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Company No: 07617704 (England and Wales)

BLACKDOT SOLUTIONS LTD.

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

BLACKDOT SOLUTIONS LTD.

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

BLACKDOT SOLUTIONS LTD.

COMPANY INFORMATION

For the financial year ended 31 August 2024
BLACKDOT SOLUTIONS LTD.

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2024
DIRECTORS A F de Courcy Ling
S D O'Mahony
REGISTERED OFFICE Viola House
Maris Lane
Trumpington
Cambridge
CB2 9LG
United Kingdom
COMPANY NUMBER 07617704 (England and Wales)
ACCOUNTANT Evelyn Partners (East) LLP
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
BLACKDOT SOLUTIONS LTD.

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
BLACKDOT SOLUTIONS LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 26,983 54,868
26,983 54,868
Current assets
Debtors 5 1,239,313 939,688
Cash at bank and in hand 501,432 624,247
1,740,745 1,563,935
Creditors: amounts falling due within one year 6 ( 4,298,916) ( 2,997,149)
Net current liabilities (2,558,171) (1,433,214)
Total assets less current liabilities (2,531,188) (1,378,346)
Creditors: amounts falling due after more than one year 7 ( 235,260) ( 593,144)
Net liabilities ( 2,766,448) ( 1,971,490)
Capital and reserves
Called-up share capital 8 880 880
Share premium account 4,070,602 4,070,602
Other reserves 119,026 62,063
Profit and loss account ( 6,956,956 ) ( 6,105,035 )
Total shareholders' deficit ( 2,766,448) ( 1,971,490)

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Blackdot Solutions Ltd. (registered number: 07617704) were approved and authorised for issue by the Board of Directors on 28 February 2025. They were signed on its behalf by:

A F de Courcy Ling
Director
BLACKDOT SOLUTIONS LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
BLACKDOT SOLUTIONS LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Blackdot Solutions Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Viola House, Maris Lane, Trumpington , Cambridge, CB2 9LG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Blackdot Solutions Ltd. is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The Company continued to be loss making during the year and had net current liabilities of £2,558,171 (2023: £1,433,214) and net liabilities of £2,766,448 (2023: £1,971,490).

The Company chooses not to capitalise research and development and therefore does not include any asset value for its proprietary software product, Videris. Income from licensing Videris makes up substantially all of the Company’s revenue. Further, included in creditors is £3,265,180 (2023: £3,177,857) of deferred income relating to future accounting periods.

The Company also continues to attract outside investment and in January 2025 completed the issue of £4.43m in new primary equity to investors led by funds managed by Maven Capital Partners UK LLP.

As with any business, the Company relies upon the availability of working capital and generation of profits and cash in future to meet its liabilities as they fall due. The Company is reliant on the ongoing support from its shareholders, which the directors have confirmed.

As a result, the directors are confident that the Company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.

Turnover

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, excluding discounts, rebates, value added tax and other sales taxes.

Share-based payment

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.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. 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 when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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.

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 42 46

3. Share-based payments

Equity-settled share-based payment schemes

During the 2024 financial year the Company granted EMI options over A shares. The options granted are exercisable on an exit event or at management's discretion in exceptional circumstances.

Details of the share options outstanding during the financial year are as follows:

2024 2023
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 13,775 50.25 14,525 49.26
Granted during the period 3,595 111.09 525 75.00
Forfeited during the period ( 885) 48.73 ( 1,275) 38.53
Outstanding at the end of the period 16,485 63.30 13,775 50.25
Exercisable at the end of the period 440 22.16 0 0

The fair value of the share options at the grant date was calculated with reference to a funding round shortly before the issue and has been approved by HMRC.

The options normally only become exercisable in the event of an exit, however, management are able to exercise discretion in respect of this clause and have done so in respect of 440 options during the year.

The Company recognised total expenses of £ 0 and £ 0 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 September 2023 46,713 174,215 220,928
Additions 0 5,979 5,979
Disposals ( 4,688) ( 81,667) ( 86,355)
At 31 August 2024 42,025 98,527 140,552
Accumulated depreciation
At 01 September 2023 46,331 119,729 166,060
Charge for the financial year 232 30,602 30,834
Disposals ( 4,688) ( 78,637) ( 83,325)
At 31 August 2024 41,875 71,694 113,569
Net book value
At 31 August 2024 150 26,833 26,983
At 31 August 2023 382 54,486 54,868

5. Debtors

2024 2023
£ £
Trade debtors 843,656 141,058
Prepayments and accrued income 164,125 321,792
VAT recoverable 0 29,124
Corporation tax 230,402 445,609
Other debtors 1,130 2,105
1,239,313 939,688

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 163,160 98,860
Amounts owed to directors 211 226
Other loans 737,395 92,754
Accruals and deferred income 3,192,848 2,640,976
Other taxation and social security 186,748 128,220
Other creditors 8,554 26,113
4,298,916 2,997,149

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,833 20,833
Other loans 52,000 0
Accruals and deferred income 172,427 572,311
235,260 593,144

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
84,918 A ordinary shares of £ 0.01 each 849 849
3,095 Deferred ordinary shares of £ 0.01 each 31 31
880 880

9. Financial commitments

Commitments

The Company leases the premises from which it operates. The lease agreement expired on 10 August 2023 and since this date the Company has continued as a tenant at will. Discussions with the landlord regarding the renewal of the lease agreement for a period of 5 years are ongoing and expected to be completed shortly.

10. Related party transactions

Included within other creditors is balance of £211 (2023: £226) owed to directors. This balance is unsecured and interest free.

11. Loans

Analysis of the maturity of loans is given below

2024 2023
£ £
Bank loans falling due in 1-2 years (10,000) (10,000)
Bank loans falling due in 2-5 years (833) (10,833)
(10,833) (20,833)