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Registered number: 03867924









TITIAN SOFTWARE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
TITIAN SOFTWARE LIMITED
 
 
COMPANY INFORMATION


Directors
C Henderson (appointed 1 June 2023)
E C L Wilson 
N Spurrett (appointed 1 April 2023, resigned 13 November 2023)




Registered number
03867924



Registered office
2 Newhams Row

London

SE1 3UZ




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
TITIAN SOFTWARE LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of income and retained earnings
10
Statement of financial position
11
Notes to the financial statements
12 - 25


 
TITIAN SOFTWARE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their Strategic Report together with the audited financial statements for the year ended 31 March 2024.
Titian Software is a leading provider of sample management software and solutions for pharmaceutical companies, biotechnology companies and to other life sciences companies and organisations.
The company’s market-leading software solutions enable these companies in the preparation, storage and distribution of substances, from small molecules through to DNA and cell lines.
The company had four main sources of revenue in the period:
• License fees for the use of the Mosaic Software;
• Subscription fees for the use of the Mosaic Software;
• Implementation and configuration services fees; and
• Support and maintenance fees for the Mosaic Software.
The company has a global customer base, its core customers being part of the leading pharmaceutical companies.

Business review
 
The directors are very satisfied with the performance of the company during the year.
The company has continued to grow through new customer acquisition and expansion of deployments with existing customers. Titian continues to see a transition of customers from our Customer Hosted Titian Mosaic Software Solution to our Titian Hosted Mosaic Software Solution

Page 1

 
TITIAN SOFTWARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The section below highlights the main risks and uncertainties inherent within the company and the primary mitigations currently in place.
• Sales cycles are long and forecasting the likelihood of sales being successfully made and the dates of those sales is challenging.
• Titian face risk of competition from other companies supplying sample management to life science companies. Product development continues to be invested into to ensure that a competitive position is maintained.
• Titian has many skilled and knowledgeable staff, and retaining these staff is of paramount importance.
Financial Risks
The company's operations expose it to a variety of financial risk including liquidity risk, interest rate risk and foreign currency exchange rate risk. Given the size of the Group, the Directors have not yet delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the Directors are implemented by the Groups finance department.
Liquidity
The Group undertakes regular careful analysis and forecasts of cash flows, both in the short term and longer term, ensuring the financial covenants on current loans and borrowings are met and working closely with our investors to ensure that any funding or refinancing requirements are mutually understood and agreed well in advance of any requirement.
Interest Rate Risk
The Group has a policy of maintaining debt at fixed rates wherever possible to ensure certainty of future interest cash flows.
Operational and Strategic Risk
Employee retention – there is risk that key employees leave the business prematurely, resulting in knowledge and organisation being lost, impacting adversely on both company performance and customer experience.
Economic Risk
Downturn in key markets – macro economic performance is monitored at a local level by close contact with customers and prospects and reported and discussed at operating board level.
Information Security
Titian Software takes the security and confidentiality of all our information and physical assets extremely seriously.
To mitigate this risk Titian Software has achieved ISO27001 in 2023. Staff and contractors receive mandatory security training upon arriving. Annually, an independent third party assesses the security posture of the Company’s products and infrastructure.

Page 2

 
TITIAN SOFTWARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The Company and its directors set and monitor business targets with KPIs. These are used to track performance, allowing the Company to identify trends and benchmark progress on objectives. Key performance indicators of the business are turnover and operating (loss)/profit.
Turnover for the period ended 31 March 2024 was £19.0m, a 35% increase on the prior period.
Operating profit for the period was £2m.

Future developments
The group continues to evaluate and improve their software with Mosaic 9.2 to be released in the future.
The group continues to investigate acquisitions and other markets where Mosaic would be a good fit.


This report was approved by the board on 30 August 2024 and signed on its behalf.



C Henderson
Director

Page 3

 
TITIAN SOFTWARE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,775,135 (2023 - £2,844,297).

Dividends declared and paid to shareholders during the year amounted to £5,551,103 (2023: £nil).

Directors

The directors who served during the year were:

C Henderson (appointed 1 June 2023)
E C L Wilson 
N Spurrett (appointed 1 April 2023, resigned 13 November 2023)

Future developments

The directors are confident of the continued success of the company, indeed sales have been strong since the end of the 2024 financial year. 

Page 4

 
TITIAN SOFTWARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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'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's auditors are aware of that information.

Post balance sheet events

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

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 30 August 2024 and signed on its behalf.
 





