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Registered number: 01403177


RESILIENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
RESILIENT LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
G Paterson 
A Lamb 
C Drake 
J Melling 




COMPANY SECRETARY
R Low



REGISTERED NUMBER
01403177



REGISTERED OFFICE
25-27 Shaftesbury Avenue

London

W1D 7EQ




INDEPENDENT AUDITORS
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




BANKERS
National Westminster Bank Plc
65 Piccadilly

London

W1A 2PP





 
RESILIENT LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 29


 
RESILIENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

INTRODUCTION
 
The directors present their report and financial statements for the year ended 30 September 2024.
What we do
The Company has achieved a leading position in the rapidly growing Fraud Detection and Caller Authentication market in the Cloud Contact Centre market. Its Protect software provides immediate benefits in catching fraudsters, saving time, and improving customer experience.
Smartnumbers (trading name of Resilient Limited) has carved out a unique position in the market as a software company with a telecommunications pedigree. Smartnumbers’ platform uses telephony signalling and patented machine learning technology to authenticate callers and detect fraudsters in real-time.
Well positioned for growth
The company has substantially extended its market reach during the year. In the past, it has relied on BT, with an addressable market of over 500 contact centres in financial services worldwide. The company has now extended its reach by signing resellers such as AWS and Genesys, who command a global leadership position in the CCaaS (Contact Centre as a Service) market. The company in addition, has signed global and regional agreements with specialists in the CCaaS market, such as Microsoft (Nuance) and CGI.
Smartnumbers also believes that its real-time fraud consortium database of known fraudsters, which enables customers to share intelligence in real-time, creates a network effect for the service.
High-quality revenue
Smartnumbers’ business model continues to deliver high-quality revenue streams, with 98% recurring revenue and contracts up to 5 years, as more large and mid-sized organisations deploy and extend the use of its services. Customers are large, well-funded organisations that make long-term commitments, such as those in Finance, Insurance, and Telecommunications. The Company’s KPIs are focused on Protect ARR growth (target 50% p.a.)  and Profit (target 20% of revenue) as well as Gross Margin (target 85%). The Company writes off all development as a current expenditure.
Progress on business scalability 
The company further improved the efficiency of its operations, allowing for more effective scaling. The company has now completed the migration to Amazon Web Services, providing it with the capability to deploy globally, which many large banks demand, providing a competitive advantage.  Ongoing commitment to the continuous improvement of Information Security allowed the company to ensure complete GDPR (DPA2018) compliance and achieve 'ISO/IEC 27001:2022' and ‘ISO 9001:2015’ recertifications, in addition to the existing 'Cyber Essentials Plus’ certification.

Continuing investment in People
The company has a fully developed hiring plan to support Smartnumbers' growth plans. The company continued to pursue policies to retain and upskill staff and attract increasingly qualified people, especially in AI and Machine Learning. The company has achieved ‘Investors in People’ Platinum accreditation, placing it in the top 3% of accredited companies. 
Prudent financial management
The directors will continue a conservative management policy, identifying and monitoring risk while ensuring suitable levels of liquidity. 

Page 1

 
RESILIENT LIMITED
 

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

Results

The results for the year are set out on page 10.
Overview for the year:

2024
2023
Change
       £'m
       £'m
Revenue


12.5

12.5
 
0%
 
Gross profit


10.6

9.1
 
17%
 
ARR (1)


9.3

9.5
 
-2.5%
 
Protect ARR (2)


4.7

4.0
 
18%
 

(1) ARR is the annual recurring revenue of all contract billing and contractually committed at the end of the period.
(2) Protect ARR is included within ARR and is the leading growth proposition.
In the current financial year, the company has implemented a reclassification of expenses to improve the clarity of its financial reporting. All non-customer related fixed expenses have been reallocated from Cost of Sales to Administrative Expenses. This change does not impact the overall financial performance of the business but aims to provide a more accurate representation of the costs directly associated with generating revenue. Customer-related variable expenses remain classified under Cost of Sales. 

