Company Registration No. 07922092 (England and Wales)
PYTHIA LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PYTHIA LIMITED
COMPANY INFORMATION
Directors
J P Naylor
C S E Talbot
C G Pywell
Company number
7922092
Registered office
The Copper Room
Deva City Office Park
Trinity Way
Manchester M3 7BG
Auditor
Royce Peeling Green Limited
The Copper Room
Deva City Office Park
Trinity Way
Manchester M3 7BG
Business address
Unit 10
Bamford Business Park
Hibbert Street
Stockport
Manchester SK4 1PL
PYTHIA LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group and company balance sheets
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 27
PYTHIA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present the strategic report for the year ended 31 May 2024.

Review of the business

The financial year to 31st May 2024 proved to be a challenging year for the Pythia Group.

In general, economic and business activity slowed in 2023/24 and output in the construction sector suffered a significant downturn. Work in the housing sector declined and the surge in industrial warehousing projects that had been a major feature of the Group’s fee income in 2022/23 also became very subdued as our main clients in that sector concluded that they had sufficient capacity for the immediate future. By August 2023 bank base rate had increased to 5.25% and this had a detrimental impact on UK economic activity. Whilst inflation was reducing from the early 2023 peak of 11% during the financial year, the effect on household incomes was still being keenly felt.

The financial year was not though, without its successes and the group continued work on a number of major projects in all regions of the UK and won significant projects in Radon monitoring and a Snowdonia civil engineering contract. However, the year started with the liquidation of Buckingham Group, a significant client in the infrastructure sector. The Pythia Group was in the process of delivering a major project for this client. The project was eventually taken over by another company, Keir Integrated Services, and the project was successfully completed albeit the Group suffering a bad debt from the Buckingham Group liquidation. The failure of Buckingham Group was symptomatic of the stresses in the construction sector.

The Group’s office in Scotland became more established during the year. However, in early 2024 Matt Askin, who managed the team in Scotland, resigned from the company and left in March 2024. Whilst project work and marketing activity continued in Scotland there was a temporary decline in activity; though, under a new manager, the position in Scotland has stabilised.

The Group also established an office in Stevenage with locally based specialists to service the Group’s clients in the geographical area south of the Midlands. As in Scotland this will allow the Group to progressively increase its market presence and further improve project delivery.

The Group established an Employee Management Incentive scheme and granted share options to a small number of senior managers. This is part of the ongoing process of ensuring that the senior management team takes increased responsibility for the operational decisions of the Group with a view to ultimately establishing a succession plan for the Group.

In terms of staffing generally the Group has worked hard at its recruitment and retention policies and has provided a range of incentives to staff to maintain a stable staff complement. The operational team continues to develop the necessary skills and experience with the support of our established managers. It has long been the Group’s policy to recruit graduate level employees and train staff in the specialist capabilities that enables the Group to offer the highest level of service and knowledge to its client base and maintain its market differentiation.

The 2023/24 financial year proved to be challenging for the Pythia Group and economic activity continued to be subdued. The Group benefitted significantly from the flexibility, commitment, knowledge and hard work of the staff without which, much of the progress would not have been achieved.

 

On behalf of the board

C S E Talbot
Director
19 February 2025
PYTHIA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

The directors present their annual report and consolidated financial statements for the year ended 31 May 2024.

Principal activities

The principal activities of the Group are the provision of ground-gas monitoring and risk assessment consultancy services and scientific design.

