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REGISTERED NUMBER: 01397386 (England and Wales)



















ACULAB PLC

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






ACULAB PLC (REGISTERED NUMBER: 01397386)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Profit and Loss Account 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


ACULAB PLC

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A Pound
Dr L Baghai-Ravary





SECRETARY: Dr L Baghai-Ravary





REGISTERED OFFICE: Lakeside
Bramley Road
Mount Farm
Buckinghamshire
MK1 1PT





REGISTERED NUMBER: 01397386 (England and Wales)





AUDITORS: Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

ACULAB PLC (REGISTERED NUMBER: 01397386)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
Turnover fell in the year by £537,500, or 10.3%, to £4.7m, due to the effect of a decrease in software and hardware sales. The gross profit margin fell by 1%, to 82%. The net effect of lower turnover and lower margin resulted in an decrease of £505,400 in gross profits, to just under £3.84m. With regard to administrative costs, these fell by £550,000, to just over £4.59m. After including other income of £2,000 (2023: £10,000) together with bank deposit interest of £77,000, pre-tax losses of £674,000 are reported, which is an favourable movement of £60,000 from the result in 2023. The group will again benefit from repayable research and development tax credits and so is showing post-tax losses of £535,000 (2023: £643,000).

After paying dividends of £540,000 the group's retained earnings fell by £1,074,000 (2023: £403,000), with the balance sheet showing net assets of just over £1.57m at the year-end. Net current assets fell by £1.02m, to £2.26m, while cash decreased by £0.8m, to £1.99m.

The group continues to invest substantially in new and innovative products, and the directors are confident that the group is well placed to take advantage of the opportunities expected to arise in the computer-telephony market.

PRINCIPAL RISKS AND UNCERTAINTIES
The success of the group will depend on its ability to continue to develop and sell new and desirable products in an ever-advancing technological environment. Although the outlook is positive, sales are monitored closely, and contingency plans maintained, in case action needs to be taken in response to financial pressures.

RESEARCH AND DEVELOPMENT
Research and development is essential to the group's long-term success and, during the year, £1.1m (2023: £0.77m) was spent in this area.

FUTURE DEVELOPMENTS
The directors intend to continue to develop the business' core product areas and to explore new opportunities, both in the UK and overseas.

ON BEHALF OF THE BOARD:





Dr L Baghai-Ravary - Director


22 November 2024

ACULAB PLC (REGISTERED NUMBER: 01397386)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the design, manufacture and sale of computer-telephony products.

DIVIDENDS
Interim dividends of £540,000 (2023: £512,000) were paid during the year; no final dividend is recommended.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

A Pound
Dr L Baghai-Ravary

Other changes in directors holding office are as follows:

J Charman - resigned 12 June 2024

PRINCIPAL RISK AND UNCERTAINTIES
The group's principal financial instruments comprise bank balances, trade debtors and creditors, and taxes payable or recoverable. In respect of these financial instruments, the group's objective is to maximise the cash resources available to fund operations, while minimising related risks. The group's policies for managing relevant financial risks are outlined below.

Due to the nature of the financial instruments used by the group, there is no exposure to price risk. However, since the group operates internationally, it is exposed to currency risk; the group receives most of its income in US Dollars but incurs the majority of its costs in Pounds Sterling. To mitigate currency risk, sales in foreign currencies are used, where possible, to fund expenditure denominated in the same foreign currency, but the risk cannot be eliminated. The group monitors financial markets and seeks to obtain the best possible rates of exchange for foreign currency.