C Henderson
Director

Page 5

 
TITIAN SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITIAN SOFTWARE LIMITED
 

Opinion


We have audited the financial statements of Titian Software Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of income and retained earnings, the Statement of financial position 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 Company's affairs as at 31 March 2024 and of its profit 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 Company 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.


Conclusions relating to going concern


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.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 6

 
TITIAN SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITIAN SOFTWARE 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
TITIAN SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITIAN SOFTWARE 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 financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management around actual and potential litigation and claims
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws
  and regulations.
• Reviewing minutes of meetings of those charged with governance.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
  with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries and other
  adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
  normal course of business.


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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
Page 8

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


disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.





Ian Saunderson (Senior statutory auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

30 August 2024
Page 9

 
TITIAN SOFTWARE LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,947,761
17,034,495

Cost of sales
  
(12,223,365)
(10,382,799)

Gross profit
  
6,724,396
6,651,696

Administrative expenses
  
(4,661,332)
(3,286,419)

Operating profit
 5 
2,063,064
3,365,277

Interest receivable and similar income
 9 
20,475
16,787

Interest payable and similar expenses
 10 
-
(13)

Profit before tax
  
2,083,539
3,382,051

Tax on profit
 11 
(308,404)
(537,754)

Profit after tax
  
1,775,135
2,844,297

  

  

Retained earnings at the beginning of the year
  
6,288,690
3,444,392

  
6,288,690
3,444,392

Profit for the year
  
1,775,134
2,844,297

Dividends declared and paid
  
(5,551,103)
-

Retained earnings at the end of the year
  
2,512,721
6,288,689
The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
TITIAN SOFTWARE LIMITED
REGISTERED NUMBER: 03867924

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
80,140
105,029

Investments
 14 
879
879

  
81,019
105,908

Current assets
  

Debtors: amounts falling due after more than one year
 15 
-
7,760

Debtors: amounts falling due within one year
 15 
10,279,270
11,857,062

Cash at bank and in hand
 16 
5,785,927
6,015,802

  
16,065,197
17,880,624

Creditors: amounts falling due within one year
 17 
(13,633,492)
(11,697,841)

Net current assets
  
 
 
2,431,705
 
 
6,182,783

Total assets less current liabilities
  
2,512,724
6,288,691

  

Net assets
  
2,512,724
6,288,691


Capital and reserves
  

Called up share capital 
 18 
2
2

Profit and loss account
 19 
2,512,722
6,288,689

  
2,512,724
6,288,691


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.




C Henderson
Director

The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Titian Software Limited ("the company") continued to provide software and consultancy services to pharmaceutical companies, biotechnology companies and to other life sciences companies and organisations.
The company is a private company limited by shares and is incorporated in England and Wales.
The principal place of business is 2 Newhams Row, London, SE1 3UZ.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Discovery Software Holdings Pledgeco Limited as at 31 March 2024 and these financial statements may be obtained from the registered office address.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Group derives revenue from license fees, subscription fees, implementation and configuration services fees and support and maintenance fees.
Revenue on subscription fees is recognised over the period that the services are provided.
Revenue on support and maintenance fees is recognised over the period that the services are provided.
Revenue on implementation and configuration services fees is recognised in line with the contract, being either as the services are delivered or by reference to the stage of completion of the contract.
Revenue on licence fees recognised in line with the contract, being either as the licences are delivered or by reference to the stage of completion of the contract.
As shown in note 3, calculating the stage of completion involves estimating the future time to complete such contracts. In making this judgement, appropriate and prudent adjustments are made to these time estimates based on the company’s past experience. For loss-making projects, the anticipated loss is recognised immediately in full.

Page 13

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

Development expenditure is written off to the Statement of Comprehensive Income in the year in which it is incurred.

 
2.8

Interest income

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

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

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 reporting date in the countries where the Company operates and generates income.

Page 14

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

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:

Furniture, fittings and equipment
-
15% to 100% straight line
Computer equipment
-
33% Straight line

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.

 
2.14

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.

Page 15

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

 
2.18

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position when the Company 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Accrued and deferred income
The calculation of accrued and deferred income for the company’s software development projects in
progress involves the estimation of significant components of the necessary calculations. These are as
follows:
i) Stage of completion
The company's management make estimations of the number of hours left to complete each individual
project. The stage of completion as at the date of each set of financial statements is taken as the
proportion of time spent on that project to date compared with the estimate of total time to be spent.
ii) Cost per hour
A value is given to the cost of each hour of time spent on a project by the company's staff. This estimate
is based on the company's staff salaries and relevant related overhead costs.
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful
economic lives and residucal values of the assets. The useful economic lives and residual values are
reassessed annually. They are amended when necessary to reflect current estimates, based on
technological advancement, future investments, economic utilisation and the physical condition of the
assets.


