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Registered number: 09845565










NAVENIO LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NAVENIO LIMITED
 

COMPANY INFORMATION


Directors
Dr A Trigoni 
IP2IPO Services Limited (resigned 11 September 2023)
M P Moran 
C Moser 
A Naim 
Dr H E Roxborough (resigned 15 March 2024)
T A J Wilson (appointed 11 September 2023)
Y Peh (appointed 11 September 2023)
A G L A Besse (appointed 15 March 2024)




Company secretary
V Gray



Registered number
09845565



Registered office
60 St. Aldates
Floor 2

Oxford

OX1 1ST




Independent auditors
James Cowper Kreston Audit
Chartered Accountants

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
NAVENIO LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9
Company Balance Sheet
10
Consolidated Statement of Changes in Equity
11
Company Statement of Changes in Equity
12
Consolidated Statement of Cash Flows
13
Notes to the Financial Statements
14 - 30


 
NAVENIO LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Company was incorporated on the 28th October 2015 as a spin out from the University of Oxford with the aim of extending the research into the use and commercialisation of its AI led infrastructure free Indoor Location Technology initially developed in the Computer Science department by Dr, A. Trigoni. 

Business review
 
In the financial year ended 31 December 2023, the company continued to invest in the development and commercialisation of both its Intelligent Workforce Solutions (IWS) and Intelligent Location Services (ILS), focused on the creation of effective value-added reseller agreements to increase our sales capabilities and reach, and launched in the United States by securing our first customer, National Institute for Health.  Additionally, we have expanded our technology capabilities to include IOS devices, improved scalability, and provided access to indoor and outdoor location and tracking across a healthcare campus.  Annual Recurring Revenues have increased by 38% to £1,205,168 (2022: £870,507).    
 
Other changes to the business included:

Rollout of our partner program – To date, we have signed four value-added reseller agreements, which provides us access to five different distributors across geographic regions and nurse call systems thereby significantly increasing our sales reach.
Facilities management organizations (FMO)- During 2023, we have successfully expanded our UK FMO reach with significant expansion with major partners in this market.  Given our successful initial site deployments, we are in active conversations with both to close partnership agreements with additional value-added reseller capabilities with both.
We continue to conduct research and development in other markets and geographies; Canada, Europe outside of the UK, and Singapore, and conversations ongoing with a large ship refurbishment company after a successful proof-of-concept completed to prove market fit in construction and building, and warehousing and logistics space.  
Sales and marketing – In addition to the VAR partnerships, we have grown our sales team from 4 to 7 and have initiated an extensive lead generation program.  The programs consist of quarterly marketing campaigns with emails, white papers, webinars, articles/blogs and podcasts.  We have begun to look at more formal lead generation outsourcing companies to further build our pipeline.  Lastly, we are reworking our website, interactive prospect demo, and Navenio overview.  

Operating losses decreased by 14.7% to £5,849,341 (2022: £6,864,448).

Principal risks and uncertainties
 
The principal risks and uncertainties for the Company are the possibility that the research and development work fails to result in products, services or Intellectual Property that can be sold for sums in excess of the cost of producing them or that sufficient finance can be raised to fund future research and development and working capital. The risk posed by the Covid-19 pandemic has to a significant extent been reflected in the financial statements and is primarily linked to delays in customer evaluations and orders due to the widespread disruption in the primary UK healthcare market and the knock-on effects to staffing and moral within the NHS delaying projects and prospect decision making.
The Company aims to mitigate the financial risks by recruiting and retaining technical and sales staff capable of delivering the research and developing the products and services at a price that meets the needs in the market. Should free movement of technical staff be affected by Covid-19, the Company could with minimal disruption employ staff inside the EU or in other areas in the world as staff are already largely working remotely. Risks are further being mitigated by the company’s additional strategies of selling into healthcare markets outside the U.K. (primarily focused on the U.S.), driving business through channel partnerships, and extending into markets outside the healthcare industry.

Page 1

 
NAVENIO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
During 2023, the Company has progressed from early development stage to commercialization, with new deployments of our technology to customers and completion of key development milestones on new products and technical capabilities with our channel partners.  As a result, the Company is focused on delivering profitable performance as sales grow and gain traction in a multitude of ways; through both U.K. and U.S. direct healthcare sales, healthcare channel partner sales, healthcare FMO sales, and other market sales.

