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REGISTERED NUMBER: 06493909 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

VERDANTIX LIMITED

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


VERDANTIX LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: R J d'Arjuzon
D N Metcalfe





SECRETARY: R J d'Arjuzon





REGISTERED OFFICE: Woolyard
52-56 Bermondsey Street
London
SE1 3UD





REGISTERED NUMBER: 06493909 (England and Wales)





AUDITORS: BSR Bespoke
Chartered Accountants & Statutory Auditors
Linden House
Linden Close
Tunbridge Wells
Kent
TN4 8HH

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

GROUP STRATEGIC REPORT
for the Year Ended 31 March 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

The directors present their strategic report and the financial statements for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES
Verdantix is an independent analyst and advisory firm. It provides Business to Business strategic and technology research, data services, advisory services and events in six different market segments:

- ESG
- Net Zero
- Risk Management
- Environment, Health, safety and Quality
- Industrial Transformation
- Real Estate and the Built Environment

Verdantix develops and owns proprietary data and insights based on deep primary research with a wide range of market participants. Clients can buy subscriptions to access our research and data services, or purchase individual research reports. In addition we consult and advise clients, invoiced as project based work, and we run events that attract both sponsorship revenues and participant fees. The business is cash generative and we have no external debt, having self-funded growth since inception.

BUSINESS PERFORMANCE
The performance of the business in the financial year has been good, particularly in the context of a difficult macro-economic environment and a 'tech bear market' that has particularly impacted the smaller vendors in our client base. We are therefore very pleased to report that turnover grew by 18% with strong performance across all service lines.


- Revenue from recurring research subscriptions, a core KPI for the business, grew by 19% to £5,539,759.
- Sales of individual reports and reprints, a leading indicator for subscription revenues, grew by 27%.
- Advisory project revenues, which reflect deeper engagement with our clients, grew by 8% to £3,275,121.

-
Income from one-off events grew by 54% to £906,376 due to an increase in the number of events held during
the financial year.

Profit before tax reduced by £1,440,606 to £918,412. This is the result of investments made across the business. We increased headcount, particularly in Sales, with total headcount for the business growing from 74 to 96 over the period. Talent retention is strategically very important for us, and we were pleased to see an improvement in staff retention, with voluntary attrition reducing from 15% to 12% in the year. We also invested in our marketing operations, reflected in the improvement in our Brand Reach metric (measured by LinkedIn followers) which improved by 37% to 32,412, and in our Research team, leading to an increase in the number of reports published.


VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

GROUP STRATEGIC REPORT
for the Year Ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES

RISK MITIGATION

Prolonged negative macro-economic environment, particularly for Tech Sector
Prolonged pressure on tech firms' discretionary spending
and reduced PE funding in the tech sector would impact
demand for our services. Impact would be slowing of
growth and increased client attrition, impacting
profitability.
The board monitors market conditions and a range of
KPIs to adjust our services according to market
conditions. This innovation has enabled us to
outperform market conditions and grow strongly
despite difficult markets in 2023-24.

Delays to ESG regulations
Further delays to ESG and decarbonisation regulations
would negatively impact demand for our sustainability and
ESG research.
Our diversified portfolio of research solutions provides
a hedge against negative drivers in any one of our
coverage areas.

Dramatic changes in the competitive landscape
We operate in a competitive market. New entrant or
challenge from existing competitors could impact client
retention and growth.
We build strong relationships with our clients through
our deep research and ongoing support from our expert
team of analysts. We also maintain an active innovation
agenda to ensure continued differentiation and unique
relevance to our clients. We also have a unique position
as the analyst firm with the longest track record of
covering ESG and sustainability markets.

Talent attraction and retention
Covid, working from home, and the difficult macro
economic conditions have tightened the labour market.
The future growth of the business is dependent on
continuing to attract and retain top talent across the firm.
We have invested into internal hiring and HR teams to
ensure we are able to attract and retain top tier talent.
We monitor employee satisfaction and retention rates
regularly, as well as benchmarking our salary and
benefits against the market norms.

