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REGISTERED NUMBER: 03865472 (England and Wales)















INFOSPECTRUM LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INFOSPECTRUM LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: T A Swayne
N D Marlin
M J Dell





REGISTERED OFFICE: 60 St Aldates
Oxford
OX1 1ST





REGISTERED NUMBER: 03865472 (England and Wales)





AUDITORS: Mercer Lewin Ltd
Chartered Accountants and Registered Auditors
6-7 Citibase
New Barclay House
234 Botley Road
Oxford
OX2 0HP

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 612,364 518,443
Tangible assets 6 50,921 67,624
Investments 7 1 1
663,286 586,068

CURRENT ASSETS
Debtors 8 1,206,348 1,091,987
Cash at bank and in hand 6,929,039 6,276,586
8,135,387 7,368,573
CREDITORS
Amounts falling due within one year 9 3,158,239 2,581,912
NET CURRENT ASSETS 4,977,148 4,786,661
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,640,434

5,372,729

PROVISIONS FOR LIABILITIES 12,472 16,591
NET ASSETS 5,627,962 5,356,138

CAPITAL AND RESERVES
Called up share capital 246,646 245,255
Share premium 156,010 138,803
Capital redemption reserve 68,750 68,750
Retained earnings 5,156,556 4,903,330
5,627,962 5,356,138

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2025 and were signed on its behalf by:





T A Swayne - Director


INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

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

1. STATUTORY INFORMATION

Infospectrum Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no judgements that are deemed to have had a significant effect on amounts recognised in the financial statements.

TURNOVER
Turnover represents amounts due for subscriptions in respect of the year and is exclusive of Value Added Tax. Where subscriptions are received in advance this is treated as deferred revenue. Deferred income is released to revenue based on the appropriate time proportion of the contract that is relevant.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover is recognised in respect of long-term contracts and contracts for on-going services with reference to the stage of completion.

INTANGIBLE ASSETS
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The intangible assets represent internally generated software development and purchased intellectual property for software projects. These costs are capitalised based on expected future benefits following their introduction in the future. The projects are being amortised over 5 and 10 years.

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

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

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property-20% straight line
Database-33% straight line
Fixtures and Fittings-20% straight line
Office Equipment-33% straight line

INVESTMENTS IN SUBSIDIARIES
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

RESEARCH AND DEVELOPMENT
Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

-It is technically feasible to complete the intangible asset so that it will be available for use or sale;
-There is the intention to complete the intangible asset and use or sell it;
-There is the ability to use or sell the intangible asset;
-The use or sale of the intangible asset will generate probable future economic benefits;
-There are adequate technical, financial and other resources available to complete the
development and to use or sell the intangible asset; and
-The expenditure attributable to the intangible asset during its development can be measured
reliably.

Expenditure that does not meet the above criteria is expensed as incurred. The company does not capitalise labour in respect of these projects.

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

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

IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

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

2. ACCOUNTING POLICIES - continued

PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2023 - 67 ) .

4. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

10,600

10,000

5. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023 784,591
Additions 225,082
At 31 March 2024 1,009,673
AMORTISATION
At 1 April 2023 266,148
Amortisation for year 131,161
At 31 March 2024 397,309
NET BOOK VALUE
At 31 March 2024 612,364
At 31 March 2023 518,443

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

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

6. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 62,152 164,330 62,933 127,784 417,199
Additions - - 3,760 19,937 23,697
Disposals - - - (4,184 ) (4,184 )
At 31 March 2024 62,152 164,330 66,693 143,537 436,712
DEPRECIATION
At 1 April 2023 30,742 164,330 52,902 101,601 349,575
Charge for year 12,271 - 5,632 22,047 39,950
Eliminated on disposal - - - (3,734 ) (3,734 )
At 31 March 2024 43,013 164,330 58,534 119,914 385,791
NET BOOK VALUE
At 31 March 2024 19,139 - 8,159 23,623 50,921
At 31 March 2023 31,410 - 10,031 26,183 67,624

INTELLECTUAL PROPERTY

The directors recognise that the reports prepared and maintained on the database have an ongoing value to the company. The cost of producing these reports has not been capitalised , but in the opinion of the directors the value of the database is considerably in excess of its net book value.

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 866,062 781,585
Other debtors 340,286 310,402
1,206,348 1,091,987

INFOSPECTRUM LTD (REGISTERED NUMBER: 03865472)

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

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 270,014 309,483
Social security and other taxes 153,464 84,615
Payments received in advance
on contracts not yet delivered 2,095,929 1,347,965
Accruals 638,832 839,849
3,158,239 2,581,912

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 83,886 83,886
Between one and five years 98,828 123,143
182,714 207,029

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Paul Swayne (Senior Statutory Auditor)
for and on behalf of Mercer Lewin Ltd

12. SHARE BASED EQUITY PAYMENTS

The company has entered into a share option scheme for employees.

A tranche of the scheme was approved on 23 October 2014 under the EMI provisions schedule 5 ITEPA 2003 with options exercisable between 23 December 2017 and 23 December 2024 at £2.20 per option. At 31 March 2024 there were 6,000 options outstanding (2023: 8,306) including 2,000 (2023: 2,000) to Mr J A Fyvie, a director of the company.

A further additional tranche of the scheme was approved on 7 March 2022 under the EMI provisions schedule 5 ITEPA 2003 with options exercisable between 7 March 2024 and 7 March 2027 at £4.15 per option. At 31 March 2024 there were 21,741 options outstanding (2023: 26,500) including 1,000 to Mr P Panousis (2023:1,000) and 1,000 to Mr J A Fyvie (2023:1,000), both directors of the company.

13. POST BALANCE SHEET EVENTS

On 3 January 2025, the whole of the company's share capital was sold to Swordfish Bidco Limited, a third-party. The impact in the Financial Statements at the year-end would be to recognise an expense in the profit and loss account and a corresponding credit to a share option reserve reflecting a revised uplift in fair value of those share options unexercised at the year end. The value of this adjustment would be £617,286.