In respect of creditors, liquidity risk is managed by cash flow forecasting, which helps ensure that sufficient funds are available to settle liabilities as they fall due. In respect of trade debtors, cash flow and credit risk are managed through credit control procedures that aim to ensure that debts are collected promptly and in full. Where appropriate, the group makes use of professional advisers to assist with managing credit and currency risks. At the balance sheet date, the group's excess cash was held in instant-access deposit accounts.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by the Companies Act, the group has provided a review of the business and disclosed research and development activities and the future development of the business in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


ACULAB PLC (REGISTERED NUMBER: 01397386)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Keelings Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:





Dr L Baghai-Ravary - Director


22 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACULAB PLC

Opinion
We have audited the financial statements of Aculab plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACULAB PLC


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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 a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by management which were contrary to applicable laws and regulations, including fraud. These included,but were not limited to, compliance with Financial Reporting Framework FRS 102, Companies Act 2006, General Data Protection Regulations and applicable Health and Safety and Employment Legislation. We made enquiries of the directors of the group to obtain further understanding of the risks of non-compliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
- agreeing the financial statement disclosures to underlying supporting documentation;
- enquiring of management about known or suspected instances of non-compliance with laws and regulations;
- reviewing minutes of board meetings throughout the year; and
- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. 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 from fraud, rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACULAB PLC


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 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 a Report of the Auditors 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.




John Carroll FCCA CTA (Senior Statutory Auditor)
for and on behalf of Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

22 November 2024

ACULAB PLC (REGISTERED NUMBER: 01397386)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 4,670,214 5,207,695

Cost of sales 830,744 862,825
GROSS PROFIT 3,839,470 4,344,870

Administrative expenses 4,592,017 5,141,839
(752,547 ) (796,969 )

Other operating income 5 1,661 10,093
OPERATING LOSS 7 (750,886 ) (786,876 )

Interest receivable and similar income 76,707 52,731
LOSS BEFORE TAXATION (674,179 ) (734,145 )

Tax on loss 9 (139,487 ) (91,263 )
LOSS FOR THE FINANCIAL YEAR (534,692 ) (642,882 )
Loss attributable to:
Owners of the parent (534,692 ) (642,882 )

ACULAB PLC (REGISTERED NUMBER: 01397386)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

LOSS FOR THE YEAR (534,692 ) (642,882 )


OTHER COMPREHENSIVE INCOME
Foreign exchange differences on
translation of net investments in
overseas subsidiaries 742 (5,711 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

742

(5,711

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(533,950

)

(648,593

)

Total comprehensive income attributable to:
Owners of the parent (533,950 ) (648,593 )

ACULAB PLC (REGISTERED NUMBER: 01397386)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 35,615 77,362
Investments 14 - -
35,615 77,362

CURRENT ASSETS
Stocks 15 382,246 316,160
Debtors 16 707,664 1,143,336
Cash at bank and in hand 1,992,815 2,788,895
3,082,725 4,248,391
CREDITORS
Amounts falling due within one year 17 824,699 974,079
NET CURRENT ASSETS 2,258,026 3,274,312
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,293,641

3,351,674

CREDITORS
Amounts falling due after more than one
year

18

(433,195

)

(488,318

)

PROVISIONS FOR LIABILITIES 20 (288,970 ) (217,930 )
NET ASSETS 1,571,476 2,645,426

CAPITAL AND RESERVES
Called up share capital 21 100,000 100,000
Retained earnings 1,471,476 2,545,426
SHAREHOLDERS' FUNDS 1,571,476 2,645,426

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





Dr L Baghai-Ravary - Director


ACULAB PLC (REGISTERED NUMBER: 01397386)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 34,823 75,152
Investments 14 1 1
34,824 75,153

CURRENT ASSETS
Stocks 15 382,246 316,160
Debtors 16 714,347 1,132,968
Cash at bank and in hand 1,516,254 2,517,789
2,612,847 3,966,917
CREDITORS
Amounts falling due within one year 17 793,976 947,067
NET CURRENT ASSETS 1,818,871 3,019,850
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,853,695

3,095,003

CREDITORS
Amounts falling due after more than one
year

18

(433,195

)

(488,318

)

PROVISIONS FOR LIABILITIES 20 (288,970 ) (217,930 )
NET ASSETS 1,131,530 2,388,755

CAPITAL AND RESERVES
Called up share capital 21 100,000 100,000
Retained earnings 1,031,530 2,288,755
SHAREHOLDERS' FUNDS 1,131,530 2,388,755

Company's loss for the financial year (717,225 ) (635,895 )

