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Registered number: 08233891


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

 
RESILIENT (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
G Paterson 
G Lewis 
A Lamb 
J Melling 




Company secretary
R Low



Registered number
08233891



Registered office
25-27 Shaftesbury Avenue

London

W1D 7EQ




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




Bankers
National Westminster Bank Plc
65 Piccadilly

London

W1A 2PP





 
RESILIENT (HOLDINGS) LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 4
Directors' Report
5 - 6
Independent Auditors' Report
7 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Statement of Financial Position
12
Company Statement of Financial Position
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 37


 
RESILIENT (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and financial statements for the year ending 30 September 2024.
What we do
The Group has achieved a leading position in the rapidly growing Fraud Detection and Caller Authentication market in the Cloud Contact Centre. Its Protect software provides immediate benefits in catching fraudsters, saving time, and improving customer experience.
As a software group with a telecommunications pedigree, Smartnumbers (trading name of Resilient Limited) has carved out a unique position in the market. Its platform uses telephony signalling and patented machine learning technology to authenticate callers and detect fraudsters in real-time.
.
Well positioned for growth
The group has substantially extended its market reach during the year. In the past, it relied on BT, which has an addressable market of over 500 contact centres in financial services worldwide. The group 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. In addition, the group 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 Group’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 Group writes off all development as a current expenditure.
Progress on scalability 
The group further improved its operations, allowing for more effective scaling. The group has now completed the migration to Amazon Web Services, providing it with the capability to deploy globally, which many large banks demand, and providing a competitive advantage.  Ongoing commitment to the continuous improvement of Information Security allowed the group to ensure complete GDPR (DPA2018) compliance and achieve 'ISO/IEC 27001:2013' and ‘ISO 9001:2022’ recertifications, in addition to the existing 'Cyber Essentials Plus’ certification.

Page 1

 
RESILIENT (HOLDINGS) LIMITED
 

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

Continuing investment in People
 
The group has a fully developed hiring plan to support Smartnumbers' growth plans. The group continued to pursue policies to retain and upskill staff and attract increasingly qualified people, especially in AI and Machine Learning. The group 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 policy of management, identifying and monitoring risk while ensuring suitable levels of liquidity. 
Results 
The results for the year are set out on page 10.
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. 

Results

The results for the year are set out on page 11.
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 group 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.

Page 2

 
RESILIENT (HOLDINGS) LIMITED
 

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

Section 172 Statement
 
We, as Directors of the Group, 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 Group'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.

Key Initiatives

Equal Employment Opportunity
Our Group 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 Group'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. 

Page 3

 
RESILIENT (HOLDINGS) LIMITED
 

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

The impact of the Group'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 Group maintaining a reputation for high standards of business conduct

Our Group 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 4

 
RESILIENT (HOLDINGS) 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £197,266 (2023 - loss £1,558,167).

Dividends of £803,000 (2023: £303,000) were paid during the financial year.

Directors

The directors who served during the year were:

G Paterson 
G Lewis 
A Lamb 
J Melling 

Political contributions and charitable donations

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

Future developments

Future developments have been discussed in the Strategic Report.

Page 5

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

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group 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 6

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

Opinion


We have audited the financial statements of Resilient (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's 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 Group 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 forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the Group's and the parent Company's ability to continue as a going concern. Whilst the Group reported a profit, Resilient Limited reported a loss for the year ended 30 September 2024 and as at that date, the Group and parent Company's current assets exceeded its current liabilities. 
The financial statements do not include any adjustments that would result from a failure to continue as a 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 or the 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.


Page 7

 
RESILIENT (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESILIENT (HOLDINGS) 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 8

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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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 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.
 
Page 9

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



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.


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 Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

10 March 2025
Page 10

 
RESILIENT (HOLDINGS) LIMITED
 
 
CONSOLIDATED 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
  
(12,379,542)
(11,124,873)

Fair value movements
  
-
285,205

Operating loss
 5 
(1,798,487)
(1,765,024)

Income from fixed assets investments
  
274,179
169,456

Amounts written off investments
  
927,523
120,292

Interest receivable and similar income
 11 
14,167
27,093

Interest payable and similar expenses
 12 
(14,753)
(5,556)

Loss before taxation
  
(597,371)
(1,453,739)

Tax on loss
 13 
794,637
(104,428)

Profit/(loss) for the financial year
  
197,266
(1,558,167)

  

Other comprehensive income
  
55,754
2,217

Other comprehensive income for the year
  
55,754
2,217

Total comprehensive income for the year
  
253,020
(1,555,950)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
197,266
(1,558,167)

  
197,266
(1,558,167)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
253,020
(1,555,950)

  
253,020
(1,555,950)

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

The notes on pages 19 to 37 form part of these financial statements.