FX risk
Sales growth continues across multiple geographies
increasing our exposure to currency fluctuations.
We monitor the structural exposure due to increasing
levels of foreign currency denominated income and our
largely GBP denominated cost base and look for
tactical opportunities to minimise FX impacts to the
business. We periodically review the opportunity for an
FX hedging program but to date have judged the costs
to outweigh the benefits.

ON BEHALF OF THE BOARD:





R J d'Arjuzon - Director


20 March 2025

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
Dividends of £642,279 (2023: £375,970) were paid during the financial year. The directors recommend that no final dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

R J d'Arjuzon
D N Metcalfe

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, BSR Bespoke, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R J d'Arjuzon - Director


20 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VERDANTIX LIMITED


Opinion
We have audited the financial statements of Verdantix Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VERDANTIX LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VERDANTIX LIMITED


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

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

We obtained a general understanding of the group's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the group's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the group's industry and regulation.

We understand that the group complies with the framework through:

- Outsourcing accounts preparation and tax compliance to external experts.
- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

In the context of the audit we considered those laws and regulations which determine the form and content of the financial statements, which are central to the group's ability to conduct its business and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the group:

- UK and US taxation law
- UK and US employment law
- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements

The senior statutory auditor led a discussion with all members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements, especially revenue recognition and deferred and accrued revenue via fraudulent journal entries or inappropriate estimates as a result of the incentive to reduce UK and US corporation tax liabilities.

The procedures we carried out to gain evidence in the above areas included:

- Challenging management regarding assumptions used in the estimates identified above, and comparison to underlying supporting data as appropriate.
- Substantive work on material areas affecting profit.
- Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted by unusual personnel.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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 Report of the Auditors.

Other matters which we are required to address
The comparative figures were unaudited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VERDANTIX LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Rachael Avon FCA CTA (Senior Statutory Auditor)
for and on behalf of BSR Bespoke
Chartered Accountants & Statutory Auditors
Linden House
Linden Close
Tunbridge Wells
Kent
TN4 8HH

21 March 2025

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 March 2024

31.3.24 31.3.23
as restated
(Unaudited)
Notes £    £   

TURNOVER 4 10,833,285 9,143,123

Cost of sales 805,387 663,141
GROSS PROFIT 10,027,898 8,479,982

Administrative expenses 9,184,282 6,130,848
OPERATING PROFIT 6 843,616 2,349,134

Interest receivable and similar income 74,797 9,885
PROFIT BEFORE TAXATION 918,413 2,359,019

Tax on profit 7 269,033 480,116
PROFIT FOR THE FINANCIAL YEAR 649,380 1,878,903

OTHER COMPREHENSIVE (LOSS)/INCOME
Currency translation differences (14,445 ) 29,834
Income tax relating to other comprehensive
(loss)/income

-

-
OTHER COMPREHENSIVE
(LOSS)/INCOME FOR THE YEAR, NET
OF INCOME TAX


(14,445


)


29,834
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

634,935

1,908,737
Prior year adjustment 10 334,530
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

969,465

Profit attributable to:
Owners of the parent 649,380 1,878,903

Total comprehensive income attributable to:
Owners of the parent 969,465 1,908,737

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

CONSOLIDATED BALANCE SHEET
31 March 2024

31.3.24 31.3.23
as restated
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 40,561 44,542
Tangible assets 12 388 -
Investments 13 - -
40,949 44,542

CURRENT ASSETS
Debtors 14 3,168,144 1,853,983
Cash at bank 6,857,305 6,985,350
10,025,449 8,839,333
CREDITORS
Amounts falling due within one year 15 5,762,158 4,572,291
NET CURRENT ASSETS 4,263,291 4,267,042
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,304,240

4,311,584

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 4,304,140 4,311,484
SHAREHOLDERS' FUNDS 4,304,240 4,311,584

