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Registered number: 14389338
















GOSS TECHNOLOGY GROUP LTD




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024


































img0563.png


GOSS TECHNOLOGY GROUP LTD

 
COMPANY INFORMATION


Director
R M McCarthy 




Company secretary
R M Gilkes



Registered number
14389338



Registered office
24 Darklake View
Estover

Plymouth

Devon

PL6 7TL




Independent auditors
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN




Bankers
HSBC Bank PLC
4 Old Town Street

Plymouth

Devon

PL1 1DD






GOSS TECHNOLOGY GROUP LTD


CONTENTS



Page
Group strategic report
 
1
Director's report
 
2 - 3
Director's responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Consolidated statement of income and retained earnings
 
9 - 10
Consolidated statement of financial position
 
10 - 12
Company statement of financial position
 
12
Consolidated statement of changes in equity
 
13 - 14
Company statement of changes in equity
 
15 - 16
Consolidated statement of cash flows
 
17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 33



GOSS TECHNOLOGY GROUP LTD

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The director presents his strategic report for the year ended 30 June 2024.

Business review
 
The Group experienced another successful year, with a 15% increase in top-line revenue, reflecting sustained demand for digital transformation solutions in our core markets. Gross profit rose in tandem with revenue, maintaining a margin of roughly 87%. Cash generation also remained robust, and net assets climbed 15.7% to £6.32m, indicating a strengthened balance sheet.
In addition, we continued to secure strong recurring income growth and notable new contracts in central government, highlighting the solid foundations of the business. While overall profitability was tempered slightly by one-off exceptional costs and an EMI (Enterprise Management Incentive) charge, the Group remains on track with its growth objectives and is well-positioned for the future.

Principal risks and uncertainties
 
The directors have reviewed the potential effects of AI, security, data risks, and local government reorganisation on the company’s ability to continue as a going concern. Given our strong track record in security, data protection, and data governance, we believe any future impacts—though uncertain—can be managed through robust policies, practical oversight, and adequate insurance. We maintain a formal business continuity plan designed to mitigate unforeseen events. While local government reorganisation brings change, our established footprint in all tiers of local government, coupled with the growing demand for digital and automated solutions, positions the business to leverage these changes as an opportunity.
Finally, although rapid AI adoption represents both a risk and an opportunity, our history of integrating AI into current products and services gives us confidence. We will continue to enhance these capabilities to ensure we stay at the forefront of this evolving technology.

Financial key performance indicators
 
The financial key performance indicators for the group are as follows:
img0cba.png


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



R M McCarthy
Director

Date: 26 March 2025

Page 1


GOSS TECHNOLOGY GROUP LTD

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Results and dividends

The profit for the year, after taxation, amounted to £482,175 (2023: £490,491).

The directors do not recommend payment of a dividend.

Director

The director who served during the year was:

R M McCarthy 

Future developments

The reorganisation underway in local government presents significant opportunities for Goss. Our established presence across all tiers of local government, combined with ever-increasing demand for digital and automated solutions, positions us well to benefit from this changing landscape. In addition, the ongoing pressure to balance public spending with reduced budgets underscores the need for cost-saving measures through automation.
Our continued investment in digital transformation—particularly in AI—has delivered real-world results, allowing us to move beyond prototypes and quickly deploy operational projects that save clients both time and money. As AI technology evolves further, we plan to expand our AI-driven offerings to meet the growing market need and remain at the forefront of innovation in our sector

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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 auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2


GOSS TECHNOLOGY GROUP LTD
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
This report was approved by the board and signed on its behalf.
 






R M McCarthy
Director

Date: 26 March 2025

24 Darklake View
Estover
Plymouth
Devon
PL6 7TL

Page 3


GOSS TECHNOLOGY GROUP LTD

 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Page 4


GOSS TECHNOLOGY GROUP LTD

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOSS TECHNOLOGY GROUP LTD
Opinion


We have audited the financial statements of Goss Technology Group Limited (the 'parent Company') and its subsidiary (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Income and Retained Earnings, 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, the Consolidated Statement of Net Debt 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 June 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.


Other information


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


Page 5


GOSS TECHNOLOGY GROUP LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOSS TECHNOLOGY GROUP LTD (CONTINUED)

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 Director's 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 Director's 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 Director's 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 director's 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 Director's responsibilities statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6


GOSS TECHNOLOGY GROUP LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOSS TECHNOLOGY GROUP LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
We have considered the nature of the industry and sector, control environment, business performance and key drivers for directors' remuneration; 
We have considered the results of enquiries with management about their own identification and assessment of the risk of irregularities;
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. 
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty. These included health and safety, employment law, data protection and cyber security legislation.
Our procedures to respond to the risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around year end cut-off;
Performing a review of balances with related parties to ensure completeness; and  
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.
We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
Page 7


GOSS TECHNOLOGY GROUP LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOSS TECHNOLOGY GROUP LTD (CONTINUED)

recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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.






