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REGISTERED NUMBER: 04087001 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

IDEA GROUP LIMITED

IDEA GROUP LIMITED (REGISTERED NUMBER: 04087001)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IDEA GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Mr T C Howarth
Fimatix UK Ltd



SECRETARY: Mr S J Nadin



REGISTERED OFFICE: Unit 11.1.1
The Leather Market
Weston Street
London
SE1 3ER



REGISTERED NUMBER: 04087001 (England and Wales)



SENIOR STATUTORY AUDITOR: Christian Heeger BSc FCA



AUDITORS: Galloways Accounting
Statutory Auditor
15 West Street Brighton
Brighton
East Sussex
BN1 2RL

IDEA GROUP LIMITED (REGISTERED NUMBER: 04087001)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 1,897

CURRENT ASSETS
Debtors 5 80,503 184,719
Cash at bank 1,366 8,546
81,869 193,265
CREDITORS
Amounts falling due within one year 6 (417,555 ) (449,852 )
NET CURRENT LIABILITIES (335,686 ) (256,587 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(335,686

)

(254,690

)

PROVISIONS FOR LIABILITIES 7 - (360 )
NET LIABILITIES (335,686 ) (255,050 )

CAPITAL AND RESERVES
Called up share capital 8 2,066 2,066
Share premium 68,706 68,706
Retained earnings (406,458 ) (325,822 )
SHAREHOLDERS' FUNDS (335,686 ) (255,050 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





Mr T C Howarth - Director


IDEA GROUP LIMITED (REGISTERED NUMBER: 04087001)

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

1. STATUTORY INFORMATION

Idea Group 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) and have been rounded to the nearest pound.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
Idea Group Limited (IGL) is a subsidiary of Fimatix UK Limited (the company) and IGL’s activities and the basis of it continuing as a going concern are reliant on the ongoing support of the Fimatix Group. The statement below relates to the assessment of the Group’s Going concern of which IGL is a part.

The Directors have assessed the financial position of Fimatix Group of companies (incorporating Fimatix UK Limited, IGL and Semantic Evolution Limited) and noted that there is material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. While the company has faced short-term pressures due to outstanding tax liabilities, it is awaiting the settlement of a £1.5 million R&D tax credit claim from HMRC. This settlement is expected to significantly reduce its net liabilities to HMRC from £2.14 million to approximately £700,000, making repayment more manageable. The company has demonstrated financial responsibility through ongoing tax payments and a structured £30,000 monthly repayment plan until the R&D claim is processed, at which point a formal Time to Pay (TTP) arrangement will be agreed with HMRC.

Given that HMRC is both a major creditor and debtor to Fimatix UK Ltd, a winding-up scenario would not yield additional recovery and would instead extinguish a viable business. Furthermore, the company operates in the artificial intelligence sector, aligning with government priorities and demonstrating strong growth potential and is showing a strong cashflow forecast for FY25 as a result of recent additional sales. Based on these factors, whilst there is material uncertainty due to the matters outlined above, the Directors conclude that Fimatix UK Ltd and the group of companies remain a going concern.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

IDEA GROUP LIMITED (REGISTERED NUMBER: 04087001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

2. ACCOUNTING POLICIES - continued

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

Rendering of services

Revenue from a contract to provide services is recognised by reference to the stage of completion of the contract when all the following have been satisfied:

- the amount of revenue can be measured reliably
- it is probable that future economic benefits will flow to the company
- the stage of completion of the contract at the end of the reporting period can be measured reliably
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The company recognises revenue on the following revenue types:

Licences & support

Licences and support services are provided consistently over the term of the contract. As a result, turnover is recognised on a straight-line basis over the contract term.

Usage fees

Some contracts include revenue for order usage. Turnover is recognised in the period the usage occurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 50% on cost
Computer equipment - 50% on cost

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

IDEA GROUP LIMITED (REGISTERED NUMBER: 04087001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

2. ACCOUNTING POLICIES - continued

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

Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and cash equivalents, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost, using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Amortised cost is determined as being the transaction price less any amounts settled and any impairment losses. Financial assets classified as receivable within one year are not amortised.

A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Basic financial liabilities

Basic financial liabilities, including trade, group and other creditors (including accruals) payable are initially measured at the transaction price and subsequently measured at amortised cost unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as receivable within one year are not amortised.

3. EMPLOYEES

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 December 2023 11,176 44,557 55,733
Disposals (804 ) (2,204 ) (3,008 )
At 30 November 2024 10,372 42,353 52,725
DEPRECIATION
At 1 December 2023 11,160 42,676 53,836
Charge for year 16 1,881 1,897
Eliminated on disposal (804 ) (2,204 ) (3,008 )
At 30 November 2024 10,372 42,353 52,725
NET BOOK VALUE
At 30 November 2024 - - -
At 30 November 2023 16 1,881 1,897

IDEA GROUP LIMITED (REGISTERED NUMBER: 04087001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 26,705 106,313
Other debtors 53,798 78,406
80,503 184,719

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 19,827 7,345
Amounts owed to group undertakings 288,623 369,409
Taxation and social security 55,239 12,704
Other creditors 53,866 60,394
417,555 449,852

7. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax - 360

Deferred
tax
£   
Balance at 1 December 2023 360
Capital allowances in advance
of depreciation (360 )
Balance at 30 November 2024 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
2,066 Ordinary £1.00 £1.00 2,066 2,066

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christian Heeger BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting

IDEA GROUP LIMITED (REGISTERED NUMBER: 04087001)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued

Material uncertainty related to going concern
We draw attention to the going concern paragraph in Note 2 to the financial statements. This note explains that the basis of the company continuing as a going concern is reliant on the ongoing support of Fimatix UK Limited, its parent entity. Fimatix UK Limited is currently in negotiation with HM Revenue & Customs to finalise the amount of certain historic liabilities and reach a suitable arrangement to repay these amounts over an acceptable period of time. In addition, the Directors have prepared forecasts as to the Group's ability to generate sufficient cash to meet its' ongoing liabilities as they become due. These events, or conditions, along with other matters set out in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Fimatix UK Ltd.

The ultimate controlling party is Mr P J D M James.

11. OFF-BALANCE SHEET ARRANGEMENTS

At the year end, the company had non-cancellable operating lease commitments amounting to £28,226 (2023: £35,226). Of these commitments £7,000 was due more than one year (2023: £14,000). No non-cancellable operating lease commitments are pay-able more than 5 years from the year end.

At the year end, the company had non-cancellable sales contracts amounting to £87,150 (30 November 2023: £48,760). None of these extend beyond a year from the reporting date.

12. OTHER FINANCIAL COMMITMENTS

The company have provided a financial commitment in the form of a fixed and floating charge over its assets to secure loan notes issued by the parent, Fimaxtix UK Limited to a third party.

At the balance sheet date, the total amount of loan notes subscribed to were £1,000,000 (2023: £1,000,000).

The company’s liability in respect of this charge is contingent upon the parent company’s obligations under the loan agreement. In the event that the parent company defaults on the loan, the lender may seek to enforce the charge over the company’s assets to recover the outstanding debt.

The charge does not constitute a direct liability of the company at this time, as it is contingent upon the parent company’s obligations. However, the company is exposed to financial risk if the parent company defaults on the loan note instruments