The key performance indicators the company will measure include:
Growth in ARR
EBITDA
Cash flow
Number of enterprise customers
Number of users
Geographical and market growth
 


This report was approved by the board and signed on its behalf.



C Moser
Director

Date: 24 August 2024

Page 2

 
NAVENIO LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

Dr A Trigoni 
IP2IPO Services Limited (resigned 11 September 2023)
M P Moran 
C Moser 
A Naim 
Dr H E Roxborough (resigned 15 March 2024)
T A J Wilson (appointed 11 September 2023)
Y Peh (appointed 11 September 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £5,451,855 (2022 - loss £6,037,914).

The directors do not recommend the payment of a dividend.

Future developments

Whilst the business has produced both the IWS and ILS solutions with a focus on proving the technology by delivering potentially significant benefits in healthcare in the UK, strategically the Navenio Indoor Location Technology is not sector specific and can be provided to businesses both within and outside the healthcare market both inside and outside the UK. The Company is following a strategy to expand rapidly internationally bringing its world class infrastructure free indoor location technology to new markets.

Page 3

 
NAVENIO LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 August 2024 and signed on its behalf.
 





C Moser
Director

Page 4

 
NAVENIO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAVENIO LIMITED
 

Opinion


We have audited the financial statements of Navenio Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our  responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements, which indicates that the matters set out in relation to the requirement for additional funding may cast significant doubt on the Company's ability to continue as a going concern. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our  opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Our  responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
NAVENIO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAVENIO LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur  opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our  responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
NAVENIO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAVENIO LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our  objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Sue Staunton MA FCA CF (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

27 August 2024
Page 7

 
NAVENIO LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Turnover
 3 
1,205,169
1,952,873

Cost of sales
  
(1,470,383)
(734,978)

Gross (loss)/profit
  
(265,214)
1,217,895

Administrative expenses
  
(5,584,127)
(8,082,343)

Operating loss
 4 
(5,849,341)
(6,864,448)

Interest receivable and similar income
 8 
29,317
3,923

Loss before tax
  
(5,820,024)
(6,860,525)

Tax on loss
 9 
368,169
822,611

Loss for the financial year
  
(5,451,855)
(6,037,914)

  

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 30 form part of these financial statements.

Page 8

 
NAVENIO LIMITED
REGISTERED NUMBER: 09845565

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
367,714
317,392

Tangible assets
 11 
81,713
152,934

  
449,427
470,326

Current assets
  

Stocks
 13 
-
14,029

Debtors: amounts falling due within one year
 14 
1,054,652
2,026,836

Cash at bank and in hand
 15 
4,697,352
3,142,006

  
5,752,004
5,182,871

Creditors: amounts falling due within one year
 16 
(1,679,094)
(865,502)

Net current assets
  
 
 
4,072,910
 
 
4,317,369

Total assets less current liabilities
  
4,522,337
4,787,695

Net assets
  
4,522,337
4,787,695


Capital and reserves
  

Called up share capital 
 17 
10,572
7,489

Share premium account
  
34,587,359
29,588,877

Other reserves
  
308,653
123,721

Profit and loss account
  
(30,384,247)
(24,932,392)

  
4,522,337
4,787,695


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Moser
Director

Date: 24 August 2024

The notes on pages 14 to 30 form part of these financial statements.

Page 9

 
NAVENIO LIMITED
REGISTERED NUMBER: 09845565

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
367,714
317,392

Tangible assets
 11 
81,713
152,934

Investments
 12 
8
8

  
449,435
470,334

Current assets
  

Stocks
 13 
-
14,029

Debtors: amounts falling due within one year
 14 
2,278,916
2,425,551

Cash at bank and in hand
 15 
4,271,027
3,139,981

  
6,549,943
5,579,561

Creditors: amounts falling due within one year
 16 
(1,153,662)
(865,510)

Net current assets
  
 
 
5,396,281
 
 
4,714,051

Total assets less current liabilities
  
5,845,716
5,184,385

  

  

Net assets
  
5,845,716
5,184,385


Capital and reserves
  

Called up share capital 
 17 
10,572
7,489

Share premium account
  
34,587,359
29,588,877

Other reserves
  
308,653
123,721

Profit and loss account
  
(29,060,868)
(24,535,702)

  
5,845,716
5,184,385


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


C Moser
Director

Date: 24 August 2024

The notes on pages 14 to 30 form part of these financial statements.

