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REGISTERED NUMBER: 07312969 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

BUSINESS FUNDING RESEARCH LIMITED

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


BUSINESS FUNDING RESEARCH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Dr S J Bence
T A S Austin
C Songhurst





REGISTERED OFFICE: 4th Floor
Brixton House
385 Coldharbour Lane
London
SW9 8GL





REGISTERED NUMBER: 07312969 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The company has performed well over the past year, despite ongoing macroeconomic uncertainty. Revenue continues to grow, achieving year-on-year growth of 9%.

The majority of revenue continues to be generated by the sale of subscriptions to our data platform.

As detailed in previous years, standard accounting practices require subscription revenue to be accounted throughout the licence and so the accounts reflect a significant level of deferred revenue shown as a liability on the balance sheet.

All development expenditure has been capitalised to provide a relevant picture of the company's financial position and to reflect the income-generating nature of the intellectual property that has been developed.

PRINCIPAL RISKS AND UNCERTAINTIES
The global macroeconomic situation generates numerous risks and uncertainties for the company. Inflationary pressures put a strain on resources and make long-term planning more uncertain. Hits to business confidence and internal budgetary pressures may also be felt. The directors believe that the company is sufficiently well financed and prepared to weather, and indeed grow, through any such shocks.

The company operates almost entirely in sterling, so exchange rate risks from fluctuations are not prevalent in the business.

As always, competitor risks are present. The market for company data is growing at an impressive rate, such that competitive pressure is to be expected. The directors believe that the company is sufficiently proactive, forward-thinking, and experienced to thrive in such an environment, as has been demonstrated historically.

A technology company will always experience the threat of technological risks, such as hacking. The company regularly invests in solutions to mitigate this risk.

ON BEHALF OF THE BOARD:





T A S Austin - Director


22 November 2024

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of subscription-based software that provides information on UK companies, their events, and the wider ecosystem of funders and accelerators.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

RESEARCH AND DEVELOPMENT
The company has continued to invest heavily in research and development across all areas of its offering.

There have been continued improvements in the efficiency with which data can be ingested into the Beauhurst platform, from both automated and manual sources. Improvements in the scale of data generation, processing, quality control and have continued.

FUTURE DEVELOPMENTS
Over the coming years we expect to continue to grow, improving and developing the services we provide to our customers.

The directors are satisfied that the company is sufficiently well financed to continue operations for the foreseeable future, with various options for funding, including lending facilities or equity investment, should any need arise.

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

Dr S J Bence
T A S Austin
C Songhurst

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T A S Austin - Director


22 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BUSINESS FUNDING RESEARCH LIMITED


Opinion
We have audited the financial statements of Business Funding Research Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2024 and of its 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 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
BUSINESS FUNDING RESEARCH LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.

We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BUSINESS FUNDING RESEARCH LIMITED


The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:
- Employment legislation, reflecting the Company's workforce
- Health and safety regulation, reflecting the Company's production, distribution and operating processes
- Data privacy, reflecting the Company's management of personal and corporate data
- Environmental regulation, reflecting environmental impact restrictions, waste and contamination related to the Company's distribution and operating processes.

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.




Zubair Arshad FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

22 November 2024

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £

TURNOVER 9,270,279 8,516,475

Administrative expenses 10,871,812 8,884,671
(1,601,533 ) (368,196 )

Other operating income 21,746 535,459
OPERATING (LOSS)/PROFIT 4 (1,579,787 ) 167,263

Interest receivable and similar income 49,024 576
(1,530,763 ) 167,839

Interest payable and similar expenses 5 606,892 172,214
LOSS BEFORE TAXATION (2,137,655 ) (4,375 )

Tax on loss 6 - -
LOSS FOR THE FINANCIAL YEAR (2,137,655 ) (4,375 )

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £

LOSS FOR THE YEAR (2,137,655 ) (4,375 )


OTHER COMPREHENSIVE INCOME
Fair value share options movement 330,806 269,232
Income tax relating to other
comprehensive income

-

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

330,806

269,232
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,806,849

)

264,857

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 7 7,127,680 5,815,169
Tangible assets 8 468,819 630,080
Investments 9 100 100
7,596,599 6,445,349

CURRENT ASSETS
Debtors 10 2,010,713 1,492,286
Cash at bank 1,691,045 2,114,188
3,701,758 3,606,474
CREDITORS
Amounts falling due within one year 11 6,343,896 5,770,238
NET CURRENT LIABILITIES (2,642,138 ) (2,163,764 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,954,461