 

Pythia is the investment vehicle for its subsidiary companies, Ground-Gas Solutions and CGD Technology.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were:

J P Naylor
C S E Talbot
C G Pywell
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Auditor

In accordance with the company's articles, a resolution proposing that Royce Peeling Green Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

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

 

 

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

PYTHIA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
19 February 2025
C S E Talbot
Director
PYTHIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PYTHIA LIMITED
- 4 -
Opinion

We have audited the financial statements of Pythia Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group statement of comprehensive income, the group balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

PYTHIA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PYTHIA LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

  1. Review of controls set in place by management

  2. Enquiry of management as to whether they consider fraud or other irregularities may have occurred or where such opportunity might exist

  3. Challenge of management assumptions with regard to accounting estimates

  4. Identification and testing of journal entries, particularly those which may appear to be unusual by size or nature.

 

PYTHIA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PYTHIA LIMITED
- 6 -

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 are 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 FRC’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Martin Chatten (Senior Statutory Auditor)
For and on behalf of Royce Peeling Green Limited
20 February 2025
Chartered Accountants
Statutory Auditor
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
PYTHIA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
1,555,027
1,844,020
Cost of sales
(107,663)
(153,382)
Gross profit
1,447,364
1,690,638
Distribution costs
(21,526)
(36,730)
Administrative expenses
(1,402,148)
(1,447,205)
Operating profit
4
23,690
206,703
Interest receivable and similar income
-
0
69
Interest payable and similar expenses
(19,863)
(20,567)
Profit before taxation
3,827
186,205
Tax on profit
9
25,584
(43,493)
Profit for the financial year
29,411
142,712
Total comprehensive income for the year is all attributable to the owners of the parent company.
PYTHIA LIMITED
GROUP AND COMPANY BALANCE SHEETS
AS AT
31 MAY 2024
31 May 2024
31 May 2024
- 8 -
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
407,001
432,793
-
-
0
Tangible assets
13
317,410
295,645
8,016
10,826
Investments
10
-
0
-
0
139,704
139,704
724,411
728,438
147,720
150,530
Current assets
Stocks
14
120,428
87,112
-
-
Debtors
15
492,242
421,098
425,642
478,125
Cash at bank and in hand
197,462
281,781
2,005
917
810,132
789,991
427,647
479,042
Creditors: amounts falling due within one year
16
(414,336)
(393,278)
(38,437)
(35,106)
Net current assets
395,796
396,713
389,210
443,936
Total assets less current liabilities
1,120,207
1,125,151
536,930
594,466
Creditors: amounts falling due after more than one year
17
(70,101)
(132,430)
-
-
Provisions for liabilities
20
(114,803)
(86,829)
28,370
27,667
Net assets
935,303
905,892
565,300
622,133
Capital and reserves
Called up share capital
22
387
387
387
387
Share premium account
896,610
896,610
896,610
896,610
Equity reserve
7,058
7,058
7,058
7,058
Profit and loss reserves
31,248
1,837
(338,755)
(281,922)
Total equity
935,303
905,892
565,300
622,133

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £56,834 (2023 - £21,664 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
19 February 2025
C S E Talbot
Director
Company registration no 07922092 (England and Wales)
PYTHIA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
Share capital
Share premium account
Equity reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 June 2022
387
896,610
-
0
(140,875)
756,122
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
142,712
142,712
Other movements
-
-
7,058
-
7,058
Balance at 31 May 2023
387
896,610
7,058
1,837
905,892
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
29,411
29,411
Balance at 31 May 2024
387
896,610
7,058
31,248
935,303
PYTHIA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
Share capital
Share premium account
Equity reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 June 2022
387
896,610
-
0
(260,258)
636,739
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
-
-
(21,664)
(21,664)
Other movements
-
-
7,058
-
7,058
Balance at 31 May 2023
387
896,610
7,058
(281,922)
622,133
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
(56,833)
(56,833)
Balance at 31 May 2024
387
896,610
7,058
(338,755)
565,300
PYTHIA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
90,022
377,275
Interest paid
(19,863)
(20,568)
Income taxes refunded
2,000
28,688
Net cash inflow from operating activities
72,159
385,395
Investing activities
Purchase of intangible assets
(25,020)
(7,209)
Purchase of tangible fixed assets
(94,679)
(126,345)
Proceeds on disposal of tangible fixed assets
-
5,814
Interest received
-
0
69
Net cash used in investing activities
(119,699)
(127,671)
Financing activities
Movement in CID facility balance
36,817
(117,984)
Bank loan repayments/ new loan
(46,000)
(46,000)
Payment of finance leases obligations
(27,596)
(28,706)
Net cash used in financing activities
(36,779)
(192,690)
Net (decrease)/increase in cash and cash equivalents
(84,319)
65,034
Cash and cash equivalents at beginning of year
281,781
216,747
Cash and cash equivalents at end of year
197,462
281,781
PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
1
Accounting policies
Company information