Nathan Coughlin FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

26 March 2025
Page 8


GOSS TECHNOLOGY GROUP LTD

 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
5,349,671
4,660,322

Cost of sales
  
(698,132)
(601,370)

Gross profit
  
4,651,539
4,058,952

Administrative expenses
  
(4,076,615)
(3,560,497)

Operating profit
 5 
574,924
498,455

Interest receivable and similar income
 9 
149,412
34,492

Interest payable and similar expenses
  
(865)
(798)

Profit before tax
  
723,471
532,149

Tax on profit
 10 
(241,296)
(41,658)

Profit after tax
  
482,175
490,491

  

  

Retained earnings at the beginning of the year
  
2,655,489
2,164,998

  
2,655,489
2,164,998

Profit for the year attributable to the owners of the parent
  
482,175
490,491

Retained earnings at the end of the year
  
3,137,664
2,655,489

  

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

The notes on pages 19 to 33 form part of these financial statements.

Page 9


GOSS TECHNOLOGY GROUP LTD


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
100,713
139,553

  
100,713
139,553

Current assets
  

Debtors: amounts falling due within one year
 14 
763,219
681,084

Current asset investments
 15 
3,000,000
-

Cash at bank and in hand
 16 
2,557,510
4,781,831

  
6,320,729
5,462,915

Creditors: amounts falling due within one year
 17 
(3,167,929)
(2,883,878)

Net current assets
  
 
 
3,152,800
 
 
2,579,037

Total assets less current liabilities
  
3,253,513
2,718,590

Provisions for liabilities
  

Deferred taxation
 18 
-
(11,701)

  
 
 
-
 
 
(11,701)

Net assets excluding pension asset
  
3,253,513
2,706,889

Net assets
  
3,253,513
2,706,889


Capital and reserves
  

Called up share capital 
 19 
770
770

Capital redemption reserve
 20 
370
370

Share based payment reserve
 20 
64,449
-

Other reserves
 20 
50,260
50,260

Profit and loss account
 20 
3,137,664
2,655,489

Equity attributable to owners of the parent Company
  
3,253,513
2,706,889

  
3,253,513
2,706,889


Page 10


GOSS TECHNOLOGY GROUP LTD
REGISTERED NUMBER:14389338
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

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





R M McCarthy
Director

Date: 26 March 2025

The notes on pages 19 to 33 form part of these financial statements.

Page 11


GOSS TECHNOLOGY GROUP LTD
REGISTERED NUMBER:14389338

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
65,219
770

  

  

  

Net assets
  
65,219
770


Capital and reserves
  

Called up share capital 
 19 
770
770

Share based payment reserve
 20 
64,449
-

  
65,219
770


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





R M McCarthy
Director

Date: 26 March 2025

The notes on pages 19 to 33 form part of these financial statements.

Page 12

GOSS TECHNOLOGY GROUP LTD



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



Called up share capital
Capital redemption reserve
Share based payment reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£


At 1 July 2023
770
370
-
50,260
2,655,489
2,706,889
2,706,889



Comprehensive income for the year


Profit for the year

-
-
-
-
482,175
482,175
482,175



Other comprehensive income for the year
-
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
-
482,175
482,175
482,175



Contributions by and distributions to owners


Share based payment expense
-
-
64,449
-
-
64,449
64,449



Total transactions with owners
-
-
64,449
-
-
64,449
64,449



At 30 June 2024
770
370
64,449
50,260
3,137,664
3,253,513
3,253,513



The notes on pages 19 to 33 form part of these financial statements.

Page 13


GOSS TECHNOLOGY GROUP LTD



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£


At 1 July 2022
770
370
50,260
2,164,998
2,216,398
2,216,398



Comprehensive income for the period


Profit for the year

-
-
-
490,491
490,491
490,491



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
490,491
490,491
490,491



Total transactions with owners
-
-
-
-
-
-



At 30 June 2023
770
370
50,260
2,655,489
2,706,889
2,706,889



The notes on pages 19 to 33 form part of these financial statements.

Page 14

GOSS TECHNOLOGY GROUP LTD


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


Called up share capital
Share based payment reserve
Total equity

£
£
£

At 1 July 2023
770
-
770


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
-
-


Contributions by and distributions to owners

Share based payment expense
-
64,449
64,449


Total transactions with owners
-
64,449
64,449


At 30 June 2024
770
64,449
65,219


The notes on pages 19 to 33 form part of these financial statements.

