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Registered number: 07998621










PRESERVICA LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024
 


 
PRESERVICA LIMITED
 

COMPANY INFORMATION


Directors
J Shackleton (Chairman) 
S Curl 
M Quinn 
J Tilbury 
K Surdan 
M Mead 




Company secretary
S Elliott



Registered number
07998621



Registered office
32 The Quadrant
Abingdon Science Park

Abingdon

Oxfordshire

OX14 3YS




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
PRESERVICA LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Consolidated statement of 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 statement of cash flows
14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 31


 
PRESERVICA LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report together with the audited financial statements for the year ended 31 March 2024.
Principal activity
Preservica Limited is a Software as a Service “SaaS” product led growth “PLG” company that provides cloud hosted services for the auto preservation of digital information and digital assets. Preservica changes the way many organisations around the world protect and reuse long-term digital information. Preservica’s unique patent pending Active Digital Preservation™ software automatically keeps every file alive in future-friendly formats allowing customers to always quickly find and action the content they need for freedom of information, compliance, cultural, brand value and knowledge reuse. Preservica helps customers protect and preserve the world’s cultural, social, business and political memory. Preservica has become the recognized leader in digital preservation and is trusted by business, governments, academic and cultural organizations to safeguard their most valuable digital content using our cloud hosted platform.  
Key performance indicators
The directors use key performance indicators to measure and analyse several SaaS based KPI’s which include annualised recurring revenues “ARR”, ARR growth rates, total contract value “TCV”, pipeline of opportunities, new bookings, gross and net retention rates, churn rates, customer lifetime value, customer acquisition costs, full time equivalent staff analysis, gross margins, EBITDA, cash management, foreign exchange exposure, debtor days and overhead / investment cost controls. The directors continue to adapt and strengthen internal controls and procedures and are satisfied that the trend lines of the key performance indicators are showing a confident, positive and sustainable business. The directors consider on balance that the KPIs measured by the business place Preservica in the upper quartile of typical SaaS industry performance indicators.
Results and dividends
The trading results for the period and the Company's financial position at the end of the year are shown in the attached financial statements and are discussed further in the business review below.

Business review
 
Preservica has delivered strong growth in revenue consistently, quarter on quarter, throughout the financial year. Preservica has built up a stable and growing recurring customer revenue base and continues to invest in research and development activities. The Company typically sells new opportunities and upgrades to customers on a one-to-five-year term basis and currently has very low customer churn which enhances the annual recurring revenue value of the contracted business. This longer-term contractual position contributes to an increase in advanced billing, enhanced cashflows and is evidenced by the growth in deferred revenue as shown on the balance sheet.
The Company has focused around delivering improvements to our digital preservation solutions and investing substantially in new services that expand our services and addressable market. Preservica’s dedicated and talented staff deliver technically advanced services for our customers and the business is proud to promote and reward staff talent. Preservica is committed to driving innovation and cost efficiency both internally and for customers. 
Preservica continues to expand our capabilities and range of services, strengthening our team of talented staff, encouraging and welcoming new skills to complement, support and optimise our services for customers.
Preservica has published detailed commitments to a new Sustainability Charter for assessing the long-term sustainability and durability of digital preservation service providers that has been independently reviewed and ratified by a working group of major institutions and industry professionals from across the globe. The Charter incorporates 7 Sustainability Principles that go beyond product functionality to encompass broader long-term sustainability dependencies such as how a provider manages customer’s data, develops and innovates software, operates the service, engages with users and partners, ensures long-term financial viability, practices good corporate governance and importantly, addresses the environmental impact of its business and services.
 
Page 1

 
PRESERVICA LIMITED
 

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


Business review (continued)
The Company is committed to driving profitable and sustainable growth as well as further enhancing customer satisfaction in each of its geographic and vertical target markets, leveraging the successes it has achieved to date. Preservica continues to invest in future developments that will bring a range of new capabilities and services to market to address the evolving needs of our customers. To this end, Preservica launched Preserve365® to market towards the end of the financial year. Preserve365® embeds Active Digital Preservation™ archiving in Microsoft 365 to ensure organisations long-term records are protected and always available in the latest readable file formats. This is accomplished by organisations, without the need for separate information archiving tools and by using Microsoft 365 to automate long-term records governance, archiving, digital preservation and access at scale.
Cash flows and EBITDA have been in line with budgeted costs and investment plans which primarily have been to support our research and development activities as we deliver additional services to market. We anticipate that EBITDA will transition towards break even and profitability as we build on new product and service developments going to market during the upcoming financial year.