Pythia Limited is a private company limited by shares incorporated in England and Wales. Its registered office is The Copper Room, Deva Centre, Trinity Way, Manchester, M3 7BG.

 

The group's main trading address is Unit 10, Bamford Business Park, Hibbert Street, Stockport, SK14 1PL.

 

The group consists of Pythia Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Pythia Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.3
Going concern

The Group’s performance in the 2023/24 financial year meant that it ended the year in a strong financial position having generated operational cashflow's that enabled the Group to meet all of its ongoing financial commitments and make significant new investments in tangible assets that will further enhance the Group’s operational capability.

The directors have reforecast the expected outturn and cash flows for the period to February 2026. At the time of approving the financial statements, based on these forecasts, the directors have a reasonable expectation that the Group and the company have adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 13 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

 

Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
20% straight line
Development costs
6.67% to 10% straight line
1.7
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Lease term
Plant and equipment
20% reducing balance
Fixtures and fittings
25% to 33% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, borrowings and other loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.20

Liability limitation agreement

The group has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory auditor for the year ended 31 May 2024. The proportionate liability agreement follows the standard terms in Appendix B to the FRC's June 2008 Guidance on Auditor Liability Agreements, and has been approved by the shareholders.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both periods.

3
Turnover and other revenue

Group turnover is derived from its principal activities wholly within the UK.

 

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
73,231
67,020
Depreciation of tangible fixed assets held under finance leases
14,673
15,382
(Profit)/loss on disposal of tangible fixed assets
-
1,435
Amortisation of intangible assets
50,812
49,317
Share-based payments
-
7,058
Operating lease charges
31,522
46,496
PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 18 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,520
1,980
Audit of the financial statements of the company's subsidiaries
7,033
5,700
9,553
7,680
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
35,850
170,875
Company pension contributions to defined contribution schemes
2,585
2,637
38,435
173,512
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
34
28
3
3

Their aggregate remuneration comprised:

£
£
£
£
Wages and salaries
798,120
830,951
35,850
27,908
Social security costs
70,826
75,338
-
-
Pension costs
22,337
23,545
-
0
-
0
891,283
929,834
35,850
27,908
8
Retirement benefit schemes
2024
2023
£
£
Charge to profit or loss in respect of defined contribution schemes
22,337
23,545

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(53,558)
-
0
Deferred tax
Origination and reversal of timing differences
5,074
33,398
Changes in tax rates
-
0
10,072
Adjustment in respect of prior periods
22,900
23
Total deferred tax
27,974
43,493
Total tax (credit)/charge
(25,584)
43,493

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,827
186,205
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
957
35,379
Tax effect of expenses that are not deductible in determining taxable profit
415
3,589
Unutilised tax losses carried forward
4,521
-
0
Adjustments in respect of prior years
(53,558)
23
Effect of change in corporation tax rate
-
10,072
Group relief
(819)
-
0
Deferred tax adjustments in respect of prior years
22,900
-
0
ACA super deduction
-
0
(5,570)
Taxation (credit)/charge
(25,584)
43,493

The group has losses available to carry forward of £478,614 (2023: £462,127).

 

The company has losses available to carry forward of £238,559 (2023: £222,072).

 

A deferred tax asset has only been provided in respect of those losses where their utilisation is considered to be likely in the near future.