Page 15


GOSS TECHNOLOGY GROUP LTD


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Total equity

£
£

At 30 September 2022
770
770


Other comprehensive income for the year
-
-


Total comprehensive income for the year
-
-


Total transactions with owners
-
-


At 30 June 2023
770
770


The notes on pages 19 to 33 form part of these financial statements.

Page 16


GOSS TECHNOLOGY GROUP LTD


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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
482,175
490,491

Adjustments for:

Depreciation of tangible assets
42,267
45,354

Loss on disposal of tangible assets
4,454
(3,700)

Interest paid
865
798

Interest received
(149,412)
(34,492)

Taxation charge
250,350
41,658

(Increase)/decrease in debtors
(81,974)
121,931

Increase in creditors
281,243
518,898

(Decrease) in provisions
(9,054)
(8,610)

Corporation tax (paid)
(250,350)
(41,658)

Share based payment expense
64,449
-

Net cash generated from operating activities

635,013
1,130,670


Cash flows from investing activities

Purchase of tangible fixed assets
(8,082)
(6,180)

Sale of tangible fixed assets
201
3,778

Reclassification to notice deposits (more than 3 months)
(3,000,000)
-

Interest received
149,412
34,492

Net cash from investing activities

(2,858,469)
32,090

Cash flows from financing activities

Interest paid
(865)
(798)

Net cash used in financing activities
(865)
(798)

Net (decrease)/increase in cash and cash equivalents
(2,224,321)
1,161,962

Cash and cash equivalents at beginning of year
4,781,831
3,619,869

Cash and cash equivalents at the end of year
2,557,510
4,781,831


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,557,510
4,781,831

2,557,510
4,781,831


The notes on pages 19 to 33 form part of these financial statements.

Page 17


GOSS TECHNOLOGY GROUP LTD


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

4,781,831

(2,224,321)

2,557,510



4,781,831
(2,224,321)
2,557,510

The notes on pages 19 to 33 form part of these financial statements.

Page 18


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Goss Technology Group Limited is a private company limited by shares and incorporated in England & Wales, Company no. 14389338. The registered office is 24 Darklake View, Estover, Plymouth, Devon, PL6 7TL.

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 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 income and retained earnings 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 income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

Goss Technology Group Limited was incorporated on 30 September 2022 and acquired 100% of the share capital of Goss Interactive Limited by way of a share for share exchange. The results of the Group have been combined using merger accounting in accordance with paragraphs 19.29 to 19.33 of FRS 102. The Group reconstruction meets the requirements of merger accounting in accordance with paragraph 19.27 of FRS 102.
In line with the requirements of FRS 102, the results and cash flows of all the combining entities have been brought into the financial statements of the combined entity from the beginning of the financial period. The comparitive information has been restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date.

 
2.3

Going concern

The directors have assessed the impact of current inflationary pressures and staff availability on the company's ability to continue as a going concern. Given the track record to date of managing costs, revenues, recruitment and staff retention the directors believe that the future impacts, although uncertain, would be minimal. The company has a business continuity plan in place which is aimed to reduce the impact of any unforeseen events.

Page 19


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

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.

Page 20


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

National Insurance on share options

To the extent that the share price at the reporting date is greater than the exercise price on options granted under unapproved schemes after 19 May 2000, provision for any National Insurance contributions has been made based on the prevailing rate of National Insurance. The provision is accrued over the performance period attaching to the award.

 
2.11

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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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


Page 21


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

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.

 Amortisation is provided on the following bases:

Computer software
-
50%
Straight line

 
2.13

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, depreciation is provided on the following basis:.


Short-term leasehold property
-
Straight line over the remaining lease term
Computer equipment
-
33% straight line
Fixtures and fittings
-
20% reducing balance

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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.

 
2.16

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 22


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement:
Equity settled share based payments
The Company operates Employee Share Schemes. The Directors have assessed their fair value of the share options and the corresponding share based payment accounting entries at the grant date with reference to comparable market data.


4.


Turnover

The whole of the turnover is attributable to Digital platform software as a service (SASS) and digital transformation.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
42,267
45,354

Other operating lease rentals
143,383
146,813

Share-based payment
64,449
-

Page 23


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

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
17,000
13,700


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,881,938
2,657,162

Social security costs
281,876
271,200

Cost of defined contribution scheme
158,872
77,701

3,322,686
3,006,063


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
74
71
1
1


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
51,465
52,790

Group contributions to defined contribution pension schemes
81,560
1,554

133,025
54,344


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

During the year 1 director received share options under the Group's long-term incentive schemes (2023: 0).

Page 24


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
149,412
34,492

149,412
34,492


10.