Page 10

 

 
NAVENIO LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£



At 1 January 2022
6,779
26,103,589
-
(18,894,478)
7,215,890
7,215,890





Loss for the year
-
-
-
(6,037,914)
(6,037,914)
(6,037,914)


Shares issued during the year
710
3,485,288
-
-
3,485,998
3,485,998


Share based payment charge
-
-
123,721
-
123,721
123,721





At 1 January 2023
7,489
29,588,877
123,721
(24,932,392)
4,787,695
4,787,695





Loss for the year
-
-
-
(5,451,855)
(5,451,855)
(5,451,855)


Shares issued during the year
3,083
4,998,482
-
-
5,001,565
5,001,565


Share based payment charge
-
-
184,932
-
184,932
184,932



At 31 December 2023
10,572
34,587,359
308,653
(30,384,247)
4,522,337
4,522,337



The notes on pages 14 to 30 form part of these financial statements.

Page 11

 

 
NAVENIO LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity


£
£
£
£
£



At 1 January 2022
6,779
26,103,589
-
(18,894,478)
7,215,890





Loss for the year
-
-
-
(5,641,224)
(5,641,224)


Shares issued during the year
710
3,485,288
-
-
3,485,998


Share based payment charge
-
-
123,721
-
123,721





At 1 January 2023
7,489
29,588,877
123,721
(24,535,702)
5,184,385





Loss for the year
-
-
-
(4,525,166)
(4,525,166)


Shares issued during the year
3,083
4,998,482
-
-
5,001,565


Share based payment charge
-
-
184,932
-
184,932



At 31 December 2023
10,572
34,587,359
308,653
(29,060,868)
5,845,716



The notes on pages 14 to 30 form part of these financial statements.

Page 12

 
NAVENIO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(5,451,855)
(6,037,914)

Adjustments for:

Depreciation of tangible assets
120,727
157,617

Loss on disposal of tangible assets
-
8,727

Interest received
(29,317)
(3,923)

Taxation charge
(368,169)
(792,966)

Decrease in stocks
14,029
6,041

Decrease/(increase) in debtors
517,742
(504,416)

Increase/(decrease) in creditors
813,592
(243,831)

Net fair value losses recognised in P&L
184,932
123,721

Corporation tax received
822,611
275,799

Net cash generated from operating activities

(3,375,708)
(7,011,145)


Cash flows from investing activities

Purchase of intangible fixed assets
(96,345)
(68,674)

Purchase of tangible fixed assets
(3,483)
(134,161)

Interest received
29,317
3,923

Net cash from investing activities

(70,511)
(198,912)

Cash flows from financing activities

Issue of ordinary shares
5,001,565
3,485,998

Net cash used in financing activities
5,001,565
3,485,998

Net increase/(decrease) in cash and cash equivalents
1,555,346
(3,724,059)

Cash and cash equivalents at beginning of year
3,142,006
6,866,065

Cash and cash equivalents at the end of year
4,697,352
3,142,006


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,697,352
3,142,006

4,697,352
3,142,006


The notes on pages 14 to 30 form part of these financial statements.

Page 13

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Navenio Limited is a private company, limited by share capital and incorporated in England and Wales.
The Company's registered office is 60 St. Aldates, Floor 2, Oxford, OX1 1ST.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

