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Registered number: 06679164










AURALIA LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
AURALIA LIMITED
 
 
COMPANY INFORMATION


Director
M V Warren 




Registered number
06679164



Registered office
5 Moore Street

London

SW3 2QN




Independent auditors
Haysmac LLP

10 Queen Street Place

London

EC4R 1AG





 
AURALIA LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
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 - 33


 
AURALIA LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors of Auralia Limited present their Strategic Report for the year ended 31 March 2024. 
Auralia Limited is a fully integrated design Group working across both digital and physical disciplines. The Group’s principal activity is consultancy across all industry sectors, both in the UK and overseas. 

Business review
 
During the year ended 31 March 2024 the Group continued to build upon its strong financial position. Strong and enduring relationships with key clients were maintained and built upon over the course of the year, alongside the establishment of new client relationships. 
Turnover growth (up 25% vs prior year) and vigilant cost control underpinned strong Group profitability. This performance provides an excellent foundation from which to deliver further growth heading into the next financial year.  
 

Principal risks and uncertainties
 
Economic Conditions
A backdrop of global financial uncertainty continues to create a challenging environment in which to win new work and grow revenue. Client budgets are (rightly) heavily scrutinised by internal procurement teams and the sector landscape continues to be highly competitive. For the Group, this risk has been somewhat mitigated by a twenty-five-year track record of excellence, enduring client relationships and a renewed focus on new business activity across the senior leadership team. We continue to focus on delivering the most impactful and valuable work we can for our Clients. 
Financial Risks
As an international business, we hold cash in multiple currencies. FX risk is mitigated by strong cash reserves in each currency, minimising the need for ad hoc transfers. Any significant currency exposure is managed by our internal finance team, through appropriate hedging strategies should these be required. 
The Group has no interest rate risk, with no external party debt being held.
Liquidity risk is mitigated by strong cash reserves, growing EBITDA and monthly rolling cash flow forecasts. 
Financial risks are monitored by the directors and are not considered to be significant as at the date of this Strategic Report. 
Other Risks and Uncertainties
Attracting and retaining talent is a key risk for the Group. During the year the Group has worked to deepen its ties with universities worldwide, ensuring the Group benefits from a broad pipeline of talent. The Group continues to invest time and money in creating an attractive working environment that is strongly aligned to our company values. As a result of this work, staff retention is strong at over 90% (based on the team at the start of 22/23). 

Page 1

 
AURALIA LIMITED
 

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

Financial key performance indicators
 
The Group considers the key financial indicators to be turnover, gross and operating profit margins and profit before tax. 
For the year ended 31 March 2024 the turnover was £8,739,687 (2023: £8,429,968) representing a 3.67% increase in turnover from the prior year. 
Gross and Net Margins of 46% and 22% respectively are strong, with room for further improvement. Further margin growth will be balanced by continued investment into our people and business development activity during the next financial year. 
For the year ended 31 March 2024 the Group delivered £1,080,559 profit before tax, putting the Group in a strong financial position for the year ahead. 
Another key financial indicator that the Group uses to monitor performance is the level of current assets. The Group continues to maintain a high level of asset cover to ensure the long-term financial stability of the Group. Furthermore, the cash position of the Group continues to be strong.

Other key performance indicators
 
The Group considers the ability to retain high quality clients a strong indicator of its performance. This was borne out by our portfolio of blue-chip clients retained and won during the year ended 31 March 2024.


This report was approved by the board on 20 December 2024 and signed on its behalf.



M V Warren
Director

Page 2

 
AURALIA LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The loss for the year, after taxation, amounted to £218,175 (2023 - profit £1,461,195).

During the year dividends were proposed and paid of £nil (2023 - £nil).

Director

The director who served during the year was:

M V Warren 

Future developments

The Group plans to continue in the same course of business. 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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 auditors are aware of that information.

Page 3

 
AURALIA LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Post balance sheet events

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

Auditors

On 18 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP. The auditors, Haysmac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 December 2024 and signed on its behalf.
 





M V Warren
Director

Page 4

 
AURALIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AURALIA LIMITED
 

Opinion


We have audited the financial statements of Auralia 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 Statement of Financial Position, the Company Statement of Financial Position, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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 Director's 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 Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

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


Auditors' responsibilities for the audit of the financial statements
 

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


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

Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
inspecting correspondence with tax authorities;
discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
evaluating management's controls designed to prevent and detect irregularities;
identifying and testing journals, in particular journal entries with key shared risk characteristics; and
challenging assumptions and judgements made by management in their critical accounting estimates.


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.


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 Auditors' Report.