Principal risks and uncertainties
 
Economic risks
We have faced challenging business, political and market conditions globally across the wider economy, which has impacted living costs and consumer confidence as well as operating costs and supply chains for businesses. During the current financial year, we have had to deal with substantially higher inflationary pressure in the principle geographies that we serve and although there are indications that the inflationary pressure will ease, we remain concerned over the impact the high inflationary environment has for our customers and staff. Despite this, Preservica has delivered a strong performance in the current financial year. In response to the market conditions, the Directors and senior management are monitoring economic and market conditions and our business strategies have been modified to adapt to changing situations and enable us to meet the evolved and evolving nature of customer requirements and our addressable market.
Credit risk
The group's principal credit risk arises from its trade debtors, most of which are larger institutions, archiving and library institutions, government departments and services and academic educational institutions. Credit risk is managed based on a combination of payment history, governmental budget allocations, customer knowledge and associated risk assessment.

Financial risk management objectives and policies
 
The Group uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to support working capital requirements for the company's operations.
The main risks arising from the Group's financial instruments are liquidity risk and foreign currency risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Currency risk
The Group is exposed to translation and transaction foreign exchange risk. The Group assesses its exposure to balances due from customers and payable to suppliers and hedges its exposure where these amounts are significant.

Page 2

 
PRESERVICA LIMITED
 

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

Payment policy and practice
 
It is the Company's policy to agree terms of payments with suppliers when negotiating the terms of engagement.  Typical supplier payment terms are 30 days from the receipt of invoice.


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





M Quinn
Director

Date: 29 July 2024

Page 3

 
PRESERVICA LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

Results and dividends

The loss for the year, after taxation, amounted to £2,714,657 (2023 - loss £3,666,196). The operating loss for the year amounted to £2,957,091 (2023 - loss £4,402,933).

Directors

The directors who served during the year were:

J Shackleton (Chairman) 
S Curl 
M Quinn 
J Tilbury 
K Surdan 
M Mead 

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Future developments

Preservica is well placed to continue delivering strong annual recurring revenue growth, increased value for our customers from our products and services and to further strengthen its position as a leader in the auto-digital preservation cloud hosted services. The Company continues to invest a substantial amount in R&D activities which is expected to further enhance our digital preservation services and the development of new products and services contributing to increased annual recurring revenue growth.

Page 4

 
PRESERVICA LIMITED
 

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

Disclosure of information to auditor

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

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

Post balance sheet events

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

Auditor

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

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





M Quinn
Director

Date: 29 July 2024

Page 5

 
PRESERVICA LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESERVICA LIMITED
 

Opinion


We have audited the financial statements of Preservica Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 or 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.


Page 6

 
PRESERVICA LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESERVICA LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
PRESERVICA LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRESERVICA LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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


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

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

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

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


Use of our report
 

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




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

29 July 2024
Page 8

 
PRESERVICA LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,711,445
11,542,366

Cost of sales
  
(1,728,676)
(1,746,922)

Gross profit
  
11,982,769
9,795,444

R&D investment
  
(3,153,272)
(5,916,812)

Admin and operational expenses
  
(11,803,292)
(8,295,467)

Other operating income
 5 
16,704
13,902

Operating loss
 6 
(2,957,091)
(4,402,933)

Interest receivable and similar income
 10 
43,929
40,249

Interest payable and similar expenses
 11 
(378,209)
(368,750)

Loss before taxation
  
(3,291,371)
(4,731,434)

Tax on loss
 12 
576,714
1,065,238

Loss for the financial year
  
(2,714,657)
(3,666,196)

  

Currency translation differences
  
35,260
(12,838)

Other comprehensive income for the year
  
35,260
(12,838)

Total comprehensive income for the year
  
(2,679,397)
(3,679,034)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(2,714,657)
(3,666,196)

  
(2,714,657)
(3,666,196)

The notes on pages 16 to 31 form part of these financial statements.