Page 11

 
RESILIENT (HOLDINGS) LIMITED
REGISTERED NUMBER: 08233891

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 16 
8,252
12,938

Tangible assets
 17 
51,268
104,810

Investments
 18 
38,000
9,521,889

  
97,520
9,639,637

Current assets
  

Debtors: amounts falling due within one year
 19 
6,055,858
7,124,269

Cash at bank and in hand
 20 
10,055,796
1,055,019

  
16,111,654
8,179,288

Creditors: amounts falling due within one year
 21 
(2,932,455)
(3,981,955)

Net current assets
  
 
 
13,179,199
 
 
4,197,333

Total assets less current liabilities
  
13,276,719
13,836,970

Creditors: amounts falling due after more than one year
 22 
(866)
(11,137)

Net assets
  
13,275,853
13,825,833


Capital and reserves
  

Called up share capital 
 25 
50,500
50,500

Share premium account
 26 
159,820
159,820

Capital redemption reserve
 26 
2,000
2,000

Profit and loss account
 26 
13,063,533
13,613,513

  
13,275,853
13,825,833


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

Page 12

 
RESILIENT (HOLDINGS) LIMITED
REGISTERED NUMBER: 08233891

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 18 
80,001
9,563,890

Current assets
  

Debtors: amounts falling due within one year
 19 
1,435,322
1,660,537

Cash at bank and in hand
 20 
10,055,763
221,744

  
11,491,085
1,882,281

Creditors: amounts falling due within one year
 21 
(21,551)
(6,551)

Net current assets
  
 
 
11,469,534
 
 
1,875,730

Total assets less current liabilities
  
11,549,535
11,439,620

  

  

Net assets
  
11,549,535
11,439,620


Capital and reserves
  

Called up share capital 
 25 
50,500
50,500

Share premium account
 26 
64,000
64,000

Capital redemption reserve
 26 
2,000
2,000

Profit and loss account
 26 
11,433,035
11,323,120

  
11,549,535
11,439,620


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

Page 13

 
RESILIENT (HOLDINGS) LIMITED
 

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


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

£
£
£
£
£


At 1 October 2022
50,500
159,820
2,000
15,472,463
15,684,783



Loss for the year
-
-
-
(1,558,167)
(1,558,167)

Share based payment
-
-
-
2,217
2,217

Dividends: Equity capital
-
-
-
(303,000)
(303,000)



At 1 October 2023
50,500
159,820
2,000
13,613,513
13,825,833



Profit for the year
-
-
-
197,266
197,266

Share based payments
-
-
-
55,754
55,754

Dividends: Equity capital
-
-
-
(803,000)
(803,000)


At 30 September 2024
50,500
159,820
2,000
13,063,533
13,275,853


The notes on pages 19 to 37 form part of these financial statements.

Page 14

 
RESILIENT (HOLDINGS) LIMITED
 

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


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

£
£
£
£
£


At 1 October 2022
50,500
64,000
2,000
11,273,241
11,389,741



Profit for the year
-
-
-
350,662
350,662

Share based payments
-
-
-
2,217
2,217

Dividends: Equity capital
-
-
-
(303,000)
(303,000)



At 1 October 2023
50,500
64,000
2,000
11,323,120
11,439,620



Profit for the year
-
-
-
857,161
857,161

Share based payments
-
-
-
55,754
55,754

Dividends: Equity capital
-
-
-
(803,000)
(803,000)


At 30 September 2024
50,500
64,000
2,000
11,433,035
11,549,535


The notes on pages 19 to 37 form part of these financial statements.

Page 15

 
RESILIENT (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
197,266
(1,558,167)

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)
(196,549)

Income from fixed asset investments
(215,546)
-

Taxation charge
(794,637)
68,798

Decrease in debtors
1,029,391
1,856,627

Increase in amounts owed to groups
-
75,639

(Decrease) in creditors
(980,395)
(154,862)

Net fair value losses/(gains) recognised in P&L
-
(285,205)

Profit on disposal of investments
(927,523)
-

Corporation tax received/(paid)
759,635
(1,611,260)

Net cash generated from operating activities

(862,049)
(1,624,497)


Cash flows from investing activities

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

Purchase of listed investments
(6,328,353)
(1,929,554)