As noted in the Strategic Report, the Company’s primary focus is on sales and marketing across both the UK and North America, which represents an immense addressable market.  We remain bullish on our projected year over year ARR growth which we expect to double compared to 2023.  Underpinning our confidence is our performance in developing our go-to-market channel strategy. In the last nine months we have executed formal value-added reseller agreements with 9 partners significantly expanding our market coverage by adding over 40 VAR sales representatives to our own sales team of 5 in the United States.  These agreements have led to consistent growth in our pipeline as the VAR sales team members leverage their established relationships and access to healthcare executives within their existing customer base and pipeline of new opportunities.  Our channel partners are effectively positioning our solution with their enhanced nurse call solutions which are experiencing 23.5% CAGR.  In addition, we expect a minimum of 110% NRR from our existing account base tied to customer retention and revenue growth within existing sites.  On the marketing front, we have a multi-pronged strategy focused on building market awareness and driving lead generation.  We are actively performing targeted outreach utilizing a variety of digital tactics including bylines, blogs, and webinars, website content expansion, enhanced sales collateral as well as white papers and customer testimonials.
Having reviewed the income statement and the cash flow forecasts prepared by management, the directors consider it appropriate to prepare the financial statements on a going concern basis. The current cashflow forecasts indicate that there is sufficient cash in the business in the next 12 months and more, with a strong sales performance expected in the next 18 months.  However, although the sales and marketing activities are in place, we have only just started this journey and so until we secure the business that we expect, there is a material uncertainty over sufficient funds being available to continue operations. 

Page 14

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

  
2.5

Revenue

Revenue, which excludes value added tax is recognised when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and when specific criteria have been met for each of the activities as described below.
Rendering of services
Revenues for software license and services agreements are recognised on a straight line basis over the period of the agreement. Where professional services are provided for development, integration, set up or training, the revenues are recognised on delivery of the professional services.
Resale of goods and services
Revenue from the sale of goods and services provided by third parties are recognised when the Company has transferred the significant risks and rewards of ownership of goods to the buyer or when the services are provided by the third party.  Should those services be provided by a third party provider on a time basis then revenue is also recognized on the same time basis.

  
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

  
2.9

Share based payment

The fair value of the share options at the date of grant is determined using the Black-Scholes model. This model uses key assumptions including the risk-free rate, share price and volatility of the share price. The fair value of the options at the date of grant is then charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that ultimately the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. 

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the length of the lease
Plant & machinery
-
33%
Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Page 18

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 19

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Services
1,166,279
1,920,051

Goods
38,890
32,822

1,205,169
1,952,873


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,183,781
1,808,790

Rest of Europe
21,388
137,812

Rest of the World
-
6,271

1,205,169
1,952,873



4.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
3,848
32,780


5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
17,325
16,500

Page 20

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,758,019
4,760,044
3,091,187
4,432,756

Social security costs
840,584
660,314
791,880
610,397

Cost of defined contribution scheme
180,486
195,959
167,466
195,959

4,779,089
5,616,317
4,050,533
5,239,112


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
55
75


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
371,393
493,782

371,393
493,782


The highest paid director received remuneration of £180,967 (2022 - £193,165).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

The total accrued pension provision of the highest paid director at 31 December 2023 amounted to £NIL (2022 - £NIL).


8.


Interest receivable

2023
2022
£
£


Other interest receivable
29,317
3,923

29,317
3,923

Page 21

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(368,169)
(822,611)

Total current tax
(368,169)
(822,611)

Deferred tax

Total deferred tax
-
-

Taxation on loss on ordinary activities
 
(368,169)
 
(822,611)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(5,820,024)
(6,860,525)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(1,105,805)
(1,303,500)

Effects of:


Fixed asset differences
94
(3,222)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
18,765
73,860

Capital allowances for year in excess of depreciation
-
190

Additional deduction for R&D expenditure
(374,378)
(609,250)

Surrender of tax losses for R&D tax credit refund
386,540
255,293

Remeasurement of deferred tax for changes in tax rates
(47,286)
(217,467)

Other differences leading to an increase in the tax charge
(45,133)
75,371

Reversal of deferred tax asset deemed irrecoverable
799,034
906,114

Total tax charge for the year
(368,169)
(822,611)

The company has not recognised a deferred tax asset on the losses incurred. The company's losses available for tax relief against future profits are £20,070,734 at the year end (2022: £17,913,581).

Page 22

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Intangible assets

Group and Company





IP costs
Website costs
Total

£
£
£



Cost


At 1 January 2023
403,940
4,250
408,190


Additions
96,345
-
96,345



At 31 December 2023

500,285
4,250
504,535



Amortisation


At 1 January 2023
89,488
1,310
90,798


Charge for the year on owned assets
45,172
851
46,023



At 31 December 2023

134,660
2,161
136,821



Net book value



At 31 December 2023
365,625
2,089
367,714



At 31 December 2022
314,452
2,940
317,392



All of the Group's intangible fixed assets are held in the parent company.

