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Registered number: 06824227









APTEM LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
APTEM LTD
 
 
COMPANY INFORMATION


Directors
R Alberg 
J Alberg (resigned 11 October 2023)
C Bell 
M Jackson 
D Gallwey 




Registered number
06824227



Registered office
3 Harmood Grove
London, England

NW1 8DH




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS





 
APTEM LTD
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 27


 
APTEM LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The Directors present the strategic report of Aptem Limited ("the company") for the year ended 30 April 2024.
Principal activities
Aptem Ltd ("the company") is an unquoted private limited company; the principal activity of which is the provision of a market-leading end-to-end apprenticeship management platform for colleges, universities, training providers and employers. 
The directors do not anticipate changes in the principal activities of the company over the coming year.

Business review and financial key performance indicators
 
The company's financial performance for the reporting period and financial position as at 30 April 2024 are shown on pages 8 to 9 of the financial statements.
The directors believe that the headline financials outlined below reflect the company’s progress and therefore represent the primary key performance indicators for measuring its success.

 

Year ended 30 April 2024
     Year ended 30 April 2023

                                      £
                                        £
Turnover
6,955,878
5,977,949
Gross profit
6,334,917
5,252,684
Operating profit/(loss)
(56,672)
(557,125)
EBITDA*
1,121,919
352,893

The company reported a 16.3% increase in revenue, driven predominantly by the expansion of its customer base. The significant growth in EBITDA, coupled with a reduction in operating losses, highlights successful improvements in operational efficiency and cost management.
*Operating profit before interest, tax, depreciation, and amortisation.

Principal risks and uncertainties
 
The directors recognise that external economic and geopolitical factors may create uncertainty or disruption to the company, in addition to changes in government policies and regulations within the education sector. The directors actively monitor these factors to anticipate potential impacts and ensure the company remains agile in adjusting its strategy to mitigate associated risks.
The company finances its operations through trading activities, loan financing and capital raised from shareholders. The company’s trading activities inherently expose it to credit risk. 
The company’s credit risk primarily relates to its trade receivables which it manages through strict controls including suspending service delivey in order to minimise exposure to potential losses. 
 
Page 1

 
APTEM LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


The company's principal financial instruments comprise bank balances, trade receivables and payables and credit facilities provided by financial institutions. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company does not follow any specific code or standard practice on the payment of trade payables. The company's policy is to adhere to agreed terms and conditions and ensure timely payment in accordance with these terms for all suppliers.


This report was approved by the board on 31 January 2025 and signed on its behalf.



___________________________
R Alberg
Director

Page 2

 
APTEM LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors

The directors who served during the year were:

R Alberg 
J Alberg (resigned 11 October 2023)
C Bell 
M Jackson 
D Gallwey 


Results and dividends

The loss for the year, after taxation, amounted to £424,008 (2023 - loss £1,245,685).

As of the date upon which this report was approved, the directors have not recommended payment of dividends in respect of the financial performance for the year ended 30 April 2024.
 

Future developments

There are no significant future developments to report as of the date this report was approved by the directors. The company is expected to continue trading as historically observed.
 

Post balance sheet event

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

Page 3

 
APTEM LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

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

Disclosure of information to auditors

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's auditors are 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's auditors are aware of that information.

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 January 2025 and signed on its behalf.
 



___________________________
R Alberg
Director

Page 4

 
APTEM LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APTEM LTD
 

Opinion


We have audited the financial statements of Aptem Ltd (the 'company') for the year ended 30 April 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the 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 company's affairs as at 30 April 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' 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.


Page 5

 
APTEM LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APTEM LTD (CONTINUED)


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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 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:

 
Page 6

 
APTEM LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APTEM LTD (CONTINUED)


We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.


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.


Other matters 
 

The financial statements of the company for the year ended 30 April 2023 were not audited and accordingly, the corresponding figures and the comparative financial statements are unaudited.


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.