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:




R J d'Arjuzon - Director



D N Metcalfe - Director


VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

COMPANY BALANCE SHEET
31 March 2024

31.3.24 31.3.23
as restated
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 40,561 44,542
Tangible assets 12 388 -
Investments 13 122 122
41,071 44,664

CURRENT ASSETS
Debtors 14 4,290,212 2,626,852
Cash at bank 4,991,983 5,531,736
9,282,195 8,158,588
CREDITORS
Amounts falling due within one year 15 5,697,271 4,540,968
NET CURRENT ASSETS 3,584,924 3,617,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,625,995

3,662,284

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 3,625,895 3,662,184
SHAREHOLDERS' FUNDS 3,625,995 3,662,284

Company's profit for the financial year 605,990 1,723,222

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:




R J d'Arjuzon - Director



D N Metcalfe - Director


VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 2,778,717 2,778,817

Changes in equity
Dividends - (375,970 ) (375,970 )
Total comprehensive income - 1,574,207 1,574,207
Balance at 31 March 2023 100 3,976,954 3,977,054
Prior year adjustment - 334,530 334,530
As restated 100 4,311,484 4,311,584

Changes in equity
Dividends - (642,279 ) (642,279 )
Total comprehensive income - 634,935 634,935
Balance at 31 March 2024 100 4,304,140 4,304,240

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 2,314,932 2,315,032

Changes in equity
Total comprehensive income - 1,388,692 1,388,692
Dividends - (375,970 ) (375,970 )
Balance at 31 March 2023 100 3,327,654 3,327,754
Prior year adjustment - 334,530 334,530
As restated 100 3,662,184 3,662,284

Changes in equity
Total comprehensive income - 605,990 605,990
Dividends - (642,279 ) (642,279 )
Balance at 31 March 2024 100 3,625,895 3,625,995

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 March 2024

31.3.24 31.3.23
as restated
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 836,868 3,271,972
Tax paid (367,397 ) (520,012 )
Net cash from operating activities 469,471 2,751,960

Cash flows from investing activities
Purchase of intangible fixed assets (14,235 ) (33,637 )
Purchase of tangible fixed assets (518 ) -
Interest received 74,797 9,885
Net cash from investing activities 60,044 (23,752 )

Cash flows from financing activities
Amount withdrawn by directors (198 ) -
Dividends paid (642,279 ) (375,970 )
Net cash from financing activities (642,477 ) (375,970 )

(Decrease)/increase in cash and cash equivalents (112,962 ) 2,352,238
Cash and cash equivalents at beginning of
year

2

6,984,712

4,602,640
Effect of foreign exchange rate changes (14,445 ) 29,834
Cash and cash equivalents at end of year 2 6,857,305 6,984,712

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 March 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Profit before taxation 918,413 2,359,019
Depreciation charges 18,346 14,970
Finance income (74,797 ) (9,885 )
861,962 2,364,104
Increase in trade and other debtors (1,241,830 ) (84,971 )
Increase in trade and other creditors 1,216,736 992,839
Cash generated from operations 836,868 3,271,972

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 6,857,305 6,985,350
Bank overdrafts - (638 )
6,857,305 6,984,712
Year ended 31 March 2023
31.3.23 1.4.22
as restated
(Unaudited)
£    £   
Cash and cash equivalents 6,985,350 4,602,640
Bank overdrafts (638 ) -
6,984,712 4,602,640


VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 March 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 6,985,350 (128,045 ) 6,857,305
Bank overdrafts (638 ) 638 -
6,984,712 (127,407 ) 6,857,305
Total 6,984,712 (127,407 ) 6,857,305

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when it is probable that future economic benefits will flow to the company from the provision of services and is measured at the fair value of the consideration the company expects to receive from those transactions, net of discounts, rebates and value added tax, specifically:

Turnover from research products is recognised at the point the product is delivered to the customer, which in most cases is digitally at the point of sale.