Page 23

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets

Group






Leasehold improvements
Plant & machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
144,706
3,257
74,195
375,069
597,227


Additions
-
-
214
3,269
3,483


Disposals
(69,387)
-
-
(9,000)
(78,387)



At 31 December 2023

75,319
3,257
74,409
369,338
522,323



Depreciation


At 1 January 2023
79,275
3,257
73,292
288,469
444,293


Charge for the year on owned assets
23,172
-
595
50,937
74,704


Disposals
(69,387)
-
-
(9,000)
(78,387)



At 31 December 2023

33,060
3,257
73,887
330,406
440,610



Net book value



At 31 December 2023
42,259
-
522
38,932
81,713



At 31 December 2022
65,431
-
903
86,600
152,934

Page 24

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           11.Tangible fixed assets (continued)


Company






Leasehold improvements
Plant & machinery
Office equipment
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 January 2023
144,706
3,257
74,195
375,069
597,227


Additions
-
-
214
3,269
3,483


Disposals
(69,387)
-
-
(9,000)
(78,387)



At 31 December 2023

75,319
3,257
74,409
369,338
522,323



Depreciation


At 1 January 2023
79,275
3,257
73,292
288,469
444,293


Charge for the year on owned assets
23,172
-
595
50,937
74,704


Disposals
(69,387)
-
-
(9,000)
(78,387)



At 31 December 2023

33,060
3,257
73,887
330,406
440,610



Net book value



At 31 December 2023
42,259
-
522
38,932
81,713



At 31 December 2022
65,431
-
903
86,600
152,934






Page 25

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
8



At 31 December 2023
8





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Navenio Inc
United States of America
Other infomation technology service activities
Ordinary
100%


13.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
-
14,029
-
14,029

-
14,029
-
14,029



14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
410,872
861,927
410,872
861,927

Amounts owed by group undertakings
-
-
1,277,806
432,091

Other debtors
114,544
153,498
114,544
153,498

Prepayments and accrued income
161,067
188,800
107,525
155,424

Tax recoverable
368,169
822,611
368,169
822,611

1,054,652
2,026,836
2,278,916
2,425,551


Page 26

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
4,697,352
3,142,006
4,271,027
3,139,981

4,697,352
3,142,006
4,271,027
3,139,981



16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
181,009
85,353
138,682
85,353

Corporation tax
-
29,645
-
29,645

Other taxation and social security
107,600
150,500
107,600
150,500

Accruals and deferred income
1,390,485
600,004
907,380
600,012

1,679,094
865,502
1,153,662
865,510


Page 27

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



301,767 (2022 - 299,507) Ordinary shares of £0.01 each
3,018
2,995
414,142 (2022 - 414,142) Series A shares of £0.01 each
4,141
4,141
6,280 (2022 - 6,280) Growth shares of £0.01 each
63
63
10,000 (2022 - 10,000) B Growth shares of £0.01 each
100
100
10,000 (2022 - 10,000) C Growth shares of £0.01 each
100
100
9,000 (2022 - 9,000) D Growth shares of £0.01 each
90
90
305,999 (2022 - Nil) Series A1 shares of £0.01 each
3,060
-

10,572

7,489

On 26 April 2023 200 Ordinary shares of £0.01 each were issued for a total consideration of £200. Ordinary shares have full voting rights, full rights in the distribution of dividends and full rights in the distribution of capital (including on winding up). Ordinary shares are non-redeemable.
 
On 25 May 2023 300 Ordinary shares of £0.01 each were issued for a total consideration of £300. Ordinary shares have full voting rights, full rights in the distribution of dividends and full rights in the distribution of capital (including on winding up). Ordinary shares are non-redeemable.
 
On 5 June 2023 250 Ordinary shares of £0.01 each were issued for a total consideration of £250. Ordinary shares have full voting rights, full rights in the distribution of dividends and full rights in the distribution of capital (including on winding up). Ordinary shares are non-redeemable.
 
