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Registered number: 11889359
Accelex Technology Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Consolidated Profit and Loss Account 8
Consolidated Statement of Comprehensive Income 9
Consolidated Balance Sheet 10
Company Balance Sheet 11—12
Consolidated Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16—25
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
The group owns the intellectual property rights and the group sells software as a service (“Saas”) to the private equity industry.
During the year the group experienced growth in revenue when compared to the previous financial year and the group continues its efforts to increase its market share and scale up its sales capabilities. The group continues to record an after-tax loss, however the loss decreased as compared to the previous financial year. 
The group revenues for the year ending 31 December 2024 are £3,117,676 (2023: £2,065,024). 
The group recorded an after-tax loss of £5,067,955 for the year ended 31 December 2024 (2023: £6,495,290).
The company recorded an after-tax loss of £4,587,619 (2023: £5,982,333). 
The directors do not recommend a final dividend (£nil for the year ended 31 December 2023). Shareholders’ funds decreased from £5,424,505 at 31 December 2023 to £468,635 at 31 December 2024.
The key performance indicators are closely monitored by the directors to ensure that they are progressing as planned in a timely manner. At this stage the directors are satisfied with the result for the year ending 31 December 2024 and expect growth in the foreseeable future.
Principal Risks and Uncertainties
Business and Strategy 
The company is pursuing a high growth strategy, attempting to capture new markets by utilizing new capabilities. If we are not able to scale our business in this way and manage our expenses in tandem, our operating results may suffer. 
Growth remains strongly linked with the success of Research and Development ("R&D") investment. If  product and service development does not adequately meet the expectations of existing and new clients, we may not be able to maintain the current client base or increase the number of new subscription-based accounts, impacting adversely our operating results. This is increasingly important as the company seeks to win market share and grow wallet share among large Tier 1 clients and asset servicer clients, who have more complex and evolving needs.
Rapid and recent developments in the artificial intelligence space is generating increased noise and competition in the market. Maintaining the strength of the company’ s brand and its competitive advantage is therefore a priority to remain ahead of peers and mitigate any impact on our financial performance and future growth. 
Intellectual Property Rights and Technology
The group’s Saas platform is primarily based on the AWS infrastructure, with AWS being the material contributor to ongoing hosting costs. Interruptions or performance problems associated with our technology or infrastructure may result in clients experiencing service outages or loss of data, which could potentially harm our business. There is therefore a high dependency on AWS’ third-party data centres to the ongoing delivery of the company’s services. 
Our market is characterized by rapid technological change and evolving industry standards. Ensuring the group’s solution keeps pace with the market’s evolving and sophisticated needs is therefore a priority, including adequately anticipating and preparing for the commercialization of emerging technologies and the development of new market and applications of our technologies. In order to mitigate this risk, the company operates a robust and continuous R&D cycle, including continuous review of new technologies, evaluation of emerging data science models, integration and deployment, and fine tuning.
Regulatory regimes in which the group operates
The group is involved in the management and processing of financial data for private markets. Although its activities currently do not fall under the scope of financial market regulation, changes in laws, regulations and standards around these topics remain highly relevant to the company. Non-compliance with laws and regulations could result in proceedings against us by governmental entities, clients, data subjects or others. 
Our clients themselves are subject to several regulatory standards with which our services must comply, we therefore need to ensure our products and services are aligned with the extensive and evolving regulatory industry requirements. 
Geopolitical events may adversely affect global commercial activities of our clients and therefore limit the company’s ability to grow. Recent geopolitical events are driving increased uncertainty and volatility in international business in general, and is likely to impact FX markets.
...CONTINUED
Page 1
Page 2
Principal Risks and Uncertainties - continued
Short term liquidity
The group continues to tightly manage its cashflow and is dependent on our existing and potential customers paying Saas subscription fees in a timely manner. Delays from existing and potential customers could adversely impact our ability to settle obligations and liabilities after they fall due. The directors are carefully considering the tight cash position and contingency plans are in place to ensure there are no shortfalls in liquidity that could disrupt our business.
Going concern
The group has sufficient liquid resources and ongoing Saas contracts of high quality. The directors therefore believe that the group and the company have sufficient financial resources to meet their obligations and liabilities when they fall due and to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date these financial statements are approved. 
As referred to above and in note 2 to the financial statements, the directors have considered the impact of recent geopolitical events on the group’s business and operations. After carrying out sensitivity analysis, the directors believe that the group and the company are well placed to manage their business risks successfully in the current economic climate. Accordingly, they continue to adopt the going-concern basis in preparing the annual financial statements. 
On behalf of the board
Mr Franck Vialaron
Director
13/05/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The group's principal activity continues to be that of business software development for the private equity industry.
Dividends
Dividends paid amounted to £NIL .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
Mr Michael Aldridge
Mr Robert James Robie
Mr Franck Vialaron
Mr Jay Wilson
Research and Development
The group invests in the research and development of its products.  The products automate processess for the extraction, analysis and sharing of critical investment performance and transaction data. Through the development of its products the group aims to simplify the demanding workflows of private market participants and deliver tangible benefits.
The main research and development expenses consists of personnel-related costs, including salaries benefits and stock-based compensation for the employees involved in the research and development process.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
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Page 4
Independent Auditors
The auditors, TC Group, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Franck Vialaron
Director
13/05/2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Accelex Technology Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's affairs as at 31 December 2024 and of its loss for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.