Section 172 Statement
 
We, as Directors of the Company, uphold the professional conduct and obligations as outlined under section 172(1) of the Companies Act 2006 ('Section 172'). Giving our compliance to this code of conduct, we as Directors, act in a way that we consider to most likely to promote the success of the company for the benefit of its owners. Our commitment to uphold such professional integrity encompasses the following factors (amongst many other considerations): 

The likely consequences of any decision in the long term

Consideration of the consequences of any decision in both the short, medium and long term is duly considered as part of the decision-making process.

The interests of the Company's employees

We strive to create a workplace using appropriate labour practices. We are committed to complying with applicable laws, including labour and employment laws, in all areas of operation. We believe it is everyone’s right to earn a living wage through freely chosen work, and we believe in having a diverse workforce and in fostering a safe, healthy, and positive workplace environment for them.

Page 2

 
RESILIENT LIMITED
 

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

Key Initiatives

Equal Employment Opportunity
Our Company is committed to the principles of equal employment, including complying with all federal, state, and local laws providing Equal Employment Opportunities (EEO), and all other employment laws and regulations.
Compensation Philosophy:
We provide compensation solutions across all business units that attract, retain, reward, and motivate the best performers. Compensation packages are aligned with market trends to be competitive and equitable in total compensation versus base salary alone.
Employee Benefits:
We offer a full suite of health and welfare, and employment benefits that are designed to deliver quality care and options to our employees and their families.
Safe and Healthy Workplace:
We value the safety of our employees and provide a safe and healthy workplace for them, compliant with applicable safety and health laws, regulations, and policies.

The need to foster the Company's business relationships with suppliers, customers, and others

Our customers are at the heart of everything we do.  As a result, the relationships with our customers and our suppliers are very important. We have nominated responsibility within each of our trading divisions who maintain our supplier relationships.

The impact of the Company's operations on the community and the environment

The impact of our operations on the community and the environment is very important to us and that is why we regularly review our processes and procedures to seek continual improvements in this respect.  
 
At our offices, we promote waste reduction, the conservation of water and energy, and movement towards a paperless workplace. We purchase sustainable recyclable supplies and comply with all energy conservation and recycling programs required by our local municipalities, such as:
 
Separating recyclables such as bottles, plastics and paper from other trash and food waste.
Our office and IT equipment as well as our appliances are ENERGY STAR rated. Office equipment goes into sleep mode when inactive.
 
The desirability of the Company maintaining a reputation for high standards of business conduct

Our Company core values set out the values that are a fundamental part in how we deliver our mission.  Our core values include communicating honestly and openly in our interactions and set the standard for how we maintain high standards of business conduct.


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



G Paterson
Director

Date: 10 March 2025

Page 3

 
RESILIENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

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 judgements 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.

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.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £659,894 (2023 - loss £1,908,829).

The Company paid a dividend of £nil (2023: £nil) during the year. No dividends have been declared post year-end (2023: £nil).

DIRECTORS

The directors who served during the year were:

G Paterson 
A Lamb 
A Anand (resigned 31 January 2024)
C Drake 
A Jackson (resigned 1 March 2024)
J Melling 
H Surani (resigned 1 March 2024)

POLITICAL CONTRIBUTIONS AND CHARITABLE DONATIONS

During the year, the Company made political contributions of £nil (2023: £nil) and charitable donations of £nil (2023: £220).

Page 4

 
RESILIENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FUTURE DEVELOPMENTS

Future developments have been discussed in the Strategic Report.

RESEARCH AND DEVELOPMENT ACTIVITIES

Research and development activities have been discussed in the Strategic Report.

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.

POST BALANCE SHEET EVENTS

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

AUDITORS

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





G Paterson
Director

Date: 10 March 2025

Page 5

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

OPINION


We have audited the financial statements of Resilient Limited (the 'Company') for the year ended 30 September 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 September 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.
In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the company's ability to continue as a going concern. Whilst the Company reported a loss of £659,894 for the year ended 30 Septmeber 2024, the company's current assests exceeded its current liabilities resulting in Net assets of £1,776,319 we draw your attention to Note 2.2.


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.


Page 6

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


OTHER INFORMATION


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


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 4, 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.


Page 7

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


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
 
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements. Based on the nature of the Company's activities we identified the following areas as those most likely to have such an effect: Ofcom regulations, data protection laws, anti-bribery, money laundering and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
 



Page 8

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


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.