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





Dr L Baghai-Ravary - Director


ACULAB PLC (REGISTERED NUMBER: 01397386)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100,000 3,706,019 3,806,019

Changes in equity
Dividends - (512,000 ) (512,000 )
Total comprehensive income - (648,593 ) (648,593 )
Balance at 30 June 2023 100,000 2,545,426 2,645,426

Changes in equity
Dividends - (540,000 ) (540,000 )
Total comprehensive income - (533,950 ) (533,950 )
Balance at 30 June 2024 100,000 1,471,476 1,571,476

ACULAB PLC (REGISTERED NUMBER: 01397386)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100,000 3,436,650 3,536,650

Changes in equity
Dividends - (512,000 ) (512,000 )
Total comprehensive income - (635,895 ) (635,895 )
Balance at 30 June 2023 100,000 2,288,755 2,388,755

Changes in equity
Dividends - (540,000 ) (540,000 )
Total comprehensive income - (717,225 ) (717,225 )
Balance at 30 June 2024 100,000 1,031,530 1,131,530

ACULAB PLC (REGISTERED NUMBER: 01397386)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (794,745 ) (995,450 )
Tax paid 465,226 (135,930 )
Net cash from operating activities (329,519 ) (1,131,380 )

Cash flows from investing activities
Purchase of tangible fixed assets (3,731 ) (24,784 )
Sale of tangible fixed assets 44 -
Interest received 76,707 52,731
Net cash from investing activities 73,020 27,947

Cash flows from financing activities
Amount introduced by directors 393,761 1,154
Amount withdrawn by directors (394,083 ) -
Equity dividends paid (540,000 ) (512,000 )
Net cash from financing activities (540,322 ) (510,846 )

Decrease in cash and cash equivalents (796,821 ) (1,614,279 )
Cash and cash equivalents at beginning of
year

2

2,788,895

4,408,785
Effect of foreign exchange rate changes 741 (5,611 )
Cash and cash equivalents at end of year 2 1,992,815 2,788,895

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Loss before taxation (674,179 ) (734,145 )
Depreciation charges 45,203 75,243
Loss on disposal of fixed assets 232 -
Finance income (76,707 ) (52,731 )
(705,451 ) (711,633 )
(Increase)/decrease in stocks (66,086 ) 93,610
Decrease/(increase) in trade and other debtors 109,933 (112,297 )
Decrease in trade and other creditors (133,141 ) (265,130 )
Cash generated from operations (794,745 ) (995,450 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 1,992,815 2,788,895
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 2,788,895 4,408,785


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 2,788,895 (796,080 ) 1,992,815
2,788,895 (796,080 ) 1,992,815
Total 2,788,895 (796,080 ) 1,992,815

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Aculab plc is a public company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Basis of consolidation
These financial statements consolidate the results of Aculab plc and its subsidiary, Aculab Inc. The consolidated financial statements present the results of the group as if it were a single entity. The entities that comprise the group have been consolidated on a line-by-line basis. On consolidation, investments in subsidiary undertakings, balances between group companies and transactions between group companies have been eliminated. All group entities have adopted uniform accounting policies and have the same balance sheet date.

Significant judgements and estimates
In preparing these financial statements, the directors have exercised judgement in the following principal areas:
- In assessing the net realisable value of the group's stocks. Factors taken into consideration in reaching a decision include the rate of technological advance in fields in which the stock could be used, sales in the previous year and forecasts for the coming year.
- In determining whether there are indicators of impairment of the group's tangible fixed assets. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
- In determining the depreciation rates of tangible fixed assets, which are depreciated over their useful lives, taking into account residual values. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
- In estimating the quantum of doubtful debts when collection of the full amount is no longer probable. The directors' best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection.
- In estimating the amount required to cover dilapidations in respect of the leased premises occupied by the company. The directors' best estimate is based on the unexpired period the lease, the alterations made to the properties by the group, the general condition of the properties, any correspondence received from the landlords and the estimated costs of restoration..

Estimates and judgements include the likely outcome of future events; these are made after reviewing historical data and assessing other pertinent information.

