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 | ||
DIRECTORS' REPORT | |||||||
FOR THE YEAR ENDED 30 APRIL 2024 | |||||||
The directors present their report and accounts for the year ended |
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Principal activities | |||||||
sale of computer software packages. |
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Directors | |||||||
The following persons served as directors during the year: | |||||||
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 was approved by the board on |
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…………………………………… | |||||||
Mark Laurence Rodel-Duffy | |||||||
Director | |||||||
Balance Sheet | |||||||
as at |
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Company Registration No. | 05732888 | ||||||
Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 | ||||||
Tangible assets | 4 | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 7 | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Profit and loss account | 8 | ( |
( |
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Shareholders' funds | ( |
( |
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………………………………….. | |||||||
Mark Laurence Rodel-Duffy | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 30 APRIL 2024 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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. |
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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. |
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Turnover | ||||||||
Intangible fixed assets | ||||||||
Tangible fixed assets | ||||||||
Fixtures, fittings and equipment | 50% straight line | |||||||
Software development costs | 10% reducing balance | |||||||
Fixed asset Investments | ||||||||
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. |
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Financial instruments | ||||||||
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. |
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Basic financial assets | ||||||||
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 | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
Cash and cash equivalents | ||||||||
Taxation | ||||||||
Current tax | ||||||||
Deferred tax | ||||||||
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. |
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Retirement benefits | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Intangible fixed assets | £ | ||||||
Software development costs: | ||||||||
Cost | ||||||||
At 1 May 2023 | ||||||||
Additions | ||||||||
At 30 April 2024 | ||||||||
Amortisation | ||||||||
At 1 May 2023 | ||||||||
Provided during the year | ||||||||
At 30 April 2024 | ||||||||
Net book value | ||||||||
At 30 April 2024 | ||||||||
At 30 April 2023 | ||||||||
4 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 May 2023 | ||||||||
Additions | ||||||||
At 30 April 2024 | ||||||||
Depreciation | ||||||||
At 1 May 2023 | ||||||||
Charge for the year | ||||||||
At 30 April 2024 | ||||||||
Net book value | ||||||||
At 30 April 2024 | ||||||||
At 30 April 2023 | ||||||||
5 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
6 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Other taxes and social security costs | ||||||||
Loans | 9,936 | 10,000 | ||||||
Directors' current account | 2,780 | 1,390 | ||||||
Other creditors | ||||||||
7 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Loans | ||||||||
Directors' current account | 76,225 | 76,225 | ||||||
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. |