4,281,585

CREDITORS
Amounts falling due after more than one
year

12

(4,554,010

)

(1,748,271

)

ACCRUALS AND DEFERRED INCOME (396,847 ) (806,866 )
NET ASSETS 3,604 1,726,448

CAPITAL AND RESERVES
Called up share capital 16 378 369
Share premium 17 5,246,668 5,162,672
Fair value reserve 17 1,409,104 1,302,810
Retained earnings 17 (6,652,546 ) (4,739,403 )
3,604 1,726,448

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:





T A S Austin - Director


BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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

Called up
share Retained Share Fair value Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 July 2022 364 (4,845,269 ) 5,120,616 1,143,819 1,419,530

Changes in equity
Deficit for the year - (4,375 ) - - (4,375 )
Other comprehensive income - 110,241 - 158,991 269,232
Total comprehensive income - 105,866 - 158,991 264,857
Issue of share capital 5 - 42,056 - 42,061
Balance at 30 June 2023 369 (4,739,403 ) 5,162,672 1,302,810 1,726,448

Changes in equity
Deficit for the year - (2,137,655 ) - - (2,137,655 )
Other comprehensive income - 224,512 - 106,294 330,806
Total comprehensive income - (1,913,143 ) - 106,294 (1,806,849 )
Issue of share capital 9 - 83,996 - 84,005
Balance at 30 June 2024 378 (6,652,546 ) 5,246,668 1,409,104 3,604

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 474,649 3,145,606
Interest paid (606,892 ) (189,428 )
Net cash from operating activities (132,243 ) 2,956,178

Cash flows from investing activities
Purchase of intangible fixed assets (2,996,714 ) (2,424,457 )
Purchase of tangible fixed assets (52,736 ) (93,088 )
Sale of tangible fixed assets 1,238 211
Interest received 49,024 576
Net cash from investing activities (2,999,188 ) (2,516,758 )

Cash flows from financing activities
New loans in year 5,000,000 1,250,000
Loan repayments in year (2,375,717 ) (200,000 )
Share issue 84,005 42,061
Margin fee added to loan - 37,941
Loan fees spread over term - (90,000 )
Net cash from financing activities 2,708,288 1,040,002

(Decrease)/increase in cash and cash equivalents (423,143 ) 1,479,422
Cash and cash equivalents at
beginning of year

2

2,114,188

634,766

Cash and cash equivalents at end of
year

2

1,691,045

2,114,188

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

NOTES TO THE 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 (2,137,655 ) (4,375 )
Depreciation charges 1,897,850 1,575,933
(Profit)/loss on disposal of fixed assets (888 ) 1,604
Share based payments 330,806 269,232
Finance costs 606,892 172,214
Finance income (49,024 ) (576 )
647,981 2,014,032
Increase in trade and other debtors (518,427 ) (275,990 )
Increase in trade and other creditors 345,095 1,407,564
Cash generated from operations 474,649 3,145,606

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 1,691,045 2,114,188
Year ended 30 June 2023
30/6/23 1/7/22
£ £
Cash and cash equivalents 2,114,188 634,766


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/7/23 Cash flow At 30/6/24
£ £ £
Net cash
Cash at bank 2,114,188 (423,143 ) 1,691,045
2,114,188 (423,143 ) 1,691,045
Debt
Debts falling due within 1 year (181,456 ) 181,456 -
Debts falling due after 1 year (1,650,271 ) (2,854,739 ) (4,505,010 )
(1,831,727 ) (2,673,283 ) (4,505,010 )
Total 282,461 (3,096,426 ) (2,813,965 )

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


1. STATUTORY INFORMATION

Business Funding Research Limited is a private 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Business Funding Research Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of 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 within the group.

GOING CONCERN
The company has access to sufficient financial resources to manage its operations. The Company is in a net current liability position but overall it is in net asset position.
The Company has adequate financial resources and has a broad customer base across the different business sectors in the United Kingdom. As a Consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.
The directors of the company have considered the adoption of the going concern basis in preparing the financial statements given the current economic climate and have formed the conclusion that there are no uncertainties with respect to the company's ability to continue as a going concern for the foreseeable future. In forming this view, the directors have considered the company's budgets and trading forecasts and the committed bank facilities available to the company together with forecast headroom against those borrowing facilities including the impact of reasonable sensitivities and foreseen uncertainties.
The directors continue to closely monitor the potential impacts of overall economic downturn and inflationary impact and economic consequences. We have not identified any material adjustments to balances included in these financial statements.
On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis in preparing the annual financial statements.