It is possible that new information could come to light that might result in material adjustments to the items above.

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue is derived from the sale of computer-telephony hardware, software and related services. It excludes discounts, rebates and value added tax and is recorded at the value of the consideration received or receivable.

Revenue from:
i) the sale of hardware is recognised when shipped to customers;
ii) the sale of software is recognised when customers can access the software;
iii) the provision of computer-telephony services over the Cloud is recognised as they are used;
iv) support contracts is recognised evenly over the term of the contract; at the balance sheet date, income pertaining to the unexpired portions of contracts is deferred; and
v) the provision of other services is recognised according to the stage of completion.

Intangible assets
Intangible assets represent computer software acquired from third parties, which is initially measured at cost. After initial recognition, computer software is stated at cost less accumulated amortisation. Computer software is amortised evenly over its estimated useful life, which is generally five years from the date it is first brought into use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the term of the lease
Plant and machinery - 25% on cost and 20% on cost
Fixtures and fittings - 20% on cost and 10% on cost
Computer equipment - Straight line over 6 years and straight line over 3 years

Tangible fixed assets are stated at cost less accumulated depreciation and provisions for impairment.

Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit ('CGU') to which the asset has been allocated) is reviewed. An impairment loss is recognised of the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value, less costs to sell, and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may need to be adjusted.

Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete, slow moving and defective items. Cost represents the direct cost of materials, services and labour, plus an attributable proportion of manufacturing overheads based on normal levels of activity.

Taxation
Current tax, including UK corporation tax and foreign tax, is included at the amount expected to be recoverable (or payable) using tax rates and laws that have been enacted, or substantially enacted, by the balance sheet date. As indicated in Note 7, some of the group's research and development activities qualify for enhanced tax relief in the United Kingdom. Claims for enhanced relief by the group usually give rise to a tax loss and the group generally takes advantage of an option that permits it to exchange these losses for cash.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more, or less, tax in the future have occurred by the balance sheet date. Timing differences are differences between the group's taxable profits and its accounting profits in so far as they arise from the inclusion of gains and losses in tax assessments for periods that differ from the periods for which those same items are included in the financial statements. Unrelieved losses and other deferred tax assets are recognised only to the extent that they are believed to be recoverable, based on all available evidence.

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies
The financial statements are presented in Pounds Sterling ('Sterling'), which is the functional currency of the company. Foreign currency transactions and balances have been translated into Sterling on the following bases:

a. Group companies that use Sterling as their functional currency translate transactions in foreign currencies at the rate of exchange on the date the transaction occurred. Monetary assets and liabilities denominated in other currencies are translated at the rate prevailing at the balance sheet date. All differences are taken to the Consolidated Income Statement. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
b. The results of group companies that do not use Sterling as their functional currency are consolidated as follows: assets and liabilities are translated into Sterling at the rates of exchange prevailing at the balance sheet date; revenue and expenditure items are translated into Sterling using average rates of exchange for the period; exchange differences that arise during consolidation are reported as 'other comprehensive income' in the statement of Consolidated Other Comprehensive Income.

Employee benefits
Short-term employee benefits, including entitlements to holiday pay, are recognised as expenses in the period in which they are incurred.

The obligations to make contributions to defined contribution schemes are recognised as expenses in the period they are incurred. The assets of these schemes are held separately from those of the group, in independently administered funds.

Provisions
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the amount needed to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Estimates of related cash outflows are included at present value when the effect of the time value of money is material.

Measurement of financial instruments
Trade and other debtors:
Trade and other debtors are recognised initially at the transaction value and thereafter at transaction value less provisions for bad and doubtful debts. If the effect of discounting is material, the debtor is stated at its amortised value using the effective interest method, less provisions for bad and doubtful debts.

Trade and other creditors:
Trade and other creditors are recognised initially at the transaction value, unless the effect of discounting is material, in which case the creditor is stated at its amortised value using the effective interest method.

4. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 610,763 1,016,131
Sale of services 4,059,451 4,191,564
4,670,214 5,207,695

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
Sales - UK 1,014,113 871,115
Sales - EC (excluding UK) 374,394 458,514
Sales - Non-EC 3,281,707 3,878,066
4,670,214 5,207,695

5. OTHER OPERATING INCOME
2024 2023
£    £   
Government grants 1,661 10,093

Government grants relate to funds received under the Kickstart Scheme and were applied towards payroll costs.

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,761,724 2,862,426
Social security costs 218,012 248,971
Other pension costs 265,748 452,989
3,245,484 3,564,386

The average number of employees during the year was as follows:
2024 2023

Research & development 31 28
Production 6 12
Sales 10 13
Office & management 14 14
61 67

2024 2023
£    £   
Directors' remuneration 22,340 21,300
Compensation to director for loss of office 24,500 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 45,202 54,822
Loss on disposal of fixed assets 232 -
Computer software amortisation - 20,357
Foreign exchange differences (9,447 ) 16,904
Operating lease charges - land and buildings 285,260 288,377
Research & development 175,282 768,046

8. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

15,050

10,400
Total audit fees 15,050 10,400

Taxation compliance services 3,400 7,500
Other non-audit services 6,750 2,110
Total non-audit fees 10,150 9,610
Total fees payable 25,200 20,010

9. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
Repayable research and development tax credits (175,282 ) (227,193 )
Overseas subsidiary taxation 35,795 135,930

Tax on loss (139,487 ) (91,263 )

UK corporation tax has been charged at 25 % (2023 - 20.50 %).

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (674,179 ) (734,145 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.500 %)

(168,545

)

(150,500

)

Effects of:
Expenses not deductible for tax purposes 5,390 -
Depreciation in excess of capital allowances 8,453 8,418
Enhanced tax relief for research and development expenditure (228,033 ) (187,365 )
Encashment of research and development tax credits 262,035 117,879
Effect of overseas rates of tax that differ from the UK rate of tax (18,787 ) 37,663
Effect of under/(over) provision for overseas tax in earlier years - 71,834
Unrelieved loss in year - 10,808
Total tax credit (139,487 ) (91,263 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Foreign exchange differences on
translation of net investments in
overseas subsidiaries 742 - 742
742 - 742

2023
Gross Tax Net
£    £    £   
Foreign exchange differences on
translation of net investments in
overseas subsidiaries (5,711 ) - (5,711 )
(5,711 ) - (5,711 )

The group spends significantly on research and development activities and qualifies for enhanced tax relief in the United Kingdom. For the year under review, the group made a taxable loss and the directors have decided to exchange as much of this loss as possible with HMRC for cash. For the year, the repayment will amount to £174,690 (2023: £227,000). The group expects to benefit from the availability of enhanced tax relief on qualifying research and development activities for the foreseeable future.

Aculab plc has unrelieved tax losses available to reduce the tax payable on future trading profits. At 30 June 2024, these tax losses amounted to approximately £1.4m (2023: £1.4m), which could reduce future tax liabilities by approximately £360,000 (2023: £360,000). The directors are not able to forecast future profits with certainty and consequently feel it would not be prudent to recognise the tax losses as a deferred tax asset.

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 540,000 512,000

12. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 1 July 2023
and 30 June 2024 132,608
AMORTISATION
At 1 July 2023
and 30 June 2024 132,608
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

Company
Computer
software
£   
COST
At 1 July 2023
and 30 June 2024 132,608
AMORTISATION
At 1 July 2023
and 30 June 2024 132,608
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 633,372 629,599 389,420 2,799,521 4,451,912
Additions - - - 3,731 3,731
Disposals (178,588 ) (9,842 ) (25,799 ) (15,454 ) (229,683 )
At 30 June 2024 454,784 619,757 363,621 2,787,798 4,225,960
DEPRECIATION
At 1 July 2023 606,204 629,416 389,089 2,749,841 4,374,550
Charge for year 12,279 183 104 32,636 45,202
Eliminated on disposal (178,588 ) (9,842 ) (25,572 ) (15,405 ) (229,407 )
At 30 June 2024 439,895 619,757 363,621 2,767,072 4,190,345
NET BOOK VALUE
At 30 June 2024 14,889 - - 20,726 35,615
At 30 June 2023 27,168 183 331 49,680 77,362