USE OF OUR REPORT
 

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





Ian Palmer FCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants & Statutory Auditors
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

10 March 2025
Page 9

 
RESILIENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,483,698
12,473,465

Cost of sales
  
(1,902,643)
(3,398,821)

Gross profit
  
10,581,055
9,074,644

Administrative expenses
  
(12,036,618)
(10,891,685)

Operating loss
 5 
(1,455,563)
(1,817,041)

Interest receivable and similar income
 9 
14,167
19,566

Interest payable and similar expenses
 10 
(14,753)
(5,556)

Loss before tax
  
(1,456,149)
(1,803,031)

Tax on loss
 11 
796,255
(105,798)

Loss for the financial year
  
(659,894)
(1,908,829)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 15 to 29 form part of these financial statements.

Page 10

 
RESILIENT LIMITED
REGISTERED NUMBER: 01403177

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
8,252
12,938

Tangible assets
 13 
51,268
104,810

Investments
 14 
8,000
8,000

  
67,520
125,748

Current assets
  

Debtors: amounts falling due within one year
 15 
6,055,856
7,045,573

Cash at bank and in hand
 16 
33
833,275

  
6,055,889
7,878,848

Creditors: amounts falling due within one year
 17 
(4,346,224)
(5,557,246)

Net current assets
  
 
 
1,709,665
 
 
2,321,602

Total assets less current liabilities
  
1,777,185
2,447,350

Creditors: amounts falling due after more than one year
 18 
(866)
(11,137)

  

Net assets
  
1,776,319
2,436,213


Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Share premium account
 22 
95,820
95,820

Profit and loss account
 22 
1,630,499
2,290,393

  
1,776,319
2,436,213


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Paterson
Director

Date: 10 March 2025

The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
RESILIENT LIMITED
 

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


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

£
£
£
£

At 1 October 2022
50,000
95,820
4,199,222
4,345,042



Loss for the year
-
-
(1,908,829)
(1,908,829)


At 1 October 2023
50,000
95,820
2,290,393
2,436,213



Loss for the year
-
-
(659,894)
(659,894)


At 30 September 2024
50,000
95,820
1,630,499
1,776,319


The notes on pages 15 to 29 form part of these financial statements.

Page 12

 
RESILIENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(659,894)
(1,908,829)

Adjustments for:

Amortisation of intangible assets
4,687
6,496

Depreciation of tangible assets
64,487
168,430

Interest paid
14,753
5,556

Interest received
(14,167)
(19,566)

Taxation charge
(796,255)
105,798

Decrease/(increase) in debtors
1,026,336
(1,234,698)

(Decrease)/increase in creditors
(995,395)
227,516

(Decrease) in amounts owed to groups
(222,161)
(434,541)

Corporation tax received
759,635
1,619,580

Net cash generated from operating activities

(817,974)
(1,464,258)


Cash flows from investing activities

Purchase of tangible fixed assets
(10,945)
(21,420)

Interest received
14,167
19,566

HP interest paid
(14,753)
(5,556)

Net cash from investing activities

(11,531)
(7,410)

Cash flows from financing activities

Repayment of/new finance leases
(30,554)
(43,837)

Net cash used in financing activities
(30,554)
(43,837)

Net (decrease) in cash and cash equivalents
(860,059)
(1,515,505)

Cash and cash equivalents at beginning of year
833,275
2,348,780

Cash and cash equivalents at the end of year
(26,784)
833,275


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
33
833,275

Bank overdrafts
(26,817)
-

(26,784)
833,275


Page 13

 
RESILIENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

833,275

(833,242)

33

Bank overdrafts

-

(26,817)

(26,817)

Debt due within 1 year

(18,794)

(1,057)

(19,851)

Finance leases

(41,694)

30,554

(11,140)


772,787
(830,562)
(57,775)

The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

Resilient Limited is a private company incorporated in England and Wales, United Kingdom.
The address of the registered office is given in the Company Information page of these financial statements.
The nature of the Company's operations and principal activities is recorded in the Strategic Report 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 judgement in applying the Company's accounting policies (see note 3).

