Registered number
05732888
AQILLA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
AQILLA LIMITED
CONTENTS
Page
Directors' report 1 - 2
Balance sheet 3 - 4
Notes to the financial statements 5 -10
AQILLA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and accounts for the year ended 30 April 2024.
Principal activities
The company's principal activity during the year continued to be that of design, development and
sale of computer software packages.
Directors
The following persons served as directors during the year:
Colin Anthony Christianson (Resigned on 29 March 2024)
Hugh Damien Melmore Scantlebury
Mark Laurence Rodel-Duffy
Review of business
Throughout the financial year, the business performed well once again against a backdrop of once again unpredictable, and at times challenging, trading circumstances exacerbated by the war in the Ukraine, issues affecting Israel, Gaza and higher employment and supply chain costs affecting many business.
At the end of the year the business also bid farewell and passed on the best of wishes to co-founding Director Colin Christianson, who quite justifiably retired at the age of 75. The business has been transitioning in the last year to the establishment of a new robust Senior Leadership Team to ensure there is no single point of failure, capitalizing on continuous and progressive development, and more crucially the re-establishment of a robust sales team post COVID, which includes motivated new business, account management and dedicated partner development skills.
Turnover in the financial year grew in line with anticipated economic activity by 2.5% to £1.25 million as the market continued to a return to normality and businesses adjusted to increased inflationary cost of operation, using cost effective cloud-based solutions to replace expensive, legacy on premise solutions. Gross profit margins, driven by strict governance and precision management grew by 12%to £805K. Operating profit (EBITDA) rose by 10% to £355K. A key measure that recurring monthly subscription income grew by 12%.
The platform experienced 13K unique user accesses + 8.3% YOY, across 514K sessions (up +51% YOY). Sessions per day increased by a factor of 4 to 42K, and with 24 million page views, a 41% increase over the previous year. Average engagement time increased to 4 hours 31 minutes, up from 279 minutes, across 99 countries marking the "back to the office" change in user behaviour post pandemic.
Key themes planned beyond further sales successes in 2024/2025 are around essentially the further development of "Event Based Activities" (a bit like wizards with workflow but with context and validation) being better and more agile than the competition, by the effective use and adoption of AL (Artificial Intelligence) and our 3rd generation JSON based API (Application Programming Interface).
Aqilla is registered with the Financial Conduct Authority (FCA reference number: 965119); been part of the UK Government's G-Cloud programme since 2013; and has been certified for SOC2 compliance since 2023.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board on 13 August 2024 and signed on its behalf.
……………………………………
Mark Laurence Rodel-Duffy
Director
AQILLA LIMITED
Balance Sheet
as at 30 April 2024
Company Registration No. 05732888
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,923,797 1,700,074
Tangible assets 4 7,522 1,982
1,931,319 1,702,056
Current assets
Debtors 5 184,367 268,242
Cash at bank and in hand 136,689 100,274
321,056 368,516
Creditors: amounts falling due within one year 6 (109,296) (152,721)
Net current assets 211,760 215,795
Total assets less current liabilities 2,143,079 1,917,851
Creditors: amounts falling due after more than one year 7 (5,152,354) (4,694,721)
Net liabilities (3,009,275) (2,776,870)
Capital and reserves
Called up share capital 50,005 50,005
Share premium 384,489 384,489
Profit and loss account 8 (3,443,769) (3,211,364)
Shareholders' funds (3,009,275) (2,776,870)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………..
Mark Laurence Rodel-Duffy
Director
Approved by the board on 13 August 2024
AQILLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1 Accounting policies
Basis of preparation
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 as applicable to the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

The validity of this assumption depends on the company being able to trade profitably in the future and the continued support of the company's directors who are also shareholders. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholders and directors have expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 50% straight line
Software development costs 10% reducing balance
Fixed asset Investments
Interest in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest where the company has significant influence. The company considers that it has significant influence where it has the power to participate the financial and operating decisions of the associate.
Financial instruments
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, 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. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit 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 company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets 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 when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
Retirement benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 13
3 Intangible fixed assets £
Software development costs:
Cost
At 1 May 2023 3,693,252
Additions 416,494
At 30 April 2024 4,109,746
Amortisation
At 1 May 2023 1,993,178
Provided during the year 192,771
At 30 April 2024 2,185,949
Net book value
At 30 April 2024 1,923,797
At 30 April 2023 1,700,074
4 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 May 2023 24,594
Additions 7,761
At 30 April 2024 32,355
Depreciation
At 1 May 2023 22,612
Charge for the year 2,221
At 30 April 2024 24,833
Net book value
At 30 April 2024 7,522
At 30 April 2023 1,982
5 Debtors 2024 2023
£ £
Trade debtors 64,067 128,522
Other debtors 120,300 139,720
184,367 268,242
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 39,261 66,451
Other taxes and social security costs 47,525 55,810
Loans 9,936 10,000
Directors' current account 2,780 1,390
Other creditors 9,794 19,070
109,296 152,721
7 Creditors: amounts falling due after one year 2024 2023
£ £
Loans 5,076,129 4,618,496
Directors' current account 76,225 76,225
5,152,354 4,694,721
The loan is secured by the issue of a debenture with a sum of £5,063,687 (2023 - £4,596,183) in favour of Hawk Investment Holdings Limited. The debenture creates a fixed and floating charge over the undertaking and all property and assets present and future. Aqilla limited has refinanced the debt by entering into a deed of variation to (i) vary the redemption date of the 2018 discounted capital bond from 22 April 2022 to 22 April 2026; and (ii) increase the redemption amount of the bond to £6,552,000.
8 Share options granted
The company granted 4,190 share options to its employees on 1st April 2021 at the acquistion price of £2.00 each, none of which have been exercised at the date of the approval of the accounts. These options will lapse, to the extent they have not been previously exercised in full, no later than the day before the tenth anniversary of the date of grant. These options are not transferable and will lapse upon the occasion of an assignment, charge, disposal or other dealing with the rights conveyed by it.
9 Other information
AQILLA Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: Level 5A, Maple House, 149 Tottenham Court Road, London, W1T 7NF.
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