Anthony Pins (senior statutory auditor)
for and on behalf of
Nyman Libson Paul LLP
Chartered Accountants
Statutory Auditors
124 Finchley Road
London
NW3 5JS

31 January 2025
Page 7

 
APTEM LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
6,955,878
5,977,949

Cost of sales
  
(620,961)
(725,265)

Gross profit
  
6,334,917
5,252,684

Distribution costs
  
(2,247,687)
(2,240,428)

Administrative expenses
  
(4,143,902)
(3,569,381)

Operating loss
  
(56,672)
(557,125)

Interest payable and similar expenses
 9 
(314,931)
(297,513)

Loss before tax
  
(371,603)
(854,638)

Tax on loss
 10 
(52,405)
(391,047)

Loss for the financial year
  
(424,008)
(1,245,685)

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

The notes on pages 13 to 27 form part of these financial statements.

Page 8

 
APTEM LTD
REGISTERED NUMBER: 06824227

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
  
9,760,463
7,605,618

Tangible fixed assets
  
78,218
99,758

  
9,838,681
7,705,376

Current assets
  

Debtors: amounts falling due within one year
 13 
1,956,932
2,079,509

Cash at bank and in hand
 14 
1,902,500
1,682,693

  
3,859,432
3,762,202

Creditors: amounts falling due within one year
 15 
(2,047,599)
(1,141,928)

Net current assets
  
 
 
1,811,833
 
 
2,620,274

Total assets less current liabilities
  
11,650,514
10,325,650

Creditors: amounts falling due after more than one year
 16 
(1,737,075)
(1,612,750)

Provisions for liabilities
  

Deferred tax
 19 
(1,457,715)
(1,004,894)

Net assets
  
8,455,724
7,708,006


Capital and reserves
  

Called up share capital 
 20 
3,641
3,516

Share premium account
 21 
11,988,281
10,825,101

Profit and loss account
 21 
(3,536,198)
(3,120,611)

  
8,455,724
7,708,006


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




___________________________
R Alberg
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
APTEM LTD
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023 (as previously stated)
3,516
10,825,101
(2,115,717)
8,712,900

Prior year adjustment - correction of error
-
-
(1,004,894)
(1,004,894)

At 1 May 2023 (as restated)
3,516
10,825,101
(3,120,611)
7,708,006



Loss for the year
-
-
(424,008)
(424,008)

Shares issued during the year
125
1,163,180
-
1,163,305

Share based payments
-
-
8,421
8,421


At 30 April 2024
3,641
11,988,281
(3,536,198)
8,455,724



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022 (as previously stated)
3,178
7,577,939
(1,945,234)
5,635,883

Prior year adjustment - correction of error
-
-
41,464
41,464

At 1 May 2022 (as restated)
3,178
7,577,939
(1,903,770)
5,677,347



Loss for the year (as restated)
-
-
(1,245,685)
(1,245,685)

Shares issued during the year
338
3,247,162
-
3,247,500

Share based payments
-
-
28,844
28,844


At 30 April 2023
3,516
10,825,101
(3,120,611)
7,708,006


The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
APTEM LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(424,008)
(1,245,685)

Adjustments for:

Amortisation of intangible assets
1,072,341
860,993

Depreciation of tangible assets
39,037
49,025

Loss on disposal of tangible assets
-
5,399

Interest and similar expenses paid
314,931
297,513

Taxation charge
52,405
391,047

(Increase)/decrease in debtors
(132,318)
44,803

Increase/(decrease) in creditors
535,843
(228,188)

Corporation tax received
655,311
631,502

Share option costs
8,421
28,844

Net cash generated from operating activities

2,121,963
835,253


Cash flows from investing activities

Purchase of intangible fixed assets
(3,227,186)
(3,223,496)

Purchase of tangible fixed assets
(17,497)
(105,000)

Sale of tangible fixed assets
-
101,693

Net cash from investing activities

(3,244,683)
(3,226,803)