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


2. ACCOUNTING POLICIES - continued

TURNOVER
The amounts earned on subscriptions to software services and other products net of VAT. Income is recognised on a straight-line basis over the term of the subscription period. Where sales invoices for
subscriptions run beyond the year end that proportion of the income is not recognised in sales but shown in creditors as deferred revenue.

The amounts earned on consulting work including reporting, which is recognised when invoiced based onstage of completion.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2016 and another business in 2018, is being amortised evenly over its estimated useful life of five years for each business respectively. Goodwill is reviewed by the directors annually for impairment.

OTHER INTANGIBLE ASSETS
Other intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised over estimated useful life of five years.

Development expenditure is amortised over estimated useful life of five years. Amortisation is only calculated in the year on the completed development capitalisation from the previous financial years. No amortisation is charged in the year for development expenditure capitalised in the year.

Cryptocurrencies are being amortised over estimated useful life of ten years.

Amortisation is included in ‘administrative expenses’ in the profit and loss account.

Costs associated with maintaining computer software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:
- it is technically feasible to complete the software so that it will be available for use;
- management intends to complete the software and use or sell it;
- there is an ability to use or sell the software;
- it can be demonstrated how the software will generate probable future economic benefits;
- adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
- the expenditure attributable to the software during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

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 - in accordance with the property
Improvements to property - in accordance with the property
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RESEARCH AND DEVELOPMENT
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life. Development expenditure is capitalised so as to reflect the income-generating data platform that has been developed.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Lease incentives are recognised on a straight-line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme (also known as a money purchase scheme).
Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EMPLOYEE BENEFITS
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


2. ACCOUNTING POLICIES - continued

SHARE-BASED PAYMENT TRANSACTIONS
The company operates equity-settled share-based compensation plans. The fair value of the services received in exchange for the grant of options is recognised within personnel expenses, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The fair value of the options granted is measured using the Black Scholes model, taking into account the terms and conditions upon which the options were granted. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions.

At each reporting date, the entity revises its estimates of the number of options that are expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity.

CONTINGENT ASSETS
The company will complete a Research and Development tax credit claim for the financial year ending 30th June 2024 after the year end. If the claim is successful then the expected tax credit will be £443,193.

3. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 5,591,548 4,431,904
Social security costs 595,732 498,662
Other pension costs 132,055 119,189
6,319,335 5,049,755

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

Operations & strategy 12 16
Commercial 56 41
Research & development 66 64
134 121

2024 2023
£ £
Directors' remuneration 386,705 392,245
Directors' pension contributions to money purchase schemes 1,761 9,199

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

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 386,705 392,245
Pension contributions to money purchase schemes 1,761 9,199

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


3. EMPLOYEES AND DIRECTORS - continued

Included in the directors emoluments are the fair value of share options vested in the year (2023: included fair value of share options).

The highest paid director exercised share options for Ordinary shares issued in the year (2023: the director exercised share options for Ordinary shares issued).

The highest paid director did not acquire any other shares in the year (2023: none).

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 295,610 307,635
Depreciation - owned assets 213,647 197,378
(Profit)/loss on disposal of fixed assets (888 ) 1,604
Goodwill amortisation 1,500 6,000
Development costs amortisation 1,682,674 1,372,526
Cryptocurrencies amortisation 29 29
Auditors remuneration 16,000 9,975

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 605,252 171,915
Interest on late paid tax 1,640 299
606,892 172,214

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023.

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£ £ £
Fair value share options movement 330,806 - 330,806

2023
Gross Tax Net
£ £ £
Fair value share options movement 269,232 - 269,232

The company has Research and Development (R&D) expenditure that qualifies under the SME R&D Relief which is expected to give rise to a tax refund.

