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Robiquity Limited

Registered number: 09714317
Annual report and
 financial statements
For the year ended 31 March 2024

 
ROBIQUITY LIMITED
 
 
COMPANY INFORMATION


Directors
S A Alton 
T Davies 
A J De Broise 
F P Grover 
J Procter 
J Rimmer 
E Zwarra 




Registered number
09714317



Registered office
Level 8 Transmission
Atherton Street

Manchester

M3 3GS




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP





 
ROBIQUITY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 30


 
ROBIQUITY LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present the Strategic Report of Robiquity Limited (the Company) for the year ended 31 March 2024.

Business review
 
The Company is the UK’s leading ‘pureplay’ Intelligent Automation (“IA”) and Artificial Intelligence (“AI”) services provider to businesses across a wide range of sectors.  The Company aims to enable businesses to focus on their core purpose by automating time consuming, repetitive tasks.  The business is underpinned by a strong technical consultant workforce based out of its head office in Manchester with further offices opened in the financial year in both London and Leeds.
Performance and growth in the year ended 31 March 2024 continued to be strong with the ongoing strengthening of relationships with long-standing clients plus the addition of new blue chip clients and expansion into public sector clients.
The Company has continued to invest in its people via training and recruitment of senior level consultants.

Financial key performance indicators
 
Revenue increased year on year by 37% from £9.5m in the twelve months to 31st March 2023 to £13.0m in the year to 31st March 2024.  This was driven through the acquisition of new clients and an increase in headcount. Gross profit increased from £4.1m in the twelve months to 31st March 2023 to £4.9m for the full year to 31st March 2024.
Management also measures performance of the Company using indicators such as staff utilisation, debtor days, cash generated and accrued income days.

Principal risks and uncertainties

The Company’s client base is diversified across a number of different business sectors and includes financial services, retail and travel as well as in year expansion into the public sector.  This means there is limited risk to the business due to over exposure in one sector. In addition, the majority of clients are blue chip, household names.  
The Company’s clients are largely UK or European based so there is limited exposure to overseas markets however the Company is exposed to any domestic economic issues.
The business will be exposed to operational risks as it continues to expand in addition to this the sector continuously develops and technology changes.  This risk is being managed through ongoing investment in new systems, processes, training of consultants and recruitment of senior team members.

Future developments

The Company continues to build its market share through close focus on client requirements. The prospects for the year to 31 March 2025 are encouraging with the directors looking to increase both turnover and profitability.  

- 1 -

 
ROBIQUITY LIMITED
 

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


This report was approved by the board on 7 November 2024 and signed on its behalf.



S A Alton
Director

- 2 -

 
ROBIQUITY 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; and

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 £1,959,274 (2023: £1,435,313).

Directors

The directors who served during the year were:

S A Alton 
T Davies 
A J De Broise 
F P Grover 
J Procter 
J Rimmer 
E Zwarra 
T J Gardner (resigned 28 April 2023)

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this annual report.

Post balance sheet events

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

- 3 -

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

Going concern

The directors' have assessed the Company's ability to continue as a going concern and concluded that the use of the going concern basis of accounting is appropriate because there are no material uncertainties to events, or conditions that may cast significant doubt about the ability of the Company to continue as a going concern. The Company’s projections, taking account of reasonable possible changes in trading performance, show that the Company will continue to operate within its current facilities.
UK businesses are currently facing many uncertainties such as the consequences of Brexit, Covid-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the impact of these events is not significant, with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
Robiquity Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Matters covered in the Strategic Report

As permitted by Section 414 (c) (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", in the Strategic Report.

Disclosure of information to auditor

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

the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 November 2024 and signed on its behalf.
 





S A Alton
Director

- 4 -

 
ROBIQUITY LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROBIQUITY LIMITED
 

Opinion

We have audited the financial statements of Robiquity Limited (the ‘Company’) for the year ended 31 March 2024 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 Auditor’s 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 UK, including the FRC’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.