Page 7

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


Use of our report
 

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





Ian Cliffe (Senior Statutory Auditor)
for and on behalf of
Haysmac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

20 December 2024
Page 8

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

2024
2023
                                                                                                               Note
£
£

  

Turnover
 4 
8,339,687
8,429,968

Cost of sales
  
(4,854,541)
(4,575,212)

Gross profit
  
3,485,146
3,854,756

Administrative expenses
  
(3,644,575)
(2,397,470)

Exceptional administrative expenses
  
(227,725)
-

Other operating income
 5 
-
423,151

Operating (loss)/profit
 6 
(387,154)
1,880,437

Interest receivable and similar income
 9 
80,427
-

Interest payable and similar expenses
 10 
-
(894)

Other finance income
  
39,945
-

(Loss)/profit before taxation
  
(266,782)
1,879,543

Tax on (loss)/profit
 11 
48,607
(418,348)

(Loss)/profit for the financial year
  
(218,175)
1,461,195

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(218,175)
1,461,195

  
(218,175)
1,461,195

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

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
AURALIA LIMITED
REGISTERED NUMBER: 06679164

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,227,539
4,300,504

  
4,227,539
4,300,504

Current assets
  

Debtors: amounts falling due within one year
 15 
2,211,057
2,783,189

Current asset investments
 16 
2,433,435
-

Cash at bank and in hand
 17 
6,347,643
8,178,915

  
10,992,135
10,962,104

Creditors: amounts falling due within one year
 18 
(1,637,441)
(1,459,894)

Net current assets
  
 
 
9,354,694
 
 
9,502,210

Total assets less current liabilities
  
13,582,233
13,802,714

Provisions for liabilities
  

Deferred taxation
 20 
-
(2,306)

  
 
 
-
 
 
(2,306)

Net assets excluding pension asset
  
13,582,233
13,800,408

Net assets
  
13,582,233
13,800,408


Capital and reserves
  

Called up share capital 
 21 
10
10

Profit and loss account
 22 
13,582,223
13,800,398

Equity attributable to owners of the parent Company
  
13,582,233
13,800,408

  
13,582,233
13,800,408


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.




M V Warren
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 10

 
AURALIA LIMITED
REGISTERED NUMBER: 06679164

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
                                                                   Note
£
£

Fixed assets
  

Tangible assets
 13 
4,100,000
4,200,000

Investments
 14 
153
153

  
4,100,153
4,200,153

Current assets
  

Debtors: amounts falling due within one year
 15 
120,000
1,337,977

Cash at bank and in hand
 17 
5,693,662
3,607,698

  
5,813,662
4,945,675

Creditors: amounts falling due within one year
 18 
(2,555,796)
(780,663)

Net current assets
  
 
 
3,257,866
 
 
4,165,012

Total assets less current liabilities
  
7,358,019
8,365,165

  

  

Net assets
  
7,358,019
8,365,165


Capital and reserves
  

Called up share capital 
 21 
10
10

Profit and loss account
 22 
7,358,009
8,365,155

  
7,358,019
8,365,165


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.


M V Warren
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 11

 
AURALIA LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
10
12,339,203
12,339,213



Profit for the year
-
1,461,195
1,461,195



At 1 April 2023
10
13,800,398
13,800,408



Loss for the year
-
(218,175)
(218,175)


At 31 March 2024
10
13,582,223
13,582,233


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
AURALIA LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
10
7,798,736
7,798,746



Profit for the year
-
566,419
566,419



At 1 April 2023
10
8,365,155
8,365,165



Loss for the year
-
(1,007,146)
(1,007,146)


At 31 March 2024
10
7,358,009
7,358,019


The notes on pages 16 to 33 form part of these financial statements.

Page 13

 
AURALIA LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(218,175)
1,461,195

Adjustments for:

Depreciation of tangible assets
152,401
148,463

Loss on disposal of tangible assets
(7,653)
(1,160)

Interest paid
-
894

Interest received
(80,427)
-

Taxation charge
(48,607)
418,347

Decrease/(increase) in debtors
52,015
(808,447)

Decrease in amounts owed by participating ints
546,286
1,080,578

(Decrease) in creditors
(35,350)
(487,929)

Increase in amounts owed to participating ints
324,994
130,196

Corporation tax (paid)
(91,964)
(103,539)

Net cash generated from operating activities

593,520
1,838,598


Cash flows from investing activities

Purchase of tangible fixed assets
(79,437)
(53,210)

Sale of tangible fixed assets
7,653
1,597

Purchase of short-term listed investments
(2,433,435)
-

Interest received
80,427
-

Net cash from investing activities

(2,424,792)
(51,613)

Cash flows from financing activities

Interest paid
-
(894)

Net cash used in financing activities
-
(894)

Net (decrease)/increase in cash and cash equivalents
(1,831,272)
1,786,091

Cash and cash equivalents at beginning of year
8,178,915
6,392,824

Cash and cash equivalents at the end of year
6,347,643
8,178,915


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,347,643
8,178,915

6,347,643
8,178,915


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
AURALIA 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

8,178,915

(1,831,272)

6,347,643

Debt due within 1 year

-

-

-

Liquid investments

-

-

-


8,178,915
(1,831,272)
6,347,643

The notes on pages 16 to 33 form part of these financial statements.