Page 9

 
PRESERVICA LIMITED
REGISTERED NUMBER: 07998621

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
108,991
125,107

 
Current assets
  

Debtors: amounts falling due within one year
 15 
3,081,388
4,436,696

Cash at bank and in hand
 16 
4,776,391
4,711,935

  
7,857,779
9,148,631

Creditors: amounts falling due within one year
 17 
(8,555,580)
(7,663,959)

Net current (liabilities)/assets
  
 
 
(697,801)
 
 
1,484,672

Total assets less current liabilities
  
(588,810)
1,609,779

Creditors: amounts falling due after more than one year
 18 
(5,399,150)
(5,806,846)

Net liabilities
  
(5,987,960)
(4,197,067)


Capital and reserves
  

Called up share capital 
 20 
1,687
1,537

Share premium account
 21 
3,732,857
3,316,349

Foreign exchange reserve
 21 
99,552
64,292

Other reserves
 21 
1,278,399
806,553

Profit and loss account
 21 
(11,100,455)
(8,385,798)

Equity attributable to owners of the parent Company
  
(5,987,960)
(4,197,067)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.




M Quinn
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 10

 
PRESERVICA LIMITED
REGISTERED NUMBER: 07998621

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
96,776
108,358

Investments
 14 
71
71

  
96,847
108,429

Current assets
  

Debtors: amounts falling due within one year
 15 
5,192,965
6,787,546

Cash at bank and in hand
 16 
3,570,875
3,927,465

  
8,763,840
10,715,011

Creditors: amounts falling due within one year
 17 
(5,400,215)
(5,178,514)

Net current assets
  
 
 
3,363,625
 
 
5,536,497

Total assets less current liabilities
  
3,460,472
5,644,926

  

Creditors: amounts falling due after more than one year
 18 
(5,236,368)
(5,524,079)

  

Net (liabilities)/assets
  
(1,775,896)
120,847


Capital and reserves
  

Called up share capital 
 20 
1,687
1,537

Share premium account
 21 
3,732,857
3,316,349

Other reserves
 21 
1,278,399
806,553

Profit and loss account
 21 
(6,788,839)
(4,003,592)

  
(1,775,896)
120,847


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.


M Quinn
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 11

 

 
PRESERVICA LIMITED


 

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



Called up share capital
Share premium account
Foreign exchange reserve
Share-based payment reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 April 2023
1,537
3,316,349
64,292
806,553
(8,385,798)
(4,197,067)





Loss for the year
-
-
-
-
(2,714,657)
(2,714,657)


Currency translation differences
-
-
35,260
-
-
35,260


Shares issued during the year
150
416,508
-
-
-
416,658


Share-based payment charge
-
-
-
471,846
-
471,846



At 31 March 2024
1,687
3,732,857
99,552
1,278,399
(11,100,455)
(5,987,960)




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



Called up share capital
Share premium account
Foreign exchange reserve
Share-based payment reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 April 2022
1,501
3,316,349
77,130
323,343
(4,719,602)
(1,001,279)





Loss for the year
-
-
-
-
(3,666,196)
(3,666,196)


Currency translation differences
-
-
(12,838)
-
-
(12,838)


Shares issued during the year
36
-
-
-
-
36


Share-based payment charge
-
-
-
483,210
-
483,210



At 31 March 2023
1,537
3,316,349
64,292
806,553
(8,385,798)
(4,197,067)



The notes on pages 16 to 31 form part of these financial statements.

Page 12

 
PRESERVICA LIMITED
 

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


Called up share capital
Share premium account
Share-based payment reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023
1,537
3,316,349
806,553
(4,003,592)
120,847



Loss for the year
-
-
-
(2,785,247)
(2,785,247)

Shares issued during the year
150
416,508
-
-
416,658

Share-based payment charge
-
-
471,846
-
471,846


At 31 March 2024
1,687
3,732,857
1,278,399
(6,788,839)
(1,775,896)



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


Called up share capital
Share premium account
Share-based payment reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
1,501
3,316,349
323,343
(613,323)
3,027,870



Loss for the year
-
-
-
(3,390,269)
(3,390,269)

Shares issued during the year
36
-
-
-
36

Share-based payment charge
-
-
483,210
-
483,210


At 31 March 2023
1,537
3,316,349
806,553
(4,003,592)
120,847


The notes on pages 16 to 31 form part of these financial statements.