- 5 -

 
ROBIQUITY LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROBIQUITY LIMITED
 

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

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

Matters on which we are required to report by exception

In 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 and 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.

- 6 -

 
ROBIQUITY LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROBIQUITY LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor’s 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation and tax legislation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the occurrence assertion for consulting services) and significant one-off or unusual transactions.
- 7 -

 
ROBIQUITY LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROBIQUITY LIMITED
 

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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 2006. Our 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 auditor's 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.




Ashley Barraclough (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

7 November 2024
- 8 -

 
ROBIQUITY LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,956,741
9,472,899

Cost of sales
  
(8,011,303)
(5,387,085)

Gross profit
  
4,945,438
4,085,814

Administrative expenses
  
(2,996,355)
(2,565,974)

Exceptional administrative expenses
 5 
(85,141)
(70,812)

Other operating income
 6 
78,465
14,105

Operating profit
 7 
1,942,407
1,463,133

Interest receivable and similar income
 11 
10,083
10,581

Interest payable and similar expenses
 12 
-
(9,054)

Profit before tax
  
1,952,490
1,464,660

Tax on profit
 13 
6,784
(29,347)

Profit for the financial year
  
1,959,274
1,435,313

There were no recognised gains and losses for 2024 or 2023 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 12 to 30 form part of these financial statements.

- 9 -

 
ROBIQUITY LIMITED
REGISTERED NUMBER: 09714317

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
32,082
64,164

Tangible assets
 16 
107,778
88,470

  
139,860
152,634

Current assets
  

Debtors: amounts falling due within one year
 17 
7,010,096
4,846,339

Cash at bank and in hand
 18 
929,619
1,580,746

  
7,939,715
6,427,085

Creditors: amounts falling due within one year
 19 
(2,905,355)
(2,321,383)

Net current assets
  
 
 
5,034,360
 
 
4,105,702

Total assets less current liabilities
  
5,174,220
4,258,336

Provisions for liabilities
  

Deferred tax
 20 
(25,759)
(32,543)

Net assets
  
5,148,461
4,225,793


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
5,148,361
4,225,693

  
5,148,461
4,225,793


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2024.




S A Alton
Director

The notes on pages 12 to 30 form part of these financial statements.

- 10 -

 
ROBIQUITY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
100
2,321,045
2,321,145


Comprehensive income for the year

Profit for the year
-
1,435,313
1,435,313
Total comprehensive income for the year
-
1,435,313
1,435,313


Contributions by and distributions to owners

Capital contribution
-
469,335
469,335


Total transactions with owners
-
469,335
469,335



At 1 April 2023
100
4,225,693
4,225,793


Comprehensive income for the year

Profit for the year
-
1,959,274
1,959,274
Total comprehensive income for the year
-
1,959,274
1,959,274


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,036,606)
(1,036,606)


Total transactions with owners
-
(1,036,606)
(1,036,606)


At 31 March 2024
100
5,148,361
5,148,461


The notes on pages 12 to 30 form part of these financial statements.

- 11 -

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

1.


General information

Robiquity Limited ("the Company") is a private company, limited by shares, incorporated in England and Wales, under company number 13986644. The address of its principal place of business is Level 8 Transmission, Atherton Street, Manchester, United Kingdom, M3 3GS.
The principal activity of the Company is a provider of information technology consultancy services.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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).
These financial statements have been presented in pound sterling which is the functional currency of
the Company, and rounded to the nearest £1.

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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Project Bowdon Topco Limited as at 31 March 2024 and these financial statements may be obtained from Level 8 Transmission, Atherton Street, Manchester, United Kingdom, M3 3GS.