Page 15

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

1.


General information

The Company is a private company limited by shares, registered and incorporated in England and Wales. The address of the registered office is 5 Moore Street London, SW3 2QN. The Company's trading address is 5 Garden Walk, London, EC2A 3EQ. The Company's registered number is 06679164.

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 subsidiaries ("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 Statement of Financial Position, 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.

 
2.3

Going concern

The accounts have been prepared on a going concern basis. The directors in their assessment of going concern have reviewed forecasts and projections of this company and the wider group, to confirm the appropriateness and validity of the support provided for the foreseeable future. They believe they are able to meet any obligations as and when they fall due and as such have prepared the accounts on a going concern basis.

Page 16

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the 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.

Page 17

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

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Pensions

Defined contribution pension plan

The 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

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

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

 
2.11

Exceptional items

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

 
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 19

 
AURALIA 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:

Freehold property
-
2% straight line
Short-term leasehold property
-
10% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
Office equipment
-
20-25% 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. 

 
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.

 
2.16

Creditors

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

 
2.17

Provisions for liabilities

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

 
2.18

Financial instruments

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

Page 20

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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 Statement of Financial Position 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Page 21

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 22

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(i) Significant judgements 
No critical accounting judgement was made by management in the process of applying the company’s accounting policies that have a significant effect on amounts recognised in the financial statements. 
(ii) Key sources of estimation uncertainty.
No critical sources of estimation uncertainty were made by management in the process of applying the company’s accounting policies that have a significant effect on the amounts recognised in the financial statements, other than the following:
R&D tax credits have been accounted for on the accruals basis. Where the tax return has not been submitted at the time of preparing the financial statements, a provision is made for the expected R&D tax credit receivable.


4.


Turnover

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


2024
2023
£
£

Rendering of Services
8,339,687
8,429,968


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
452,307
394,618

Rest of Europe
373,941
45,700

Rest of the world
7,513,439
7,989,650

8,339,687
8,429,968



5.


Other operating income

2024
2023
£
£

Other operating income
-
423,151


Page 23

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

6.


Operating (loss)/profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
152,402
148,462

Exchange differences
108,053
(5,147)

Auditors remuneration
34,650
31,600


7.


Employees

Staff costs, including director's remuneration, were as follows:


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


Wages and salaries
4,229,165
3,857,492
-
-

Social security costs
517,698
476,505
-
-

Cost of defined contribution scheme
228,368
177,567
-
-

4,975,231
4,511,564
-
-


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


        2024
        2023
            No.
            No.







Production
55
39



Administrative
14
16

69
55

The Key Management Personnel are considered to be 3 (2023: 3) senior employees and directors of group companies. Total remuneration in respect of these empoyees was £633,109 (2023: £633,109). 


8.


Director's remuneration




During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £100,000 (2023 - £100,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,500 (2023 - £5,500).

Page 24

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

9.


Interest receivable

2024
2023
£
£


Other interest receivable
80,427
-


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
894


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(20,132)
416,042


Total current tax
(20,132)
416,042

Deferred tax


Origination and reversal of timing differences
(28,475)
2,306

Total deferred tax
(28,475)
2,306


Taxation on (loss)/profit on ordinary activities
(48,607)
418,348
Page 25

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


Factors affecting tax charge for the year

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

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(266,782)
1,879,543


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
(66,694)
293,912

Effects of:


Fixed asset differences
25,108
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
349,632
-

Capital allowances for year in excess of depreciation
-
2,306

Additional deduction for R&D expenditure
(124,978)
-

Adjustments to tax charge in respect of R&D credits
79,202
-

Adjustment in respect of prior periods
(284,017)
122,130

Movement in deferred tax not recognised
(26,176)
-

Marginal relief
(684)
-

Total tax charge for the year
(48,607)
418,348


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Exceptional items

2024
2023
£
£


Exceptional items
227,725
-

227,725
-

Page 26

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

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
4,800,000
167,226
29,734
1,036,373
6,033,333


Additions
-
4,718
-
74,719
79,437


Disposals
-
-
-
(25,746)
(25,746)



At 31 March 2024

4,800,000
171,944
29,734
1,085,346
6,087,024



Depreciation


At 1 April 2023
600,000
157,534
26,018
949,277
1,732,829


Charge for the year on owned assets
100,000
4,335
3,716
44,351
152,402


Disposals
-
-
-
(25,746)
(25,746)