4.


Turnover

The whole of the turnover is attributable to license fees, subscription fees, implementation and configuration services fees and support and maintenance fees to pharmaceutical companies, biotechnology companies and to other life sciences companies and organisations.
67% of the company's turnover (2023: 67%) relates to sales of licences, subscriptions and services, 33% (2023: 36%) relates to support and maintenance contracts.
Details of turnover by geographical market have not been disclosed as, in the opinion of the directors, this would be seriously prejudicial to the interests of the company.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
99,086
(261,756)

Other operating lease rentals
155,250
151,000

Page 17

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
40,650
34,100


7.


Employees

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


2024
2023
£
£

Wages and salaries
7,288,795
6,385,552

Social security costs
835,808
744,719

Cost of defined contribution scheme
362,464
331,067

8,487,067
7,461,338


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


        2024
        2023
            No.
            No.







Average Staff
102
93


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
569,568
211,077

Company contributions to defined contribution pension schemes
16,278
4,000

585,846
215,077


Page 18

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
20,475
16,787

20,475
16,787


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
13

-
13


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
308,404
537,754


308,404
537,754


Total current tax
308,404
537,754

Deferred tax

Total deferred tax
-
-


Tax on profit
308,404
537,754
Page 19

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
2,083,539
3,382,051


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
520,884
654,914

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,534
689

Capital allowances for year in excess of depreciation
-
(2,903)

Adjustments to tax charge in respect of prior periods
6,644
(400)

Other timing differences leading to an increase (decrease) in taxation
-
44

Group relief
(226,658)
(114,590)

Total tax charge for the year
308,404
537,754


12.


Dividends

2024
2023
£
£


Interim dividends paid on Ordinary Shares
5,551,103
-

5,551,103
-

Page 20

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
205,825
543,051
748,876


Additions
4,269
30,510
34,779



At 31 March 2024

210,094
573,561
783,655



Depreciation


At 1 April 2023
174,675
469,172
643,847


Charge for the year on owned assets
7,583
52,085
59,668



At 31 March 2024

182,258
521,257
703,515



Net book value



At 31 March 2024
27,836
52,304
80,140



At 31 March 2023
31,150
73,879
105,029

Page 21

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
879



At 31 March 2024
879





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Titian Software US Inc
Supporting Titian Software Ltd in the provision of sales, support and consultancy services
Ordinary
100%
Titian Software Poland z.o.o
Supporting Titian Software Ltd in the provision of sales, suppor tand consultancy services
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Titian Software US Inc
473,916
108,672

Titian Software Poland z.o.o
124,744
86,699

Page 22

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
-
7,760

-
7,760


2024
2023
£
£

Due within one year

Trade debtors
4,784,182
4,906,124

Amounts owed by group undertakings
4,378,039
5,443,168

Other debtors
106,163
53,173

Prepayments and accrued income
1,010,886
1,276,507

Tax recoverable
-
178,090

10,279,270
11,857,062



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,785,927
6,015,802

5,785,927
6,015,802



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
171,547
399,591

Amounts owed to group undertakings
841,280
536,437

Corporation tax
130,097
-

Other taxation and social security
280,929
300,676

Other creditors
6,881
5,291

Accruals and deferred income
12,202,758
10,455,846

13,633,492
11,697,841


Page 23

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Fully paid ordinary share capital shares of £1.00 each
2
2



19.


Reserves

Profit and loss account

Includes all current period retained profits and losses.


20.


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 £361,369 (2023: £331,067). Contributions totalling £2,243 (2023: £173) were payable to the fund at the Statement of
Financial Position date and are included in creditors.


21.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
146,000
146,000

Later than 1 year and not later than 5 years
80,000
226,000

226,000
372,000


22.


Post balance sheet events

On the 15th of April 2024, the company acquired 100% of Labguru (Biodata Ltd), a technology company that provides an integrated lab operations software solution.
The acquisition was completed through a combination of equity and debt financing. 
In accordance with FRS 102, this transaction is disclosed as a subsequent event as the acquisition took place after the reporting period but before the issuance of the financial statements.
The directors confirm that they are not aware of any other events since the reporting date that would materially affect the financial position of the company.

Page 24

 
TITIAN SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Controlling party

The ultimate parent undertaking is BV Acquisitions XIV DSH Limited. There is no ultimate controlling party.

Page 25