Sale of listed investments
16,739,765
1,554,086

Interest received
14,167
27,093

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

Income from investments
148,075
28,676

Dividends received
126,104
140,780

Foreign exchange
(4,497)
-

Net cash from investing activities

10,669,563
(205,895)

Cash flows from financing activities

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

Dividends paid
(803,000)
(303,000)

Net cash used in financing activities
(833,554)
(346,837)

Net increase/(decrease) in cash and cash equivalents
8,973,960
(2,177,229)

Cash and cash equivalents at beginning of year
1,055,019
3,232,248

Cash and cash equivalents at the end of year
10,028,979
1,055,019


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,055,796
1,055,019
Page 16

 
RESILIENT (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£


Bank overdrafts
(26,817)
-

10,028,979
1,055,019


The notes on pages 19 to 37 form part of these financial statements.

Page 17

 
RESILIENT (HOLDINGS) LIMITED
 

CONSOLIDATED 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

1,055,019

9,000,777

10,055,796

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)


994,531
9,003,457
9,997,988

The notes on pages 19 to 37 form part of these financial statements.

Page 18

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

1.


General information

Resilient (Holdings) Limited is a private company incorporated in England & Wales, United Kingdom.
The address of the registered office is given in the Company Information page of these financial statements.
The nature of the Group'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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

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

2.Accounting policies (continued)

 
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.

 
2.4

Revenue

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 Group 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 Group 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.

Page 20

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

2.Accounting policies (continued)

 
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.

 
2.9

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.

 
2.10

Borrowing costs

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

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

  
2.12

Share-based payments

The Company has issued share options to certain directors and employees. These must be measured at fair value and recognised as an expense in the profit and loss account with a corresponding increase in equity. The fair value of the options was estimated at the date of grant using Black-Scholes option-pricing model. The fair value will be charged as an expense in the profit and loss account over the vesting period. The change is adjusted each year to reflect the expected and actual level of vesting.

Page 21

 
RESILIENT (HOLDINGS) 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

Page 22

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

2.Accounting policies (continued)

 
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.

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 subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group 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 Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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 Consolidated 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 Group's cash management.

Page 23

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

2.Accounting policies (continued)

 
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.

 
2.22

Financial instruments

The Group 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.


 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies 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 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.

Page 24

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

4.


Turnover

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


2024
2023
£
£

Subscriptions, telephony and other revenue
12,483,698
12,473,465


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
64,487
168,430

Exchange differences
1,424
16,325

Amortisation of intangibles assets
16,541
6,496

Defined contribution pension costs
258,135
202,719


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
24,000
25,000

Page 25

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

7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
7,399,573
7,506,903
190,754
151,378

Social security costs
898,196
974,334
17,097
-

Cost of defined contribution scheme
258,135
202,719
-
-

8,555,904
8,683,956
207,851
151,378


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



Adiministration (including Finance and HR)
15
9

74
84


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
451,000
1,173,236

Group contributions to defined contribution pension schemes
3,826
-


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

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

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3826 (2023 - £1,321).

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

Page 26

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

9.


Share based payments

During the year to 30 September 2024 the Company had share-based payment arrangements. 809,000 Options were granted during the year with a contractual life of 10 years.
The Company has applied the provisions of Financial Reporting Standard 102 to these grants and estimated a charge to the group salary costs as described below:
No share options were exercised during the year. 165,000 (2023: Nil) share options were cancelled during the year. At the year end, 1,428,500 (2023: 787,000) share options were outstanding.
The fair value of options granted during the year amounted to £55,754 (2023: £2,217).
The fair values were calculated using the Black-Scholes option pricing model. 
Inputs into the model were as follows:
          
Grant 2024
Share price         £0.75
Exercise price        £0.75
Expected vesting period (years)      2 years
Expected volatility        42%
Expected life (years)       1 years
Risk free rate        4.39%
Expected dividends expressed as a dividend yield   0%

The expected volatility has been estimated following the guidance of Financial Reporting Standard 102 for unlisted companies: a suitable group of peer technology companies listed on an European exchange has been used to estimate volatility on a term comparable with the assumed option life of each grant.
The risk free rate of return is the estimated yield on zero-coupon Bank of England bonds of a term comparable with the assumed option life.
The Company recognised a total charge of £55,754 (2023: £2,217) relating to equity-settled share based payment transactions during the year.      



10.


Income from investments

2024
2023
£
£

Income from fixed asset investments
148,075
28,676


Income from current asset investments
126,104
140,780




Page 27

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

11.


Interest receivable

2024
2023
£
£


Other interest receivable
14,167
27,093


12.