Cash flows from financing activities

Issue of ordinary shares
1,163,305
3,247,500

New secured loans
1,494,153
-

Repayment of loans
-
(5,235)

Repayment of other loans
(1,000,000)
-

Interest and similar expenses paid
(314,931)
(297,513)

Net cash used in financing activities
1,342,527
2,944,752

Net increase in cash and cash equivalents
219,807
553,202

Cash and cash equivalents at beginning of year
1,682,693
1,129,491

Cash and cash equivalents at the end of year
1,902,500
1,682,693


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,902,500
1,682,693


Page 11

 
APTEM LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

1,682,693

219,807

1,902,500

Debt due after 1 year

(1,538,915)

(125,829)

(1,664,744)

Debt due within 1 year

(5,850)

(368,324)

(374,174)


137,928
(274,346)
(136,418)

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Aptem Ltd ("the company") is a private company limited by shares, incorporated in England and Wales.
The address of the company's registered office and principal place of business is 3 Harmood Grove, London, NW1 8DH.
The nature of the company's operations and its principal activities are set out in the strategic report on page 1 of these financial statements.

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 management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The group meets its day to day working capital requirements through the utilisation of its own funds and its bank facilities.
After reviewing the company's forecast, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (the "functional currency").
The functional currency of the company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Page 13

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, net of discounts and value added tax.
The vast majority of the company’s revenue is derived from the provision of subscription-based services, which comprise subscription fees from customers. Subscription services are typically subject to a minimum term, with a notice period required in the event of cancellation. The recognition of subscription revenue is aligned to the period the service is delivered, or in some cases, on a rateable basis over the contractual subscription term of the arrangement beginning on the date that service is made available to the customer. Invoices raised in advance of services being rendered are recorded as deferred income. Any revenue not derived from subscription services is recognised in the period the service is delivered to the customer. 

 
2.5

Research and development

Expenditure on research is written off in the year it is incurred.
Intangible fixed assets, including purchased development and software costs, are measured at cost less accumulative amortisation and any accumulative impairment losses. Development costs are capitalised as they relate to specific, technically feasible and commercially viable projects, i.e. improvements to the company's Aptem software, which provides the company's primary revenue source. Development costs are being amortised evenly over their estimated useful life of 10 years.

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension scheme
The company operates a defined contribution plan for its employees and on behalf of certain employees makes direct contributions to their pension schemes.
A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations. The contributions are recognised as an expense in profit or loss on an accrual basis as they become payable under the respective schemes' rules. Amounts not paid are shown as part of other creditors in the balance sheet. The assets of the respective plans are held separately from the company in independently administered funds.

Page 14

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.9

Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis over the period of the lease.

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 
2.11

Current and deferred taxation

The tax expense for the financial reporting period comprises current and deferred tax and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the countries where the company operates and generates taxable income. The directors of the company periodically evaluate positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and will establish provisions, where appropriate, on the basis of amounts expected to be payable to the respective tax authorities.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements.
Deferred tax is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the respective deferred tax assets and liabilities relate to current taxation levied by the same tax authority.

Page 15

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Motor vehicles
-
Over 3 years (reducing balance)
Fixtures and fittings
-
Over 3 years
Computer equipment
-
Over 2 or 3 years

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.

 
2.14

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

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the
Page 16

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

company becomes party to the contractual provisions of the instrument.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

 
2.18

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the opinion of the directors, there were no areas of judgment in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements that may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date whereby which the actual future outcome observed may differ from that originally determined and reported.
In preparing the company's financial statements, the directors may make estimates and assumptions concerning events that have transpired, or were ongoing, during the financial reporting period and continued after the balance sheet date. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors, there were no estimates and/or assumptions made towards the preparation of these financial statements that would be considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial reporting period.
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.
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. 