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


7. INTANGIBLE FIXED ASSETS
Patents and Development
Goodwill licences costs Cryptocurrencies Totals
£ £ £ £ £
COST
At 1 July 2023 155,000 3,500 10,595,879 146 10,754,525
Additions - - 2,996,714 - 2,996,714
At 30 June 2024 155,000 3,500 13,592,593 146 13,751,239
AMORTISATION
At 1 July 2023 153,500 3,500 4,782,286 70 4,939,356
Amortisation for year 1,500 - 1,682,674 29 1,684,203
At 30 June 2024 155,000 3,500 6,464,960 99 6,623,559
NET BOOK VALUE
At 30 June 2024 - - 7,127,633 47 7,127,680
At 30 June 2023 1,500 - 5,813,593 76 5,815,169

8. TANGIBLE FIXED ASSETS
Fixtures
Short Improvements and Computer
leasehold to property fittings equipment Totals
£ £ £ £ £
COST
At 1 July 2023 53,873 402,079 182,885 288,510 927,347
Additions - 9,947 3,373 39,416 52,736
Disposals - - - (15,091 ) (15,091 )
At 30 June 2024 53,873 412,026 186,258 312,835 964,992
DEPRECIATION
At 1 July 2023 12,571 93,819 33,909 156,968 297,267
Charge for year 10,775 81,908 36,954 84,010 213,647
Eliminated on disposal - - - (14,741 ) (14,741 )
At 30 June 2024 23,346 175,727 70,863 226,237 496,173
NET BOOK VALUE
At 30 June 2024 30,527 236,299 115,395 86,598 468,819
At 30 June 2023 41,302 308,260 148,976 131,542 630,080

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 July 2023
and 30 June 2024 100
NET BOOK VALUE
At 30 June 2024 100
At 30 June 2023 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Beauhurst Limited
Registered office: Brixton House, 385 Coldharbour Lane, London, England, SW9 8GL.
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 1,610,271 1,273,300
Other debtors 105,513 94,361
Prepayments 294,929 124,625
2,010,713 1,492,286

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 13) - 181,456
Trade creditors 108,413 136,228
Social security and other taxes 213,221 179,252
VAT 566,460 509,849
Other creditors 79,572 44,530
Credit card 15,800 32,298
Accrued expenses 427,392 576,827
Deferred revenue 4,933,038 4,109,798
6,343,896 5,770,238

Deferred Revenue - Invoices raised for the subscription service which run beyond the year end have been treated as deferred revenue. These are apportioned based on the period for which the subscription has been invoiced for.

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans (see note 13) 4,505,010 1,699,271
Directors' loan accounts 49,000 49,000
4,554,010 1,748,271

The loan of £49,000 from one of the directors is held as a long term debt and is unlikely to be repaid in the immediate future.

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans - 181,456

Amounts falling due between one and two years:
Bank loans - 1-2 years - 200,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,505,010 1,499,271

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 278,442 278,442
Between one and five years 455,234 733,676
733,676 1,012,118

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 4,505,010 1,880,727

The bank loans are secured by a fixed and floating charge over the company's assets.

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal value: 2024 2023
£    £   
353,626 (2023: 344,937) Ordinary 0.001 354 345
3,261 A Ordinary 0.001 3 3
2,863 B Ordinary 0.001 3 3
9,412 C Incentive 0.001 9 9
9,412 D Incentive 0.001 9 9
378 369

During the year the following shares were issued:
Aggregate Premium
Date of share issue: Class: Number: Nominal Value: per share:

13th October 2023 Ordinary Shares 2604 £0.001 £7.999
13th October 2023 Ordinary Shares 2175 £0.001 £9.999
13th October 2023 Ordinary Shares 3550 £0.001 £11.499
24th November 2023 Ordinary Shares 360 £0.001 £1.66
8,689 8.689

There are 5 classes of shares, all of which are currently in issue:

Ordinary Shares
Ordinary shares hold one vote per share. No restriction on dividends or the repayment of capital.

A Ordinary Shares
No voting rights. Otherwise these rank pari pasu with Ordinary shares.

B Ordinary Shares
No voting rights. Otherwise these rank pari pasu with Ordinary shares.

C Incentive Shares
No voting rights until trigger event at which point one vote per share.

D Incentive Shares
No voting rights until trigger event at which point one vote per share.

17. RESERVES
Retained Share Fair value
earnings premium reserve Totals
£ £ £ £

At 1 July 2023 (4,739,403 ) 5,162,672 1,302,810 1,726,079
Deficit for the year (2,137,655 ) (2,137,655 )
Cash share issue - 83,996 - 83,996
Share options 224,512 - 330,806 555,318
Share options exercised - - (224,512 ) (224,512 )
At 30 June 2024 (6,652,546 ) 5,246,668 1,409,104 3,226

BUSINESS FUNDING RESEARCH LIMITED (REGISTERED NUMBER: 07312969)

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


18. ULTIMATE CONTROLLING PARTY

The company has no individual controlling party.