Page 13

 
PRESERVICA LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(2,714,657)
(3,666,196)

Adjustments for:

Depreciation of tangible assets
76,371
60,134

Interest paid
378,209
368,750

Interest received
(43,929)
(40,249)

Taxation charge
(576,714)
(1,065,238)

Decrease/(increase) in debtors
472,893
(898,244)

Increase in creditors
406,681
2,299,843

Corporation tax received/(paid)
1,537,112
(6,593)

Foreign exchange
35,260
(12,838)

Share-based payment charge
471,846
483,210

Net cash generated from operating activities

43,072
(2,477,421)


Cash flows from investing activities

Purchase of tangible fixed assets
(60,994)
(81,082)

Interest received
43,929
40,249

Net cash from investing activities

(17,065)
(40,833)

Cash flows from financing activities

Issue of ordinary shares
416,658
36

Interest paid
(378,209)
(368,750)

Net cash used in financing activities
38,449
(368,714)

Net increase/(decrease) in cash and cash equivalents
64,456
(2,886,968)

Cash and cash equivalents at beginning of year
4,711,935
7,598,903

Cash and cash equivalents at the end of year
4,776,391
4,711,935


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,776,391
4,711,935

4,776,391
4,711,935


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 
PRESERVICA LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

4,711,935

64,456

4,776,391

Debt due after 1 year

(4,500,000)

-

(4,500,000)


211,935
64,456
276,391

The notes on pages 16 to 31 form part of these financial statements.

Page 15

 
PRESERVICA LIMITED
 

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

1.


General information

Preservica Limited is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The registered office of the Company is 32 The Quadrant, Abingdon Science Park, Abingdon, Oxfordshire, OX14 3YS. The principal activity of the Group is the provision of software and related services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiary ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 April 2015.

 
2.3

Going concern

The financial statements have been prepared using the going concern basis of accounting. This going concern determination is based on consideration of the financial forecasts and detailed cash flow forecast and including specific considerations of cash flows and debt repayments due. The company continues to adopt the going concern basis in preparing the financial statements and the directors do not believe there to be any material uncertainty in the group's ability to continue as a going concern.
The directors have reviewed the detailed forecasts of the business and related potential scenarios. These forecasts show continued growth in both revenue and a move towards profitability across the business and improving positive cash flows.
The business has sufficient cash resources to sustain its activities for the foreseeable future based on its planned revenue performance. The business has a loan of £4.5m from its principal investor that is due to be repaid in September 2025. 

Page 16

 
PRESERVICA LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group and Company's functional and presentational currency is GBP, rounded to the nearest pound.

Transactions and balances

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

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

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

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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

Turnover on fixed price contracts is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations unless acceptance criteria apply. For such contracts the amount of turnover reflects the accruals of the right to consideration by reference to the value of the work performed. Turnover not billed to client is included in debtors as unbilled receivables.
Revenue from licence subscriptions fees, hosting and customer support is invoiced in advance and spread over the period to which the service relates. Revenue from perpetual licences is recognised when the licence is initiated.

Page 17

 
PRESERVICA LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

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

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

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

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

 
2.11

Taxation

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

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

The claims for Research and Development tax credits have been recognised on an accruals basis as they were deemed sufficiently certain. 

 
2.12

Tangible fixed assets

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

Page 18

 
PRESERVICA LIMITED
 

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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Leasehold improvement
-
10%
straight line
Fixtures and fittings
-
25%
straight line
Computer equipment
-
33%
straight line

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

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

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

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

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

 
2.16

Creditors

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

Page 19

 
PRESERVICA LIMITED
 

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

2.Accounting policies (continued)

 
2.17

Financial instruments

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

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities

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

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

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

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

Page 20

 
PRESERVICA LIMITED
 

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimations means that actual outcomes could differ from those estimates.
Share-based payments
Estimating the fair value for share-based payment transactions requires determination for the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and making assumptions about them.


4.


Turnover

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


2024
2023
£
£

Licences
11,726,649
9,416,977

Support
875,216
964,204

Services
1,109,580
1,161,185

13,711,445
11,542,366


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,931,797
3,561,463

Rest of Europe
2,319,394
1,945,420

Rest of the World
7,460,254
6,035,483

13,711,445
11,542,366



5.


Other operating income

2024
2023
£
£

Other operating income
16,704
13,902


Page 21

 
PRESERVICA LIMITED
 

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

6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Cost of defined contribution scheme
819,954
571,658

Exchange differences
47,956
34,413

Depreciation
76,371
60,134

Share-based payment
471,846
483,210


7.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
12,250
11,900

Preparation of the financial statements
2,900
2,800

Preparation of the corporation tax computations
8,650
2,400

Other services
5,750
5,625


8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
9,141,340
7,480,727
6,856,113
5,562,030

Social security costs
946,903
820,786
787,256
660,957

Cost of defined contribution scheme
819,954
571,658
796,095
557,139

10,908,197
8,873,171
8,439,464
6,780,126


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


        2024
        2023
            No.
            No.