Page 17

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

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


2024
2023
£
£

Subscription revenue
6,346,667
5,401,951

Services revenue
609,211
575,998

6,955,878
5,977,949


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
2,101
2,225

Share-based payment
8,421
28,844


6.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
25,000
-
Page 18

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

2024
2023
£
£

Wages and salaries
3,947,238
3,703,829


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


        2024
        2023
            No.
            No.







Directors
4
4



Employees
76
61

80
65


8.


Key management personnel

2024
2023
£
£

Key management personnel emoluments
208,738
211,542

208,738
211,542


The directors of the company who together hold joint responsibility for planning, directing and controlling the company's activities are recognised as being the key management personnel.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank loans interest payable
245,288
258,526

EIS fund management fees
67,255
38,987

Other interest payable
2,388
-

314,931
297,513

Page 19

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Taxation


As restated
2024
2023
£
£

Corporation tax


Current tax on profits for the year
(400,416)
(655,311)

Deferred tax


Origination and reversal of timing differences
452,821
1,046,358

Tax on loss
 
52,405
 
391,047

Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 23.5% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(371,603)
(854,638)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2023 - 19%)
(87,327)
(162,381)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,077
1,870

Capital allowances for year in excess of depreciation
(323)
(4,622)

Other timing differences leading to an increase (decrease) in taxation
32,322
889,203

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
540,562
225,850

Unrelieved tax losses carried forward
(4,830)
(66,946)

Other tax charge (relief) on exceptional items
(435,076)
(491,927)

Total tax charge for the year
52,405
391,047


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Intangible assets




Development costs

£



Cost


At 1 May 2023
12,408,209


Additions
3,227,186



At 30 April 2024

15,635,395



Amortisation


At 1 May 2023
4,802,591


Charge for the year on owned assets
1,072,341



At 30 April 2024

5,874,932



Net book value



At 30 April 2024
9,760,463



At 30 April 2023
7,605,618



Page 21

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets





Motor vehicles
Office fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
74,325
22,406
139,929
236,660


Additions
-
-
17,497
17,497



At 30 April 2024

74,325
22,406
157,426
254,157



Depreciation


At 1 May 2023
4,129
21,454
111,319
136,902


Charge for the year on owned assets
11,011
952
27,074
39,037



At 30 April 2024

15,140
22,406
138,393
175,939



Net book value



At 30 April 2024
59,185
-
19,033
78,218



At 30 April 2023
70,196
952
28,610
99,758


13.


Debtors

2024
2023
£
£


Trade debtors
1,193,684
1,031,971

Other debtors
61,717
73,484

Prepayments and accrued income
301,115
318,743

Tax recoverable
400,416
655,311

1,956,932
2,079,509


Page 22

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,902,500
1,682,693

1,902,500
1,682,693



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
375,229
5,850

Trade creditors
193,621
191,430

Other taxation and social security
622,070
450,171

Other creditors
54,324
41,744

Accruals and deferred income
802,355
452,733

2,047,599
1,141,928



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,163,689
38,915

Other loan
500,000
1,500,000

Other creditors
73,386
73,835

1,737,075
1,612,750


Details of security provided:
Clydesdale Bank plc (trading as Virgin Money) -  a first ranking debenture, which comprises fixed and floating charges over all the property, assets, and undertaking (including uncalled capital) of the company. This security serves as continuing security for all moneys, obligations, and liabilities, whether certain or contingent, that are currently due or may be incurred to the Bank in the future. The interest rate applicable is the sum of margin (6.75%) and the Bank of England Base Rate.
Other loan - mortgage, charge (whether fixed or floating, legal or equitable), pledge, lien, assignment by way of security or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

Page 23

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
375,229
5,850

Amounts falling due 1-2 years

Bank loans
375,380
5,997

375,380
5,997

Amounts falling due 2-5 years

Bank loans
780,934
18,918

Other loan
500,000
1,500,000

Amounts falling due after more than 5 years

Bank loans
7,375
14,000

2,038,918
1,544,765



18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,902,500
1,682,693


Financial liabilities


Financial liabilities measured at fair value through profit or loss
2,360,249
1,851,804


Financial assets measured at fair value through profit or loss comprise trade debtors and other debtors.