Taxation


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
222,057
33,806

Adjustments in respect of previous periods
31,101
16,462


253,158
50,268


TOTAL CURRENT TAX
253,158
50,268

DEFERRED TAX


Origination and reversal of timing differences
(11,843)
(8,610)

Adjustments in respect of previous periods
(19)
-

TOTAL DEFERRED TAX
(11,862)
(8,610)


TAX ON PROFIT
241,296
41,658
Page 25


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
723,471
532,149


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: %)
180,868
109,069

EFFECTS OF:


Fixed asset differences
552
217

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
41,096
1,878

Capital allowances for year/period in excess of depreciation
-
247

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(12,302)
(84,354)

Adjustment to tax charge in respect of previous periods
31,082
16,462

Remeasurement of deferred tax for changes in rates
-
(1,551)

Marginal relief
-
(310)

TOTAL TAX CHARGE FOR THE YEAR/PERIOD
241,296
41,658

Page 26


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Intangible assets

Group and Company





Computer software

£



COST


At 1 July 2023
59,367


Disposals
(53,287)



At 30 June 2024

6,080



AMORTISATION


At 1 July 2023
59,367


On disposals
(53,287)



At 30 June 2024

6,080



NET BOOK VALUE



At 30 June 2024
-



At 30 June 2023
-



Page 27


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



COST OR VALUATION


At 1 July 2023
254,223
152,251
94,890
501,364


Additions
-
6,486
1,596
8,082


Disposals
(9,362)
-
(13,934)
(23,296)



At 30 June 2024

244,861
158,737
82,552
486,150



DEPRECIATION


At 1 July 2023
137,698
130,829
93,284
361,811


Charge for the year on owned assets
28,303
16,205
(2,241)
42,267


Disposals
(5,468)
-
(13,173)
(18,641)



At 30 June 2024

160,533
147,034
77,870
385,437



NET BOOK VALUE



At 30 June 2024
84,328
11,703
4,682
100,713



At 30 June 2023
116,525
21,422
1,606
139,553

Page 28


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 July 2023
770


Additions
64,449



At 30 June 2024
65,219




The addition of £64,449 has arisen from the accounting of the Company's share based payment schemes as the Company is not being reimbursed by its subsidiary company for the share based payment expenses recognised during the vesting periods in respect of staff employed by the subsidiary companies.


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Goss Interactive Limited
24 Darklake View
Plymouth
Devon
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Goss Interactive Limited
3,253,513
482,175


14.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
462,509
479,102

Prepayments and accrued income
300,549
201,982

Deferred taxation
161
-

763,219
681,084


Page 29


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Current asset investments

Group
Group
2024
2023
£
£

Notice deposits (more than 3 months)
3,000,000
-

3,000,000
-



16.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
2,557,510
4,781,831

2,557,510
4,781,831



17.


Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
2024
2023
£
£

Trade creditors
53,567
39,654

Corporation tax
253,202
34,119

Other taxation and social security
330,689
306,779

Accruals
135,500
107,214

Other creditors
97,519
94,149

Accruals and deferred income
2,297,452
2,301,963

3,167,929
2,883,878


Page 30


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Deferred taxation


Group



2024


£






At beginning of year
(11,701)


Charged to profit or loss
11,862



AT END OF YEAR
161








The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
5,424
14,238

Short term timing differences
(5,585)
(2,537)

161
(11,701)


19.


Share capital

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



77,000 (2023: 77,000) Ordinary shares of £0.01 each
770
770


Page 31


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Reserves

Capital redemption reserve

Includes the balance of share capital repurchased by the company.

Share based payment reserve

This reserve represents share based payment expenses during the vesting period in respect of staff employed by the Group which have arisen from the accounting of the Group's share based payment schemes. Adjustments between the share based payment reserve and profit and loss account are made upon options being exercised, as detailed in note 21. 

Other reserves

Includes the balance of capital contributions made by the shareholders.

Profit and loss account

Includes all current and prior year retained profits and losses.


21.


Share-based payments

Goss Technology Group Limited, including its subsidiary, operates an equity-settled share based remuneration scheme for employees who were present in the Group in the year. Initial awards were made in the financial year ending 30 June 2024. In accordance with the scheme rules, options are only exercisable on the event of an exit. The options include the condition of continued employment until an exit. The options expire 10 years after the grant date. 
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22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £158,872 (2023: £77,701). Contributions totalling £25,410 (2023: £21,355) were payable to the fund at the reporting date and are included in creditors.

Page 32


GOSS TECHNOLOGY GROUP LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Commitments under operating leases

At 30 June 2024 the Group 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
98,802
101,308

Later than 1 year and not later than 5 years
11,821
89,413

110,623
190,721

24.


Related party transactions

The Company has taken advantage of the exemption in section 33.1A of FRS102 in not disclosing intra-group transactions where 100% of the voting rights are controlled within the group.


25.


Controlling party

The ultimate controlling party is Mr R M McCarthy

Page 33