On 31 July 2023 310 Ordinary shares of £0.01 each were issued for a total consideration of £310. Ordinary shares have full voting rights, full rights in the distribution of dividends and full rights in the distribution of capital (including on winding up). Ordinary shares are non-redeemable.
 
On 11 August 2023 1200 Ordinary shares of £0.01 each were issued for a total consideration of £1,200. Ordinary shares have full voting rights, full rights in the distribution of dividends and full rights in the distribution of capital (including on winding up). Ordinary shares are non-redeemable.
 
On 14 September 2023 305,999 Series A1 shares of £0.01 each were issued for a total consideration of £5,000,024. Series A1 shares have the following rights;

The right to vote on the basis of one vote on a show of hands or, on a poll, on the basis of one vote per Series A1 shares held
The right to participate in a dividend in proportion to the number of Series A1 shares held
The right to participate in a distribution of capital and to receive i) 99.99% of an amount equal to £1,000 plus aggregate subsciption price of all Series A1 shares, to be distributed pro-rata between the Series A1 shares. ii) 0.1% of an amount equal to £1,000 plus the aggregate subscription price of all Series A shares and iii) 99.99% of any remaining balance, to be distributed pro-rata between the Series A1 shares, the Ordinary shares, and any growth shares in respect of which the relevant threshold amount has been met
The Series A1 shares are not redeemable. 



Page 28

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share-based payments

The Company operates an EMI share option scheme for staff and an unapproved option scheme for employees and consultants not eligible under the EMI scheme. During the year, the options originally granted in 2022, were modified to reduce the exercise price. These options met the criteria to be accounted for as modifications and therefore only the incremental fair value has been recognised in addition to the charge calculated in the prior year. All share options were calculated using the Black-Scholes Option Pricing Model. 

Weighted average exercise price (pence)
2023
Number
2023

Outstanding at the beginning of the year

1382

168,227

Granted during the year

150

6,050

Forfeited during the year

100

(2,300)

Exercised during the year

100

(2,260)

Incorrectly included the unallocated pool in 2022

1382

(50,809)

Outstanding at the end of the year
1321

118,908


2023

Weighted average share price (pence)


1634

Exercise price (pence)


150

Weighted average contractual life (years)


4

Expected volatility


36.7%

Risk-free interest rate


3.5%


2023
£


Equity-settled schemes
184,932

184,932


19.


Prior year adjustment

The Company has chosen to perform a review of the classification of its costs, which has resulted in the reclassification between administrative expenses and cost of sales. The impact of this change to the prior year is an increase in cost of sales of £573,974 and a decrease in administrative expenses of the same amount. There is no impact in 2023 and 2022 for the loss or net liabilities made in either period. 

Page 29

 
NAVENIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Contingent liabilities

The Company has a contingent liability for dilapidations in relation to the offices let during the year. This has not been recognised due to the Company not being able to reliably estimate the obligation. The maximum exposure to the Company is considered by the directors to be £80,000. 


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £167,466 (2022 - £161,397). Contributions totalling £20,901 (2022 - £29,645) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:




23.


Related party transactions

Entities with control, joint control, or significant influence
Oxford Sciences Enterprises invoiced the Company Nil (2022: £56,139) for fees associated with the recruitment of senior management in the period. There was no balance outstanding at the year end.
The Company paid license fees to Oxford University Innovation during the year of £17,537 (2022: £18,319) A balance of £nil was outstanding at year end. Oxford University Innovation is connected to The Chancellor, Masters and Scholars of the University of Oxford, a shareholder of the company.
Dr. A. Trigoni is one of the inventors of the technology under which license fees are due and thereby benefits from such royalties paid to Oxford University Innovation. Dr. A. Trigoni, a part time employee and director of the Company, is also a part time employee of the University.
Oxford University Innovation also provided IP protection services on behalf of the Company charging £68,150 (2022: £47,538) for the services provided. A balance of £nil was outstanding at year end.
Key management personnel
Key management personnel compensation in the year totalled £371,393 (2022: £493,782), see note 8. Included in the compensation were non-executive director fees totalling £64,000 (2022: £51,174) paid to M P Moran and A Naim. 
All transactions were carried out at market value and on an arms' length basis.


24.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


25.


Controlling party

The directors believe there is no one ultimate controlling party.

Page 30