Other financial liabilities measured at fair value through profit or loss comprise bank loans, other loans, trade creditors and other creditors.

Page 24

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Deferred taxation




2024


£






At beginning of year
(1,004,894)


Charged to profit or loss
(452,821)



Deferred tax liability at end of year
(1,457,715)

The provision for deferred taxation is made up as follows:

As restated
2024
2023
£
£


Accelerated capital allowances - liability
(2,459,670)
(1,926,344)

Tax losses carried forward - asset
1,001,955
921,450

(1,457,715)
(1,004,894)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



122,762 (2023 - 169,273) Ordinary shares of £0.01 each
1,228
1,693
0 (2023 - 182,306) A Ordinary shares of £0.01 each
-
1,823
33,800 (2023 - 0) A1 Ordinary shares of £0.01 each
338
-
42,138 (2023 - 0) A2 Ordinary shares of £0.01 each
421
-
28,514 (2023 - 0) A3 Ordinary shares of £0.01 each
285
-
52,791 (2023 - 0) A4 Ordinary shares of £0.01 each
528
-
72,074 (2023 - 0) A5 Ordinary shares of £0.01 each
721
-
12,000 (2023 - 0) B Ordinary shares of £0.01 each
120
-

3,641

3,516


During the year, the company issued 500 Ordinary shares of £0.01 each at £6.21 per share. Subsequently, the company restructured its share capital, reclassifying its 182,306 A Ordinary shares and 47,011 Ordinary shares into five new share classes: A1 to A5 Ordinary shares. Additionally, a new share class, B Ordinary was introduced and 12,000 shares of £0.01 were allotted and issued at £100 per share.

Page 25

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Reserves

Share premium account

Share premium accounts include amounts received from shareholders for shares issued above their par value net of equity related fees and costs.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and (losses).


22.


Share-based payments

At the beginning of the period there were 
a) 3,500 unexercised EMI options with an exercise price of £6.21; 
b) 3,010 unexercised unapproved options with an exercise price of £80;
c) 2,750 unexercised EMI option with an exercise price of £16;
d) 1,757 options with an exercise price of £37 held by Shawbrook Bank under a warrant instrument 
     associated with a prior loan. 
During the year 
a) 3,150 EMI options were granted to employees, with an exercise price of £20 per share. These options 
    vest over a five year period.
b) 500 EMI options with an exercise price of £6.21 were exercised 
c) 750 EMI options with an exercise price of £6.21 lapsed during the period,
A total of 12,917 equity-settled options were outstanding at the end of the period.
A total charge of £8,421 was recognised in the current period, with a carrying amount of £47,898.


23.


Prior year adjustment

A prior year adjustment relates to the recognition of net deferred tax liabilities arising from timing differences on accelerated capital allowances and tax losses carried forward. The net deferred tax as of 30 April 2022 and 30 April 2023 amounted to £41,464 (assets) and £1,004,894 (liabilities) respectively. The profit and loss reserve have been adjusted for these amounts and comparatives have been restated accordingly.


24.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £73,296. Contributions totalling £25,517 (2023 - £936) were payable to the fund at the reporting date and are included in creditors.

Page 26

 
APTEM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
77,972
91,760

Later than 1 year and not later than 5 years
32,991
110,963

110,963
202,723


26.


Related party transactions

The company has a balance of £500,000 which is payable to Madan Ltd, a company controlled by Mr R Alberg and Mrs J Alberg. Interest is payable on this loan at a commercial rate.
At the balance sheet date, Mr R Alberg, a director, was owed £73,836 (2023 - £73,835) which is repayable as financial constraints allow. Mr Alberg has chosen not to make an interest charge on the company for the period ended 30 April 2024, but retains the right to do so in the future, under an existing agreement. This amount is included in creditors due after more than one year.

 
Page 27