Technical and support
80
61



Sales and marketing
22
19



Finance and administration
8
7

110
87

Page 22

 
PRESERVICA LIMITED
 

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
830,820
502,593

Group contributions to defined contribution pension schemes
-
6,482


During the year retirement benefits were accruing to no directors (2023 - 0) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £453,552 (2023 - £319,845).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
43,929
40,249


11.


Interest payable and similar expenses

2024
2023
£
£


Loan interest payable
369,805
368,750

Other interest payable
8,404
-

Page 23

 
PRESERVICA LIMITED
 

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

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(590,797)
(975,612)

Adjustments in respect of previous periods
14,083
(89,626)

Total current tax
(576,714)
(1,065,238)

Factors affecting tax charge for the year

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

2024
2023
£
£


Loss on ordinary activities before tax
(3,291,371)
(4,731,434)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(822,843)
(898,972)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
442
(3,527)

Capital allowances for year in excess of depreciation
30,735
10,976

Deferred tax asset not recognised
13,312
118,117

Adjustment in research and development tax credit leading to a (decrease) in the tax charge
(686,590)
(722,567)

Surrender of tax losses for research and development tax credit refund
890,969
302,776

Adjustments to tax charge in respect of prior periods
14,083
(89,626)

Other differences leading to an increase/(decrease) in the tax charge
(16,822)
217,585

Total tax charge for the year
(576,714)
(1,065,238)


Factors that may affect future tax charges

There were no factors that may affect future tax charges. 

Page 24

 
PRESERVICA LIMITED
 

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

13.


Tangible fixed assets

Group






Leasehold improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
48,171
41,908
238,947
329,026


Additions
-
495
60,499
60,994


Disposals
-
-
(50,802)
(50,802)


Exchange adjustments
-
-
(1,000)
(1,000)



At 31 March 2024

48,171
42,403
247,644
338,218



Depreciation


At 1 April 2023
18,180
39,441
146,298
203,919


Charge for the year on owned assets
17,793
1,155
57,423
76,371


Disposals
-
-
(50,448)
(50,448)


Exchange adjustments
-
-
(615)
(615)



At 31 March 2024

35,973
40,596
152,658
229,227



Net book value



At 31 March 2024
12,198
1,807
94,986
108,991



At 31 March 2023
29,991
2,467
92,649
125,107

Page 25

 
PRESERVICA LIMITED
 

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

           13.Tangible fixed assets (continued)


Company






Leasehold improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£

Cost or valuation


At 1 April 2023
48,174
41,908
196,145
286,227


Additions
-
495
54,757
55,252


Disposals
-
-
(39,689)
(39,689)



At 31 March 2024

48,174
42,403
211,213
301,790



Depreciation


At 1 April 2023
18,180
39,441
120,248
177,869


Charge for the year on owned assets
17,793
1,155
47,532
66,480


Disposals
-
-
(39,335)
(39,335)



At 31 March 2024

35,973
40,596
128,445
205,014



Net book value



At 31 March 2024
12,201
1,807
82,768
96,776



At 31 March 2023
29,994
2,467
75,897
108,358






Page 26

 
PRESERVICA LIMITED
 

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

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
71



At 31 March 2024
71





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Preservica Inc
United States of America
Provision of software
Ordinary
100%


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,731,790
2,485,324
672,014
2,024,915

Amounts owed by Group undertakings
-
-
3,511,166
2,905,789

Other debtors
874,800
1,619,830
643,177
1,602,597

Prepayments and accrued income
474,798
331,542
366,608
254,245

3,081,388
4,436,696
5,192,965
6,787,546


Amounts owed by Group undertakings are non interest bearing and have no formal repayment terms.


16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,776,391
4,711,935
3,570,875
3,927,465


Page 27

 
PRESERVICA LIMITED
 

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

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
462,382
153,948
426,830
142,297

Amounts owed to group undertakings
-
-
356,460
275,766

Other taxation and social security
290,853
177,897
281,372
176,211

Other creditors
104,716
68,972
95,671
62,994

Accruals and deferred income
7,697,629
7,263,142
4,239,882
4,521,246

8,555,580
7,663,959
5,400,215
5,178,514


Amounts owed to Group undertakings are non interest bearing and have no formal repayment terms.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Loan stock
4,500,000
4,500,000
4,500,000
4,500,000

Accruals and deferred income
899,150
1,306,846
736,368
1,024,079

5,399,150
5,806,846
5,236,368
5,524,079


The terms associated with the loan stock are detailed below:
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All loan terms have remained consistent between the current and prior year except, during the year ended 31 March 2024, the lender granted a two year extension to the repayment date of the A loan stock.

