinating behavioral study. The abuse that you get is disgusting and I just wish that people could instead attempt to provide a constructive counter argument. (But maybe there isn’t one).
drunken sailor
A few observations from the accounts.
The increase in NAV Is basically down to the “investments which are non current assets and are presumably ingenie UK and Ingenie Canada.
Although there is no P&L the P&L account records an overall loss of £695,911 reduced from the previous year loss of £1,872,988 which implies a profit of about £1.2m for the year
Ingenie UK Made a loss of £239. Ingenie Canada Made a loss of £178,398. Both have significant book values but who knows what that is based on, probably some software that they are way over valuing..
Shares issued in the year For £1.5M – To QPP.500 shares were issued for £33,750. for employee options (nice work if you can get it)
As Tom says not much more to draw from these without the corresponding P&L and cashflow with proper explanatory notes.
David Atherton
Just keep on shorting the rallies until it stops working.
Forty Two
My guess is you will see a figure corresponding to a large portion of the £4m plus hike in payables mirrored in the Himex receivables – probably pass through revenues from the sales of Calamp boxes (NASDAQ:CAMP). No real Q IP in that, belongs to CAMP. Beyond that my sources tell me Ingenie struggles to grow because it only advertises via social media (you won’t see ads elsewhere I am told). As such it should be moving into heavy losses if it wants some skin in the game. Booking a profit suggests that ramp is not happening or shares are being sold, or probably both. One can only speculate, given the paucity of these “accounts”. To buy a niche company (young drivers) in a niche market (usage based insurance) at this price from a pal (Richard King – also a co-founder of the Innovation Group) is not unusual in the Quindell or TIG history books. COSY was bought from Hassan Sadiq (now Himex) just a year or two before being pretty much totally written off. As is well known Mr Terry made some of the most shockingly bad investments at TIG (just check out Huon writedowns – the name of the company bears onomatopoeic resemblance to shareholders’ reaction on reading their papers over breakfast) and just can’t seem to kick the habit. I bet King and Sadiq buy him the first round at the local boozer mind…
Batman
I hope if all this is proven that those croneys are all held to account. This is not a victimless crime and it deserves the medias full attention. I’m also investigating another piece this weekend that will if am right show this whole scheme has been plotted way before anyone has yet alluded too. does anyone know what the origin of the Quindell name is and why significant? Does it mean anything?
Woody Ash
43% does not give you control. 50% of the share capital plus 1 does.
Another elementary mistake.
Paulie Walnuts
It would be interesting to hear the views of the resident beancounters here as to whether Ingenie can file abbreviated.
My reading of S384CA is that the small companies regime does not apply to any COMPANY that’s part of an ineligible group.
It doesn’t say any SUBSIDIARY that’s part of an ineligible group.
Ingenie looks like a company that’s part of an ineligible group to me. Therefore, no abbreviated’s allowed.
Batman
Fact: Ingenie HAS to file full accounts. It has no rights to an exemption.
rob
s474 CA A group is a parent company and its subsidiaries which is why they have filed abbreviated accounts.
Batman
Lastly, companies house may also decide to refer the case to regulatory authority for review…
Ingenie Services Limited (authorised and regulated by the Financial Conduct Authority – FRN 568113 and registered in England and Wales company number 07465078 and whose registered office is at 310 Harbour Yard, Chelsea Harbour, London, SW10 0XD).Not looking good for Quindell’s ABS law firm, am sure law society will frown upon this transgression…could license be at risk for all the shenannigans ? Oh and did I happen to see…
Yep, fisma and lawsoc gonna be all over these cronies. They won’t be ignoring the noise. I wonder if they’ll ask to pay ther late filing penalty in shares…they’ll be “significantly earnings per share (“EPS”) enhancing….snort!
Phil
Woody Ash
You are the one making the elementary mistake.
If you were invested in Quindell, would you not want to know the full health of it’s investments, even if Quindell had 1%, as you carry the consequence as a shareholder, you would want to know.
There are 3 issues here.
They have tried this before, it didn’t work.
By hiding something they have created an ethic there is something to hide.
They have once again, busted yet another commitment, to be transparent. There are others, move to Main Market – failed. Sue SP – ??, oh they will, they will, no they. wont. Promised divi – they have no cash. Buy back – what with, they have no cash. spend 6 months dilution to death, solution buy them all back again !!. An accrual stacked balance sheet, which is going to cash out in what 3 months – well lets see, bet they do, bet they don’t, they haven’t even invoiced a fat percentage of them, a proportion of them wont even get invoiced. We have paid millions to bring shareholders value added with this new acquisition, value added – less than £70,
Perhaps the ethic of 43% against 51%, seems a little lost in all this, don’t you think
Dalesiders
Don’t hold your breath waiting for Companies House to take any action. I launched an official complaints about the filing of abbreviated accounts for BE insulated UK Limited. Eventually I was informed that this had been passed to “their accountant”.
I have now been informed that they are writing to the company to ask them to comment on their relationship.
Woody Ash
Hi Phil
Delighted to read your response. I have a small position (for me) in QPP. I am more interested in the psychology of rampers and de-rampers.
I think you need to read the definition of parent and subsidiary in the Companies Acts – would be good of Tom explained why full accounts are required given the parent company subsidiary company definitions – not that he will of course! There is a difference between requesting further information and alleging that someone has covered things up by not supplying information that they are not required to supply
Woody Ash
Oh and I asked Tom a simple question on his review of Quindell Resources and he still hasn’t responded. Strange that – a question challenging his views and he goes all shy …
Tom Winnifrith
Woody
a) I have a life outside work and am under no obligation to work 24/7 answering questions from morons
b) How do you keep an idiot in suspense?
c) I will tell you tomorrow in an article I shall publish then
T
Batman
for gods sake, just look at what Ingenie says on the footer of their website, it covers two perfectly valid reasons it has to file full…stop arguing this point…they are NOT exempt and they bloody well know it. If you can’t be bothered to look i copy this verbatim below..
Ingenie Services Limited, a Quindell company, is registered in England & Wales (No. 07465078) and authorised and regulated by the Financial Conduct Authority (FRN 568113). The Financial Conduct Authority’s Register can be accessed through www.fca.org.uk/register. Ingenie Services Limited offers general insurance policies from a limited number of insurers.
Parent on a regulated market (Check)
Operates within the insurance industry (Check)
I also think this is laughable that a company who QPP valued recently in excess of 70m is being argued that its too small to file full accounts, i mean are you mad? it is embarrassing either way you look at it. Querplunk!