Company
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 631,172 619,569 366,308 2,781,789 4,398,838
Additions - - - 3,730 3,730
Disposals (176,389 ) - (2,826 ) (3,586 ) (182,801 )
At 30 June 2024 454,783 619,569 363,482 2,781,933 4,219,767
DEPRECIATION
At 1 July 2023 604,004 619,384 366,308 2,733,990 4,323,686
Charge for year 12,279 183 - 31,597 44,059
Eliminated on disposal (176,389 ) - (2,826 ) (3,586 ) (182,801 )
At 30 June 2024 439,894 619,567 363,482 2,762,001 4,184,944
NET BOOK VALUE
At 30 June 2024 14,889 2 - 19,932 34,823
At 30 June 2023 27,168 185 - 47,799 75,152

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1


The company directly owns the entire issued share capital of Aculab Inc and has no other fixed asset investments. Aculab Inc is incorporated in the USA and provides local sales and marketing services to its parent. The results of Aculab Inc have been consolidated with those of the company.

The address of the registered office of Aculab Inc is 85 Astor Avenue, Suite 2, Norwood, MA 02062, USA.

15. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Component stock 225,565 180,635 225,565 180,635
Work in process 16,015 29,780 16,015 29,780
Finished goods 140,666 105,745 140,666 105,745
382,246 316,160 382,246 316,160

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 242,851 309,660 241,234 309,266
Amounts owed by group undertakings - - 110,003 82,712
Other debtors 54 (335 ) 54 (335 )
Repayable research and development tax
credits

174,690

500,429

174,690

500,429
VAT - 23,605 - 23,614
Prepayments and accrued income 290,069 309,977 188,366 217,282
707,664 1,143,336 714,347 1,132,968

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 93,303 87,281 93,300 87,284
Social security and other taxes 44,972 60,477 51,840 59,332
VAT 25,147 - 24,311 -
Other creditors 63,026 2,479 60,926 2,479
Directors' current accounts 1,139 1,461 1,139 1,461
Accrued expenses
and deferred income 597,112 822,381 562,460 796,511
824,699 974,079 793,976 947,067

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred income 433,195 488,318 433,195 488,318

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 260,700 277,285
Between one and five years - 252,656
260,700 529,941

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 252,656 252,656
Between one and five years - 252,656
252,656 505,312

20. PROVISIONS FOR LIABILITIES

The company has a contractual obligation to make good its leasehold premises when these are vacated. The lease for the premises is due to expire in 2025 and the cost of the dilapidations will not be known until a decision has been taken to vacate the premises and the necessary work agreed with the landlord. Nonetheless, the directors have assessed the obligation for dilapidations at the balance sheet date and have increased the previous year's provision for dilapidations by £71,040, to £288,970 (2023: £217,930).

ACULAB PLC (REGISTERED NUMBER: 01397386)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80,000 Ordinary £1 80,000 80,000
20,000 Ordinary B £1 20,000 20,000
100,000 100,000

22. PENSION COMMITMENTS

The group contributes to a number of personal pension schemes for the benefit of its employees (including directors). Payments made into these schemes are charged immediately against revenue. The schemes operate on the money purchase principle, which ensures that their liabilities cannot exceed their assets. For the year, contributions of £265,748 (2023: £452,989) were payable by the group; at the balance sheet date, the group owed pension contributions of £58,759 (2023: £2,479), which have been paid since the year-end.

23. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr A Pound.

24. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption provided by Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly-owned subsidiaries.

During the year, the company:
i) paid dividends totalling £540,000 (2023: £512,000) to two directors;
ii) repaid £322 to (2023: borrowed £1,154 from) a director; at the balance sheet date, this director was owed £1,139 (2023: £1,461); and
iii) was charged £318,500 (2023: £360,000) for software development services by a company in which a director and close family members of both directors have interests.