Page 28

 
PRESERVICA LIMITED
 

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

19.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Cash at bank
4,776,391
4,711,935
3,570,875
3,927,465

Financial assets that are debt instruments measured at amortised cost
2,012,610
2,517,617
4,232,377
4,952,939

6,789,001
7,229,552
7,803,252
8,880,404


Financial liabilities

Financial liabilities that are debt instruments measured at amortised cost
5,903,226
5,866,416
5,955,487
5,872,092


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and amounts owed by group (Company only).


Financial liabilities that are debt instruments measured at amortised cost comprise loan stock, trade creditors, other creditors, accruals and amounts owed to group (Company only).


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,262,710 (2023 - 4,262,710) A Ordinary shares of £0.0001- each
426.27
426.27
4,236,219 (2023 - 4,236,219) B Ordinary shares of £0.0001- each
423.62
423.62
1,691,085 (2023 - 1,691,085) C Ordinary shares of £0.0001- each
169.11
169.11
2,310,733 (2023 - 823,333) D Ordinary shares of £0.0001- each
231.07
82.33
4,059,724 (2023 - 4,059,724) E Ordinary shares of £0.0001- each
405.97
405.97
10,000 (2023 - 10,000) Preference shares of £0.0001- each
1.00
1.00
259,858 (2023 - 259,858) G Ordinary shares of £0.0001- each
25.99
25.99
25,000 (2023 - 25,000) Preference 2 shares of £0.0001- each
2.50
2.50
18,000 (2023 - 0) F Ordinary shares of £0.0001- each
1.80
-

1,687.33

1,536.79


During the year, the Group issued 1,487,400 D Ordinary restricted shares for the consideration of £412,889 and 18,000 F Ordinary restricted shares for the consideration of £3,768. The issue of the D and F restricted shares was in exchange for the cancellation of the options granted to Preservica Inc. staff.
The preference shares carry the right to participate in a distribution on winding up, subject to various provisions. The preference shares are not entitled to a vote or to participate in a distribution of dividends. 

Page 29

 
PRESERVICA LIMITED
 

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

21.


Reserves

Share premium account

The share premium account represents all amounts paid in excess of the nominal value of Ordinary shares issued.

Foreign exchange reserve

The foreign exchange reserve is the accumulated exchange gains or losses on translation of foreign subsidiaries during consolidation at the year end date.

Share-based payment reserve

The share-based payment reserve represents the accumulated share-based payment charge for options not yet exercised.

Profit and loss account

The profit and loss account is the accumulated retained profits and losses at the year end.


22.


Share-based payments

During the year ended 31 March 2024, the Company issued equity settled share based payments under an Enterprise Management Incentive scheme and an unapproved scheme. A charge in relation to this of £471,846 (2023: £483,210) was recognised in the year.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

29.00

2,897,400

0.01
 
2,852,733
 
Granted during the year

321.17

224,500

172.96
 
503,000
 
Forfeited during the year

18.12

(1,449,400)

0.01
 
(101,667)
 
Exercised during the year

0

-

0.01
 
(356,666)
 
Outstanding at the end of the year
76.30

1,672,500

29.00
 
2,897,400
 

2024
2023

Weighted average share price (pence)


3.19

3.17
 
Exercise price (pence)


76

29
 
Weighted average contractual life (days)


1460

1278
 
Expected volatility


35%

35%
 
Risk-free interest rate


4.202%

3.625%
 


Page 30

 
PRESERVICA LIMITED
 

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

23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £819,994 (2023: £302,781). Contributions totalling £84,994 (2023: £59,279) were payable to the fund at the balance sheet date.


24.


Commitments under operating leases

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
53,624
84,113
32,139
39,631

Later than 1 year and not later than 5 years
-
55,267
-
33,026

53,624
139,380
32,139
72,657


25.


Related party transactions

The Group has taken advantage of the exemption under Section 33 of FRS 102 from disclosing transactions with wholly owned group companies.
During the year the Company received services totalling £42,755 (2023: £40,598) from Gresham House Asset Management Ltd, a company with a common Director. At the balance sheet date, the Company owed Gresham House Asset Management Ltd £4,334 (2023: £Nil) in respect of services provided.


26.


Post balance sheet events

Post year-end the Company granted 307,000 Ordinary D share options from the Preservica Employee Benefit Trust at a value of £3.88 per share.

Page 31