- 12 -

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

2.Accounting policies (continued)

 
2.3

Going concern

The directors' have assessed the Company's ability to continue as a going concern and concluded that the use of the going concern basis of accounting is appropriate because there are no material uncertainties to events, or conditions that may cast significant doubt about the ability of the Company to continue as a going concern. The Company’s projections, taking account of reasonable possible changes in trading performance, show that the Company will continue to operate within its current facilities.
UK businesses are currently facing many uncertainties such as the consequences of Brexit, Covid-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the impact of these events is not significant, with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
Robiquity Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

 
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 comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

- 13 -

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

2.Accounting policies (continued)

 
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 following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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

Interest income

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

 
2.8

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.

 
2.9

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.

- 14 -

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

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

- 15 -

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

2.Accounting policies (continued)

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

 The estimated useful lives range as follows:

Goodwill
-
5
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:

Office equipment
-
20%
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.

- 16 -

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

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

The Company 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 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.

- 17 -

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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.

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 instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.
 
- 18 -

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The critical judgments that management have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment associated with tangible and intangible assets, stock and receivables, the directors have considered both external and internal sources of information such as market values, changes in technological, economic and legal environments, evidence of obsolescence or physical damage of assets and declines in economic performance.
Key sources of estimation uncertainty
Management have not identified any key sources of estimation uncertainty in the preparation of the financial statements. 

- 19 -

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

4.


Turnover

The whole of the turnover is attributable to the one principal activity of the Company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,323,872
7,786,915

Rest of Europe
1,559,497
284,889

Rest of the world
1,073,372
1,401,095

12,956,741
9,472,899



5.


Exceptional items

2024
2023
£
£


Office relocation costs
-
52,874

General exceptional costs
85,141
17,938

85,141
70,812

General exceptional costs relate to one off employment costs and exceptional legal fees.


6.


Other operating income

2024
2023
£
£

Other operating income
78,465
14,105


- 20 -

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

7.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
53,126
26,345

Exchange differences
15,206
(6,082)

Other operating lease rentals
324,072
140,340

Amortisation of intangible fixed assets
32,082
32,082

Defined contribution pension cost
112,541
71,447

Share based payment expense
-
469,335


8.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
32,760
31,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


9.


Employees

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


2024
2023
£
£

Wages and salaries
6,084,911
3,803,088

Social security costs
759,346
507,041

Cost of defined contribution scheme
112,541
71,447

6,956,798
4,381,576


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


        2024
        2023
            No.
            No.







Average employees
100
68

- 21 -

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

10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
675,730
698,695

Company contributions to defined contribution pension schemes
9,246
9,906

684,976
708,601


During the year retirement benefits were accruing to 7 directors (2023 -7) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £116,302 (2023 -£112,008).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 -£1,321).


11.


Interest receivable

2024
2023
£
£


Other interest receivable
10,083
10,581


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
9,054

- 22 -

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

13.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
2,898

-
2,898


Total current tax
-
2,898

Deferred tax


Origination and reversal of timing differences
(6,784)
3,627

Adjustment in respect of prior periods
-
22,822

Total deferred tax
(6,784)
26,449


Taxation on (loss)/profit on ordinary activities
(6,784)
29,347
- 23 -

 
ROBIQUITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,952,490
1,464,660


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19%)
488,123
278,285

Effects of:


Fixed asset differences
-
(4,795)

Expenses not deductible for tax purposes
8,769
11,851

Adjustment to brought forward values
-
(17,345)

Adjustments to tax charge in respect of prior periods
-
2,898

Adjustment in respect of prior periods - deferred tax
-
22,822

Remeasurement of deferred tax for change in rates
-
(4,607)

Movement in deferred tax not recognised
(464,317)
22,822

Other differences leading to an increase (decrease) in the tax charge
1,220
-

Group relief claimed
(40,579)
(282,584)

Total tax charge for the year
(6,784)
29,347


Factors that may affect future tax charges

From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.


14.


Dividends

2024
2023
£
£


Ordinary
1,036,606
-

- 24 -

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

15.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
160,410



At 31 March 2024

160,410



Amortisation


At 1 April 2023
96,246


Charge for the year
32,082



At 31 March 2024

128,328



Net book value



At 31 March 2024
32,082



At 31 March 2023
64,164

The goodwill was acquired from AccelerateRPA Limited on 31 March 2020.