10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
139,704
139,704
PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
11
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Ground-Gas Solutions Ltd
1
Ground gas monitoring and risk assessment consultancy
Ordinary
100.00
-
Ground-Gas Solutions (Scotland) Ltd
2
Dormant
Ordinary
-
100.00
CGD Technology Ltd
1
Scientific design
Ordinary
100.00
-
GGS (Lancashire) Ltd
1
Dormant
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Copper Room, Deva City Office Park, Trinity Way, Manchester M3 7BG
2
180 St Vincent Street, Glasgow, Scotland, G2 5SG
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Ground-Gas Solutions Ltd
1,392,061
214,439
Ground-Gas Solutions (Scotland) Ltd
100
CGD Technology Ltd
(882,354)
(128,195)
GGS (Lancashire) Ltd
100
12
Intangible fixed assets
Group
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 June 2023
10,633
625,452
636,085
Additions - internally developed
-
0
25,020
25,020
At 31 May 2024
10,633
650,472
661,105
Amortisation and impairment
At 1 June 2023
10,633
192,659
203,292
Amortisation charged for the year
-
0
50,812
50,812
At 31 May 2024
10,633
243,471
254,104
Carrying amount
At 31 May 2024
-
0
407,001
407,001
At 31 May 2023
-
0
432,793
432,793
The company had no intangible fixed assets at 31 May 2024 or 31 May 2023.
PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
20,502
698,948
81,610
28,982
830,042
Additions
-
0
88,017
6,662
14,990
109,669
At 31 May 2024
20,502
786,965
88,272
43,972
939,711
Depreciation and impairment
At 1 June 2023
9,856
457,334
57,186
10,021
534,397
Depreciation charged in the year
2,701
64,374
10,498
10,331
87,904
At 31 May 2024
12,557
521,708
67,684
20,352
622,301
Carrying amount
At 31 May 2024
7,945
265,257
20,588
23,620
317,410
At 31 May 2023
10,646
241,614
24,424
18,961
295,645
Company
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
20,502
1,469
21,971
Depreciation and impairment
At 1 June 2023
9,856
1,289
11,145
Depreciation charged in the year
2,701
109
2,810
At 31 May 2024
12,557
1,398
13,955
Carrying amount
At 31 May 2024
7,945
71
8,016
At 31 May 2023
10,646
180
10,826

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
35,226
42,774
-
0
-
0
Motor vehicles
26,826
18,961
-
0
-
0
62,052
61,735
-
-
PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
70,061
42,044
-
-
Finished goods and goods for resale
50,367
45,068
-
0
-
0
120,428
87,112
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
267,364
279,683
-
0
-
0
Corporation tax recoverable
53,558
2,000
-
0
-
0
Amounts owed by group undertakings
-
-
422,968
474,920
Other debtors
156,796
125,592
-
0
-
0
Prepayments and accrued income
14,524
13,823
2,674
3,205
492,242
421,098
425,642
478,125
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
CID facility
19
67,862
31,045
-
0
-
0
Bank loans
19
46,000
46,000
-
0
-
0
Obligations under finance leases
18
28,571
24,848
-
0
-
0
Trade creditors
18,306
48,322
10,436
9,114
Amounts owed to group undertakings
-
0
-
0
14,832
11,832
Other taxation and social security
222,791
182,748
5,889
5,460
Other creditors
17,105
34,696
4,280
5,720
Accruals and deferred income
13,701
25,619
3,000
2,980
414,336
393,278
38,437
35,106
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
53,667
99,667
-
0
-
0
Obligations under finance leases
18
16,434
32,763
-
0
-
0
70,101
132,430
-
-
PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
33,497
27,880
-
0
-
0
In two to five years
20,012
37,362
-
0
-
0
53,509
65,242
-
-
Less: future finance charges
(8,504)
(7,631)
-
0
-
0
45,005
57,611
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3.67 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
CID facility
67,862
31,045
-
0
-
0
Bank loans
99,667
145,667
-
0
-
0
167,529
176,712
-
-
Payable within one year
113,862
77,045
-
0
-
0
Payable after one year
53,667
99,667
-
0
-
0

The CID facility is secured by a mortgage debenture on the assets of Ground-Gas Solutions Limited. Amounts owed under hire purchase agreements are secured against the underlying assets to which the finance relates.