Interest payable and similar expenses

2024
2023
£
£


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

14,753
5,556

Page 28

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

13.


Taxation


2024
2023
£
£

Corporation tax


Foreign tax
1,618
(1,370)

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

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


(758,018)
(1,627,744)


Total current tax
(758,018)
(1,627,744)

Deferred tax


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

Effect of increased/decreased tax rate on opening balance
-
18,910

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


Taxation on (loss)/profit on ordinary activities
(794,637)
104,428
Page 29

 
RESILIENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
13.Taxation (continued)


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
(597,371)
(1,453,739)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(149,343)
(363,435)

Effects of:


Fixed asset timing differences
2,554
(1,605)

Adjustment to brought forward values
-
18,910

Foreign tax credits
1,618
1,369

Expenses not deductible for tax purposes
13,939
-

Income not taxable for tax purposes
(26,184)
(89,243)

Adjustments to tax charge in respect of prior periods
(103,322)
-

Other permanent differences
(404)
48

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(759,636)
(1,619,580)

Chargeable gains
226,141
-

Remeasurement of deferred tax for changes in tax rates
-
425,792

Movement in deferred tax not recognised
-
1,732,172

Total tax charge for the year
(794,637)
104,428


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 30

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

14.


Dividends

2024
2023
£
£


Dividends
803,000
303,000


15.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £857,160 (2023: £350,662).


16.


Intangible assets

Group





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 31

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

17.


Tangible fixed assets

Group






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:




18.


Fixed asset investments

Group





Listed investments
Unlisted investments
Total

£
£
£



Cost


At 1 October 2023
9,483,889
38,000
9,521,889


Additions
6,328,353
-
6,328,353


Disposals
(15,812,242)
-
(15,812,242)



At 30 September 2024
-
38,000
38,000




Page 32

 
RESILIENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Company





Investments in subsidiary companies
Listed investments
Unlisted investments
Total

£
£
£
£



Cost


At 1 October 2023
50,001
9,483,889
30,000
9,563,890


Additions
-
6,328,353
-
6,328,353


Disposals
-
(15,812,242)
-
(15,812,242)



At 30 September 2024
50,001
-
30,000
80,001





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Resilient Limited
Provision of "Software as a Service" provider of smart voice services
Ordinary
100%
Resilient Networks Limited
Dormant company
Ordinary
100%

Page 33

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

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors excluding doubtful debts
2,797,867
2,958,081
-
-

Amounts owed by group undertakings
-
75,639
1,435,320
1,657,480

Other debtors
35,816
773,605
2
2

Prepayments and accrued income
660,124
791,512
-
3,055

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

6,055,858
7,124,269
1,435,322
1,660,537



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
10,055,796
1,055,019
10,055,763
221,744

Less: bank overdrafts
(26,817)
-
-
-



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
26,817
-
-
-

Trade creditors
328,056
501,658
-
-

Amounts owed to group undertakings
-
75,639
-
-

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
2,283,080
2,607,569
21,551
6,551

2,932,455
3,981,955
21,551
6,551


Page 34

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

22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

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





23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
10,274
30,557

Between 1-5 years
866
11,137

11,140
41,694


24.


Deferred taxation


Group



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

Page 35

 
RESILIENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
24.Deferred taxation (continued)

Company


2024
2023






At end of year
-
-
The deferred tax asset is made up as follows:

Group
Group
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


25.


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
50,000 (2023 - 50,000) B Ordinary shares of £0.01 each
500
500

50,500

50,500



26.


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.

Capital redemption reserve

Includes all current and prior year redemptions or repurchases of issued share capital.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 36

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

27.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group 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 the Statement of Financial Position date and are included in creditors.


28.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
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

29.


Related party transactions

The Group has taken the exemption available to not disclose transactions within the year between wholly owned subsidiaries. At the year end, the Company was owed £1,435,319 (2023: £1,581,841) by subsidiary Resilient Plc.
During the year, the Group made net repayments of £1,058 (2023: £13,241) to G Paterson. At the year end, the Group owed £19,851 (2023: £18,794) to G Paterson.
During the year, the Group 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 Group was owed £24,073 (2023: £23,543) by A Lamb.
During the year, the Company was repaid £54 from A Anand, a director of the Company. At the year end, the Company was owed £Nil (2023: £54) from A Anand.


30.


Controlling party

Resilient (Holdings) Plc is the largest and smallest group for which group accounts are prepared. 
G Paterson, the director of the company, is the ultimate controlling party by virtue of his shareholding in Resilient (Holdings) Plc.

 
Page 37