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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their Group Strategic Report for the year ended 31 December 2023.
The principal activities of the Group involve assessing and providing accreditation for digital infrastructure in buildings.
This Group Strategic Report sets out the results for the UK, Singapore, Germany and France operations of Wiredscore EMEA Limited.
The Group continues to show strong revenue performance of £10,559,282 (2022: £10,772,136). The revenue performance is primarily driven by recurring revenue coupled with continued expansion efforts.
The Group’s operating loss for the year decreased to £3,059,655, compared to an operating loss of £6,114,243 in 2022. This decrease has been a focused effort driven by several key factors: 1.Cost reduction to sustainably improve profitability for the year and future years. 2.A more strategic approach to exchange rate fluctuations with regards to timing and location of payments and receipts. The Group has also monitored its cash position through the cost cutting exercise and maintained a strong level of cash of £1,764,321 (2022: £4,188,782) without the need for any external funding. Please refer to the going concern section below for the forecasted position on page 2.
The Group's strategic management and execution are susceptible to various risks and uncertainties. The most important risks are managed through regular management operation reviews and are subject to oversight by investors. These risks and uncertainties include:
•A significant and prolonged downturn in the property development market which can adversely affect the business, as the demand for digital infrastructure assessments and accreditations is closely tied to the health of the property market. Reduced property development activity can lead to fewer opportunities for our services, impacting our revenue and growth prospects.
•As the subsidiaries trade in local currencies, fluctuations in exchange rates can significantly impact financial performance. Currency volatility can affect the profitability of international operations, leading to unpredictable financial outcomes. e
To mitigate these risks, the Group conducts thorough and regular management operation reviews, which allow us to identify potential issues early and adjust our strategies accordingly. These reviews ensure that robust operational controls are maintained and can swiftly respond to changing market conditions. Additionally, our investors provide oversight, offering guidance and support to navigate these challenges effectively. Through this proactive risk management approach, the Group aims to sustain our growth and maintain stability in our operations.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
As the demand for building accreditations increases, driven by our customers' recognition of the benefits and importance, our challenge lies in ensuring that our products evolve to keep pace with rapidly changing technology and remain relevant in this dynamic landscape. While we continue to expand our client base, we remain focused on delivering and maintaining exceptional service to our existing customers. Our goal is to enhance the value we provide to each customer, ensuring their satisfaction and fostering long-term relationships.
A key component of our strategic plan for the next year is to explore new asset classes and continue expanding into new locations to grow our presence and recognition around the world. There are significant opportunities to step into new markets to grow the Business and the brand of WiredScore. Going Concern The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. Currently, the Group relies on financial support from its ultimate parent company, WS HoldCo, PBC to meet its day-to-day working capital requirements. The Group changed its strategic position and are focusing on profitability. Management's strategic position in achieving a positive EBITDA has been through a cost restructuring exercise, mainly attributable to reduction in staff costs. This strategic decision has allowed the Group to achieve a positive EBITDA based on the latest available monthly management accounts from January 2024 to December 2024, together with sensitivity analysis conducted by management providing further support that WS Holdco, PBC will have sufficient resources to support the Group. WS HoldCo, PBC produces the group cashflow forecasts which includes the WiredScore EMEA Limited. WS HoldCo, PBC have therefore confirmed their willingness and ability to support, and they will not demand repayment of any balances from at least twelve months from the date of approval of the financial statements. Accordingly, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
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.
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 judgments 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 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 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.
The loss for the year, after taxation, amounted to £2,532,783 (2022 - loss £5,274,844).
The directors who served during the year were:
The Group has chosen in accordance with the Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Group's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review, principal risks and uncertainties and future developments sections.
There have been no significant events affecting the Group since the year end.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WIREDSCORE EMEA LIMITED
We have audited the financial statements of WiredScore EMEA Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, 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 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).
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 Auditor's 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WIREDSCORE EMEA LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WIREDSCORE EMEA LIMITED (CONTINUED)
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 Auditor's 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:
∙The Group is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙ We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary.
∙ The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙ We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls
or other inappropriate influence over the financial reporting process; and
° Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙ As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Risk of fictitious employees;
°Risk of revenue recognition not recorded accurately and appropriately; and
°Risk of acceleration of profits if revenue cut off controls are not robust.
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.
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WIREDSCORE EMEA LIMITED (CONTINUED)
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 an Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Magna House
18-32 London Road
TW18 4BP
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WiredScore EMEA Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office and its principal place of business is given in the company information page of these financial statements.
The nature of the operations and principal activities is set out in the Strategic & Director's report.
2.Accounting policies
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 judgment 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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. Currently, the Group relies on financial support from its ultimate parent company, WS HoldCo, PBC to meet its day-to-day working capital requirements.
The Group changed its strategic position and are focusing on profitability Management's strategic position in achieving a positive EBITDA has been through a cost restructuring exercise, mainly attributable to reduction in staff costs. This strategic decision has allowed the Group to achieve a positive EBITDA based on the latest available monthly management accounts from January 2024 to December 2024, together with sensitivity analysis conducted by management providing further support that WS Holdco, PBC will have sufficient resources to support the Group. WS HoldCo, PBC produces the group cashflow forecasts which includes the WiredScore EMEA Limited. WS HoldCo, PBC have therefore confirmed their willingness and ability to support, and they will not demand repayment of any balances from at least twelve months from the date of approval of the financial statements. Accordingly, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
SmartScore Office certification product sales revenue is recognised once the intellectual property is passed to the customer, as this gives the customer the schematics and ability to design a smart building. Revenue is recognised at pre or post kick off date as this is when the information is provided by the customer. WiredScore Home certification product sales revenue is recognised once the customer provides the building plans and all design information, allowing WiredScore to evaluate against the evidence received against the standard benchmark to certify a building. This milestone represents the operational stage at which the majority of the risks and rewards are deemed transferred. WiredScore Office certification product sales revenue is recognised at the point of the site visit date as this is the date of the physical site survey being performed. Evidence is obtained from the engineer(s) at the site visit date to prepare a report to certify the building. This milestones represent the operational stage at which the majority of the risks and rewards are deemed to be transferred. For Accredited Professional ("AP") sales revenue is recognised at the point of contract signature as this is when training materials become available to the registering AP and the risks and rewards are deemed to be transferred. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Key judgement is involved in determining when revenue is recognised based on the revenue stream as denoted in note 2.5. Based on the revenue stream, certain stages as deemed the appropriate time for revenue recognition and this could significantly impact when revenue is recognised. Share-based payments Details of the share-based payment scheme is disclosed in note 18 of the accounts, with key estimation of the fair value of the ultimate parent Company's shares on the date of the grant and inputs into the Black-Scholes model when measuring the fair value of shares. Dilapidation Provision Key estimation uncertainty are the restoration costs in returning the premises back to its original condition before the lease was entered into.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
A deferred tax asset of £908,479 (2022: £804,753) in relation to tax timing differences, losses and other deductions has not been recognised as there is no certainty over its recovery.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Capital contribution reserve
Foreign exchange reserve
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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