 

The bank loan is secured by debenture dated December 2010 creating fixed and floating charges over the undertaking of Ground-Gas Solutions Limited and all its property and assets present and future.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
147,323
143,564
Tax losses
(30,374)
(53,274)
Retirement benefit obligations
(2,146)
(3,461)
114,803
86,829
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
2,004
2,707
Tax losses
(30,374)
(30,374)
(28,370)
(27,667)
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 June 2023
86,829
(27,667)
Charge/(credit) to profit or loss
27,974
(703)
Liability/(Asset) at 31 May 2024
114,803
(28,370)
21
Share-based payment transactions

On 14 October 2022 the company granted share options to certain employees under an approved EMI scheme. The options which are subject to the achievement of performance related targets, only vest on the occurrence of a realisation event such as a share or asset sale and on the condition of the continued employment of the option holder at that date.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
21
Share-based payment transactions
(Continued)
- 25 -
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 June 2023
2,580
-
0.01
-
Granted
-
3,440
-
0.01
Forfeited
-
(860)
-
0.01
Outstanding at 31 May 2024
2,580
2,580
0.01
0.01
Exercisable at 31 May 2024
1,290
1,290
0.01
0.01

The options outstanding at 31 May 2024 have an exercise price of £0.01 and a remaining contractual life of approximately 8 years.

Group
Company
2024
2023
2024
2023
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
-
7,058
-
7,058
22
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
20,000 ordinary shares of 1p each
200
200
4,790 B ordinary shares of 1p each
48
48
13,889 C ordinary shares of 1p each
139
139
387
387

 

The ordinary, B ordinary and C ordinary shares rank pari passu in all respects save as set out below:

 

B and C ordinary shares are entitled to a dividend of a sum equal to 25% of the profit before tax and other deductions of the Company divided between the classes on a pro rata basis for each financial year.

 

C ordinary shares rank ahead of all other classes of shares and are entitled to a 1 times preference on a liquidation, IPO, sale of the company or its business and assets or other return of capital.

PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
23
Operating lease commitments: lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Total
32,076
79,659
15,587
56,778
24
Related party transactions

The company has taken advantage of the exemption in FRS 102 whereby transactions between wholly owned group companies are not disclosed.

 

During the year the Group paid consultancy fees to CGP Associates totalling £35,850 (2023: £20,850). Chris Pywell is chairman of CGP Associates and is a director of the parent company, Pythia Limited. As at 31 May 2024 an amount of £2,085 (2023: £2,085) was owed to CGP Associates.

25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
29,411
142,712
Adjustments for:
Taxation (credited)/charged
(25,584)
43,493
Finance costs
19,863
20,567
Investment income
-
0
(69)
(Gain)/loss on disposal of tangible fixed assets
-
1,435
Amortisation and impairment of intangible assets
50,812
49,317
Depreciation and impairment of tangible fixed assets
87,904
82,402
Equity settled share based payment expense
-
7,058
Movements in working capital:
(Increase)/decrease in stocks
(33,316)
6,474
Increase in debtors
(19,586)
(51,618)
(Decrease)/increase in creditors
(19,482)
75,504
Cash generated from operations
90,022
377,275
PYTHIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
26
Analysis of changes in net funds/(debt) - group
1 June 2023
Cash flows
New finance leases
31 May 2024
£
£
£
£
Cash at bank and in hand
281,781
(84,319)
-
197,462
Borrowings excluding overdrafts
(176,712)
9,183
-
(167,529)
Obligations under finance leases
(57,611)
27,596
(14,990)
(45,005)
47,458
(47,540)
(14,990)
(15,072)
2024-05-312023-06-01falseCCH SoftwareCCH Accounts Production 2024.200J P NaylorC S E TalbotC G 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