 
2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis.
Resilient Holdings Limited has given guarantees to provide finanical support should Resilient Plc need this to meet its liabilities as and when they fall. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
In an event of the company not been able to meet its finanical liabalities the parent company would provide financal support to contiune for the foreseeable future for a minimum of 12 months from the date of approval of these accounts . 

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Page 15

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties.
Revenues from subscriptions are recorded as deferred revenue initially and subsequently recognised as revenue in the period that they relate to. Revenues from connections, telephony and professional services are recognised in the period in which the service is provided.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

SALE AND LEASEBACK

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

 
2.8

INTEREST INCOME

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

Page 16

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.10

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.

 
2.11

BORROWING COSTS

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

 
2.12

PENSIONS

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.

Page 17

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

CURRENT AND DEFERRED TAXATION

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

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

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

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


  
2.14

RESEARCH AND DEVELOPMENT

Development costs are expensed in the period in which they are incurred. The tax benefit is claimed in the same financial period.

 
2.15

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.

 The estimated useful lives range as follows:

Domain name
-
10
years
IPv4
-
10
years

 
2.16

TANGIBLE FIXED ASSETS

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

Page 18

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.16
TANGIBLE FIXED ASSETS (continued)

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

Depreciation is provided on the following basis:

Plant and machinery
-
3-5 years
Motor vehicles
-
5 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.

 
2.17

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.18

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.20

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.

 
2.21

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 19

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.22

FINANCIAL INSTRUMENTS

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 other third parties, loans to related parties and investments in ordinary shares.



3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company'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 recognised 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 revision and future periods where the revision affects both current and future periods.
Key judgements made include the allocation of costs between cost of sales and administrative costs.
Other accounting estimates includes the depreciation and amortisation rates used for fixed assets & provisions for credit notes and rebates. Other judgements made includes the considerations for impairment of fixed and intangible assets.


4.


TURNOVER

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


2024
2023
£
£

Sales - United Kingdom
12,483,698
12,473,465


All turnover arose within the United Kingdom.

Page 20

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


OPERATING LOSS

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
64,487
168,430

Amortisation of intangible assets, including goodwill
4,686
6,496

Exchange differences
1,424
16,325

Defined contribution pension cost
258,135
202,719


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
24,000
25,000


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
7,154,198
7,355,525

Social security costs
881,099
974,334

Cost of defined contribution scheme
258,135
202,719

8,293,432
8,532,578


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


        2024
        2023
            No.
            No.







Sales and marketing
7
11



Operations
22
25



Product
6
10



Development
24
29



Administration (including Finance and HR)
15
9

74
84

Page 21

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
795,165
1,024,075

Company contributions to defined contribution pension schemes
8,335
-

Compensation for loss of office
63,000
-

866,500
1,024,075


During the year retirement benefits were accruing to 2 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £318,460 (2023 - £233,555).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,826 (2023 - £1,321).

The total accrued pension provision of the highest paid director at 30 September 2024 amounted to £319 (2023 - £110).


9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
14,167
19,566


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Finance leases and hire purchase contracts
14,753
5,556

Page 22

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


TAXATION


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(6,794)

R&D Tax Credit
(759,636)
(1,619,580)


Total current tax
(759,636)
(1,626,374)

Deferred tax


Origination and reversal of timing differences
(36,619)
1,713,262

Adjustments in respect of prior periods
-
18,910

Total deferred tax
(36,619)
1,732,172


Taxation on (loss)/profit on ordinary activities
(796,255)
105,798

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is the same as the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,456,149)
(1,803,031)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(364,037)
(450,758)

Effects of:


Fixed asset differences
-
(1,605)

Expenses not deductible for tax purposes
12,416
1,070

Capital allowances for year in excess of depreciation
-
48

Adjustments to brought forward values
-
18,910

Adjustments to tax charge in respect of prior periods
-
(6,793)

Remeasurement of deferred tax for changes in tax rates
-
(54,009)

Movement in deferred tax not recognised
(4,521)
2,164,572

R&D tax credit
(759,636)
(1,619,580)

Group relief
319,523
-

Marginal relief
-
53,943

Total tax charge for the year
(796,255)
105,798

Page 23

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


12.