Turnover from research and similar software subscriptions is recognised on a straight-line basis over the fixed term of the subscription.

Turnover from consultancy and advisory services is recognised over the period in which the services are provided and at the reporting date an estimate of completion is made based on the costs incurred in delivering the service against the total estimated costs to complete.

Turnover from the sponsorship and attendance of events is recognised at the point in time the event is held.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of four years.

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Laptops and computer hardware are expensed to profit or loss in the year of acquisition as they have an estimated useful life of 12 months or less.

Financial instruments
The group enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings.

Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of less than 3 months.

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

Valuation of investments
Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses. Impairment losses are charged to profit or loss.

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The Group makes judgements in relation to the revenue recognition of consultancy and advisory contracts. This includes the measurement and recognition of the stage of completion of a contract.When determining the stage of completion, management reviews the progress of work on these contracts against budgets and any additional expected future work that may be required.

Estimates and judgements are continually evaluated and are based on historical experience with and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Research subscriptions 5,539,759 4,651,056
Research products 1,112,028 874,946
Advisory projects 3,275,122 3,027,615
Events 906,376 589,506
10,833,285 9,143,123

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
as restated
(Unaudited)
£    £   
United Kingdom 1,747,598 1,356,915
Europe 2,048,313 1,416,845
Rest of the World 7,037,374 6,369,363
10,833,285 9,143,123

5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Wages and salaries 6,624,272 4,441,341
Social security costs 731,964 503,496
Other pension costs 203,145 179,956
7,559,381 5,124,793

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.3.24 31.3.23
as restated
(Unaudited)

Employees 81 62

31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Directors' remuneration 25,140 23,308
Directors' pension contributions to money purchase schemes 55,326 79,984

Dividends paid to the directors in the year amounted to £642,279 (2023: £375,970).

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Other operating leases 322,098 334,942
Depreciation - owned assets 130 -
Website amortisation 18,216 14,970
Auditors' remuneration - audit 21,000 -
Other non- audit services 3,313 4,100
Foreign exchange differences 76,388 (200,000 )

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Current tax:
UK corporation tax 208,903 392,119
US corporation tax 60,130 87,997

Tax on profit 269,033 480,116

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Profit before tax 918,413 2,359,019
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

229,603

448,214

Effects of:
Expenses not deductible for tax purposes 4,374 1,068
Effect of overseas taxed at different rates 34,438 41,449
Movement in deferred tax not recognised 618 (10,615 )
Total tax charge 269,033 480,116

Tax effects relating to effects of other comprehensive income

31.3.24
Gross Tax Net
£    £    £   
Currency translation differences (14,445 ) - (14,445 )

31.3.23
Gross Tax Net
£    £    £   
Currency translation differences 29,834 - 29,834

On 1 April 2023 the main rate of corporation tax in the UK increased from 19% to 25%.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


9. DIVIDENDS
31.3.24 31.3.23
as restated
(Unaudited)
£    £   
A Ordinary shares of 0.01 each
Interim 321,211 187,985
B Ordinary shares of 0.01 each
Interim 321,068 187,985
642,279 375,970

10. PRIOR YEAR ADJUSTMENT

Management have identified a typographical error in the calculation of deferred income relating to consultancy and advisory projects as at 31 March 2023. This has been corrected by management and the impact of this is to increase 2023 income by £413,000 and UK corporation tax by £78,470 as well as to reduce deferred income by £413,000 and the UK corporation tax liability by £78,470 as at 31 March 2023.