- 25 -

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

16.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 April 2023
13,568
131,909
145,477


Additions
3,511
68,923
72,434



At 31 March 2024

17,079
200,832
217,911



Depreciation


At 1 April 2023
10,313
46,694
57,007


Charge for the year
1,197
51,929
53,126



At 31 March 2024

11,510
98,623
110,133



Net book value



At 31 March 2024
5,569
102,209
107,778



At 31 March 2023
3,255
85,215
88,470

On 8 July 2022 a fixed and floating charge was registered over all property and undertakings of Robiquity Limited. The entitled party is Growth Capital Partners Nominees Limited.
On 16 May 2023 a fixed and floating charge was registered over all property and undertakings of the Company. The entitled party is National Westminster Bank PLC.


17.


Debtors

2024
2023
£
£


Trade debtors
3,382,095
1,112,853

Amounts owed by group undertakings
3,005,258
2,889,510

Other debtors
22,126
5,229

Prepayments and accrued income
600,617
838,747

7,010,096
4,846,339


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

- 26 -

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

18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
929,619
1,580,746



19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
198,487
148,699

Amounts owed to group undertakings
82,286
13,763

Other taxation and social security
827,881
1,056,120

Other creditors
53,510
34,069

Accruals and deferred income
1,743,191
1,068,732

2,905,355
2,321,383


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
On 8 July 2022 a fixed and floating charge was registered over all property and undertakings of the Company. The entitled party is Growth Capital Partners Nominees Limited.
On 16 May 2023 a fixed and floating charge was registered over all property and undertakings of the Company. The entitled party is National Westminster Bank PLC.

- 27 -

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

20.


Deferred taxation




2024
2023


£

£






At beginning of year
(32,543)
(6,094)


Charged to profit or loss
6,784
(26,449)



At end of year
(25,759)
(32,543)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(34,355)
(38,159)

Short term timing differences
8,596
5,616

(25,759)
(32,543)


The reversal of deferred taxation assets and liabilities expected to occur during the year beginning after the reporting period is considered to be insignificant to the Company. 

- 28 -

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

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares of £1.00 each
100
100

The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. 



22.


Reserves

Profit and loss account

The profit and loss account reserve represents accumulated profit and loss, net of distribution to shareholders.


23.


Contingent liabilities

As at 31 March 2024 Project Bowdon Midco Limited has shareholder loan balances outstanding of £33,251,850. These loans were secured by way of fixed and floating charges over the assets of the Company and the assets of other group companies as follows: Robiquity Limited, Project Bowdon Bidco Limited, Robiquity Group Limited and Project Bowden Topco Limited. 


24.


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 £112,541 (2023 - £71,447). Contributions totalling £34,384 (2023 - £22,462) were payable to the fund at the reporting date and are included in creditors.


25.


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
334,569
169,415

Later than 1 year and not later than 5 years
933,585
1,264,058

Later than 5 years
6,272
1,466,078

1,274,426
2,899,551

- 29 -

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

26.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 Section 33 not to disclose transactions with wholly owned members of the group headed by Project Bowdon Topco Limited.
At the balance sheet date key management personnel owes £7,672 (2023: £7,388). During the period key management were reimbursed car deposits totalling £2,819 and paid car deposits via the Company totalling £2,802. 


27.


Controlling party

The immediate parent company is Robiquity Group Limited, a company registered in England and Wales. 
The ultimate parent company is Project Bowdon Topco Limited, a company registered in England and Wales. 
The Company is consolidated within Project Bowdon Topco Limited group financial statements which is the smallest and largest group in which the Company is consolidated and copies can be obtained upon request from the group's registered office, Level 8 Transmission, Atherton Street, Manchester, United Kingdom, M3 3GS.
The ultimate controlling party is Growth Capital Partners LLP on account of their majority shareholding in the ultimate parent company.

- 30 -