INTANGIBLE ASSETS




Domain name

£



Cost


At 1 October 2023
64,960



At 30 September 2024

64,960



Amortisation


At 1 October 2023
52,022


Charge for the year on owned assets
4,686



At 30 September 2024

56,708



Net book value



At 30 September 2024
8,252



At 30 September 2023
12,938



Page 24

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Total

£
£
£



COST


At 1 October 2023
2,652,101
80,400
2,732,501


Additions
10,945
-
10,945



At 30 September 2024

2,663,046
80,400
2,743,446



Depreciation


At 1 October 2023
2,553,232
74,459
2,627,691


Charge for the year on owned assets
58,546
5,941
64,487



At 30 September 2024

2,611,778
80,400
2,692,178



Net book value



At 30 September 2024
51,268
-
51,268



At 30 September 2023
98,869
5,941
104,810

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:




14.


FIXED ASSET INVESTMENTS





Unlisted investments

£



COST


At 1 October 2023
8,000



At 30 September 2024
8,000




Page 25

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


DEBTORS

2024
2023
£
£


Trade debtors
2,797,867
2,958,081

Other debtors
35,814
773,603

Prepayments and accrued income
660,124
788,457

Deferred taxation
2,562,051
2,525,432

6,055,856
7,045,573



16.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
33
833,275

Less: bank overdrafts
(26,817)
-





17.


CREDITORS: Amounts falling due within one year



2024
2023
£
£

Bank overdrafts
26,817
-

Trade creditors
328,056
501,658

Amounts owed to group undertakings
1,435,319
1,657,480

Corporation tax
335
156

Other taxation and social security
223,746
483,537

Obligations under finance lease and hire purchase contracts
10,274
30,557

Other creditors
60,147
282,839

Accruals and deferred income
2,261,530
2,601,019

4,346,224
5,557,246


National Westminster Bank PLC holds a fixed and floating charge, containing a negative pledge, over
the company's assets.

Page 26

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
866
11,137



19.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
10,274
30,557

Between 1-5 years
866
11,137

11,140
41,694


20.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
2,525,432
4,257,604


Charged to profit or loss
36,619
(1,732,172)



At end of year
2,562,051
2,525,432

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
83,148
71,012

Short term timing differences
5,485
3,376

Losses and other deductions
2,473,418
2,451,044

2,562,051
2,525,432

Page 27

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



5,000,000 (2023 - 5,000,000) Ordinary shares of £0.01 each
50,000
50,000



22.


RESERVES

Share premium account

Includes any premiums received on issue of share capital. Any transactions costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior period retained profits and losses.


23.


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 £258,135 (2023 - £202,719). 
Contributions totalling to £27,249 (2023 - £25,498) were payable to the fund at Statement of Financial Position date and are included in other creditors.


24.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 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
281,137
300,049

Later than 1 year and not later than 5 years
136,499
146,642

417,636
446,691

Page 28

 
RESILIENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


RELATED PARTY TRANSACTIONS

During the year, the Company received net payments of £1,058 (2023: £13,241) from G Paterson, a director of the Company. At the year end, the Company owed £19,851 (2023: £18,794) to G Paterson.
During the year, the Company had transactions with A Lamb, a director of the Company. Interest at a rate of 2.25% (2023: 2.00%) totalling £530 (2023: £462) was charged to the loan account. At the year end the Company was owed £24,073 (2023: £23,543) by A Lamb.
During the year, the Company was repaid £54 from A Anand, a previous director of the Company. At the year end, the Company was owed £nil (2023: £54) from A Anand.
The Company has taken the exemption available to not disclose transactions within the year between wholly owned subsidiaries. At the year end, the Company owed £1,435,319 (2023: £1,657,480) to Resilient (Holdings) Plc, the parent entity.


26.


CONTROLLING PARTY

G Paterson, the director of the company, is the ultimate controlling party by virtue of his shareholding in the parent company, Resilient (Holdings) Limited.
Resilient (Holdings) Limited has the same registered office address as given in the Company Information page of these financial statements. Resilient (Holdings) Limited's consolidated accounts are available upon request from Companies House, Crown Way, Cardiff, CF14 3VZ.

Page 29