11. INTANGIBLE FIXED ASSETS

Group
Website
£   
COST
At 1 April 2023 118,164
Additions 14,235
At 31 March 2024 132,399
AMORTISATION
At 1 April 2023 73,622
Amortisation for year 18,216
At 31 March 2024 91,838
NET BOOK VALUE
At 31 March 2024 40,561
At 31 March 2023 44,542

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


11. INTANGIBLE FIXED ASSETS - continued

Company
Website
£   
COST
At 1 April 2023 118,164
Additions 14,235
At 31 March 2024 132,399
AMORTISATION
At 1 April 2023 73,622
Amortisation for year 18,216
At 31 March 2024 91,838
NET BOOK VALUE
At 31 March 2024 40,561
At 31 March 2023 44,542

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 5,473 36,802 42,275
Additions 518 - 518
At 31 March 2024 5,991 36,802 42,793
DEPRECIATION
At 1 April 2023 5,473 36,802 42,275
Charge for year 130 - 130
At 31 March 2024 5,603 36,802 42,405
NET BOOK VALUE
At 31 March 2024 388 - 388
At 31 March 2023 - - -

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 - 36,802 36,802
Additions 518 - 518
At 31 March 2024 518 36,802 37,320
DEPRECIATION
At 1 April 2023 - 36,802 36,802
Charge for year 130 - 130
At 31 March 2024 130 36,802 36,932
NET BOOK VALUE
At 31 March 2024 388 - 388
At 31 March 2023 - - -

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertak-
ings
£   
COST
At 1 April 2023
and 31 March 2024 122
NET BOOK VALUE
At 31 March 2024 122
At 31 March 2023 122

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Verdantix, Inc.
Registered office: Tower 49, 12 E 49th St 11th Floor, New York, USA
Nature of business: Research and consultancy services
%
Class of shares: holding
Ordinary 100.00


VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


14. DEBTORS

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
(Unaudited) (Unaudited)
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,639,985 1,504,844 2,639,985 1,504,844
Amounts owed by group undertakings - - 1,187,847 812,293
Other debtors 47,735 48,127 47,064 47,344
Directors' loan accounts 1,292 1,122 - -
Tax 72,161 - 72,161 -
Prepayments and accrued income 71,896 115,813 71,896 115,813
Prepayments 269,036 184,077 205,220 146,558
3,102,105 1,853,983 4,224,173 2,626,852

Amounts falling due after more than one year:
Other debtors 66,039 - 66,039 -

Aggregate amounts 3,168,144 1,853,983 4,290,212 2,626,852

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
(Unaudited) (Unaudited)
£    £    £    £   
Bank loans and overdrafts (see note 16) - 638 - 638
Trade creditors 166,666 96,931 153,720 94,100
Tax - 26,203 - 26,203
Social security and other taxes 167,417 106,921 167,417 106,921
VAT 55,483 14,945 55,483 14,945
Other creditors 28,892 23,271 28,892 23,271
Directors' loan accounts - 28 - 198
Accruals and deferred income 4,867,764 4,084,290 4,867,764 4,084,290
Accrued expenses 475,936 219,064 423,995 190,402
5,762,158 4,572,291 5,697,271 4,540,968

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
(Unaudited) (Unaudited)
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 638 - 638

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Within one year 495,291 173,240
Between one and five years 858,504 -
1,353,795 173,240

The operating lease under which the commitments at 31 March 2024 fall due commenced on 21 June 2024, but was provisionally agreed before the balance sheet date.

Company
Non-cancellable operating leases
31.3.24 31.3.23
as restated
(Unaudited)
£    £   
Within one year 495,291 173,240
Between one and five years 858,504 -
1,353,795 173,240

The operating lease under which the commitments at 31 March 2024 fall due commenced on 21 June 2024, but was provisionally agreed before the balance sheet date.

VERDANTIX LIMITED (REGISTERED NUMBER: 06493909)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
3,789 A Ordinary 0.01 38 38
5,412 B Ordinary 0.01 54 54
799 C Ordinary 0.01 8 8
100 100

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
as restated
(Unaudited)
£    £   
R J d'Arjuzon
Balance outstanding at start of year (27 ) (27 )
Amounts advanced 27 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (27 )

D N Metcalfe
Balance outstanding at start of year 1,122 1,122
Amounts advanced 170 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,292 1,122

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D N Metcalfe.