At 31 March 2024

700,000
161,869
29,734
967,882
1,859,485



Net book value



At 31 March 2024
4,100,000
10,075
-
117,464
4,227,539



At 31 March 2023
4,200,000
9,692
3,717
87,095
4,300,504

Page 27

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

           13.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 April 2023
4,800,000



At 31 March 2024

4,800,000



Depreciation


At 1 April 2023
600,000


Charge for the year on owned assets
100,000



At 31 March 2024

700,000



Net book value



At 31 March 2024
4,100,000



At 31 March 2023
4,200,000






Page 28

 
AURALIA 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
153



At 31 March 2024
153





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Native Design Limited
5 Garden Walk, London, EC2A 3EQ.
Industrial and interaction design consultancy
Ordinary
100%
Live Engineering Limited
5 Garden Walk, London, EC2A 3EQ.
Engineering and model-making
Ordinary
100%

Live Engineering Limited is claiming exemption from the requirement of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A on the basis that they are a subsidiary undertaking and its parent undertaking is established under the law of an EEA state.
Furthermore, the Directors of the parent undertaking, Auralia Limited, have agreed to the exemption in respect of the financial year ended 31 March 2023 and Auralia Limited has agreed to give a guarantee under section 479A in respect of that year.

Page 29

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

15.


Debtors

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


Trade debtors
1,613,015
1,750,067
-
-

Amounts owed by group undertakings
-
-
-
786,367

Amounts owed by related undertakings
11,725
558,011
-
546,286

Other debtors
300,384
48,078
120,000
2,521

Prepayments and accrued income
259,764
355,810
-
403

Tax recoverable
-
71,223
-
2,400

Deferred taxation
26,169
-
-
-

2,211,057
2,783,189
120,000
1,337,977



16.


Current asset investments

Group
Group
2024
2023
£
£

Listed investments
2,433,435
-

2,433,435
-



17.


Cash and cash equivalents

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

Cash at bank and in hand
6,347,643
8,178,915
5,693,662
3,607,698

6,347,643
8,178,915
5,693,662
3,607,698


Page 30

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

18.


Creditors: Amounts falling due within one year

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

Trade creditors
138,167
115,542
2,790
3,600

Amounts owed to group undertakings
-
-
2,364,206
650,000

Amounts owed to other participating interests
455,190
130,196
-
-

Corporation tax
284,697
396,793
99,365
119,911

Tax due to HMRC
218,019
128,396
79,535
-

Other creditors
252,403
185,610
9,900
7,152

Accruals and deferred income
288,965
503,357
-
-

1,637,441
1,459,894
2,555,796
780,663



19.


Financial instruments

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

Financial assets

Financial assets measured at fair value through profit or loss
1,909,788
2,604,835
120,000
954,047


Financial liabilities

Financial liabilities measured at amortised cost
(387,779)
(302,776)
(9,900)
(12,375)


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors tax recoverable and amounts due from group undertakings.


Financial liabilities measured at amortised cost comprise trade and other creditors.

Page 31

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

20.


Deferred taxation


Group



2024


£






At beginning of year
(2,306)


Charged to profit or loss
28,475



At end of year
26,169



The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
26,169
(2,306)

26,169
(2,306)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10 (2023 - 10) Ordinary shares of £1.00 each
10
10



22.


Reserves

Profit and loss account

Called up share capital – represents the nominal value of shares that have been issued.
Profit and loss account – this reserve records retained earnings and accumulated losses.


23.


Pension commitments

At 31 March 2023, Auralia Group owed £55,568 (31 March 2023: £23,581) to a defined contribution pension scheme. This was subsequently paid post year-end. 

Page 32

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

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
2024
2023
£
£

Not later than 1 year
2,425
2,806

Later than 1 year and not later than 5 years
9,701
-

12,126
2,806

25.


Related party transactions

Native Design Ltd entered into sales transactions totalling £1,012,159 (2023: £1,214,092) with Native Design LLC, a company in which Morten Warren is a director and shareholder. Native Design Ltd also entered into sales transactions totalling £89,284 (2023: £nil) with Zuma Array Ltd. Native Design Ltd charged Native Design LLC management charges totalling £nil (2023: £303,961) in the year. Native Design also charged Zuma Array Ltd management charges of £59,022 (2023: £137,444) in the year. At the year-end, Zuma Array Ltd owed the Compnay £104,637. The year-end Loan balance includes amounts due to Native Design LLC £455,190 (2023: £130,196.21).
Zuma Array Ltd and Zuma Array LLC are both companies controlled by Morten Warren who is a director of both entities. Zuma Array Limited is wholly owned by Zuma Array Holdings Limited and Morten Warren is the majority shareholder of Zuma Array Holdings Limited.
At the year-end, Debtors include amounts due from Zuma Array LLC £11,724 (2023: £11,724). These are in relation to expenses paid on behalf of the two companies, as well as cash advances made.


26.


 Controlling Party

Morten Warren is considered to be the ultimate controlling party by virtue of the fact he owns 80% of the ordinary share capital.

Page 33