Other Matter
In the previous accounting period the directors took advantage of the small companies exemption from the requirement to produce consolidated financial statements. Therefore the prior year consolidated comparatives are unaudited.
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 entity's ability to continue as a going concern for a period of at least 12 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 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. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or 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 Directors' Responsibilities Statement set out on page 4 , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
  • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
  • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
  • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
  • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
  • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 that 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.
Mark Bailey (Senior Statutory Auditor)
for and on behalf of TC Group , Statutory Auditor
13/05/2025
TC Group
3 Dorset Rise
London
EC4Y 8EN
Page 7
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Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 3,117,676 2,065,024
Cost of sales (169,788 ) (125,077 )
GROSS PROFIT 2,947,888 1,939,947
Administrative expenses (9,112,253 ) (8,645,546 )
Other operating income 6,500 24,838
OPERATING LOSS 5 (6,157,865 ) (6,680,761 )
Income from other current asset investments - 181,041
Other interest receivable and similar income 11 19,959 1,075
Interest payable and similar charges 12 (35,519 ) (359,207 )
LOSS BEFORE TAXATION (6,173,425 ) (6,857,852 )
Tax on Loss 13 1,105,470 362,562
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (5,067,955 ) (6,495,290 )
The notes on pages 15 to 25 form part of these financial statements.
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Page 9
Consolidated Statement of Comprehensive Income
2024 2023
£ £
LOSS FOR THE FINANCIAL YEAR (5,067,955 ) (6,495,290 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (5,067,955 ) (6,495,290 )
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Consolidated Balance Sheet
Registered number: 11889359
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 54,405 65,476
54,405 65,476
CURRENT ASSETS
Debtors 16 2,699,972 2,834,783
Cash at bank and in hand 3,175,946 6,190,616
5,875,918 9,025,399
Creditors: Amounts Falling Due Within One Year 17 (3,957,182 ) (3,244,085 )
NET CURRENT ASSETS (LIABILITIES) 1,918,736 5,781,314
TOTAL ASSETS LESS CURRENT LIABILITIES 1,973,141 5,846,790
Creditors: Amounts Falling Due After More Than One Year 18 (1,504,506 ) (416,446 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 - (5,839 )
NET ASSETS 468,635 5,424,505
CAPITAL AND RESERVES
Called up share capital 21 1,777,420 1,766,762
Share premium account 18,619,913 18,591,262
Other Reserves 733,795 661,019
Profit and Loss Account (20,662,493 ) (15,594,538 )
SHAREHOLDERS' FUNDS 468,635 5,424,505
On behalf of the board
Mr Franck Vialaron
Director
13/05/2025
The notes on pages 15 to 25 form part of these financial statements.
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Company Balance Sheet
Registered number: 11889359
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 24,960 30,735
Investments 15 1,145,459 271,081
1,170,419 301,816
CURRENT ASSETS
Debtors 16 6,386,852 4,422,014
Cash at bank and in hand 193,115 5,973,284
6,579,967 10,395,298
Creditors: Amounts Falling Due Within One Year 17 (5,689,382 ) (4,219,476 )
NET CURRENT ASSETS (LIABILITIES) 890,585 6,175,822
TOTAL ASSETS LESS CURRENT LIABILITIES 2,061,004 6,477,638
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 - (5,839 )
NET ASSETS 2,061,004 6,471,799
CAPITAL AND RESERVES
Called up share capital 21 1,777,420 1,766,762
Share premium account 18,619,913 18,591,262
Other Reserves 545,066 407,551
Profit and Loss Account (18,881,395 ) (14,293,776 )
SHAREHOLDERS' FUNDS 2,061,004 6,471,799
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £4,587,619 (2023: £5,982,333 loss).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Franck Vialaron
Director
13/05/2025
The notes on pages 15 to 25 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Share Premium Other Reserves Profit and Loss Account Total
£ £ £ £ £
As at 1 January 2023 923,589 4,092,079 247,232 (9,099,248 ) (3,836,348)
Loss for the year and total comprehensive income - - - (6,495,290 ) (6,495,290)
Arising on shares issued during the period 843,173 14,499,183 - - 15,342,356
Movements in other reserves - - 413,787 - 413,787
As at 31 December 2023 and 1 January 2024 1,766,762 18,591,262 661,019 (15,594,538 ) 5,424,505
Loss for the year and total comprehensive income - - - (5,067,955 ) (5,067,955)
Arising on shares issued during the period 10,658 28,651 - - 39,309
Movements in other reserves - - 72,776 - 72,776
As at 31 December 2024 1,777,420 18,619,913 733,795 (20,662,493 ) 468,635
Other Reserves
2024
2023
£
£
Legal Reserves
14,739
14,739
Translation Reserve
173,990
238,729
EMI Reserve
545,066
image
407,551
image
733,795
image
661,019
image
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash used in operations 1 (4,495,948 ) (7,382,371 )
Interest paid (35,519 ) (407,631 )
Tax refunded 374,806 1,806,330
Net cash used in operating activities (4,156,661 ) (5,983,672 )
Cash flows from investing activities
Purchase of tangible assets (21,067 ) (13,431 )
Interest received 19,959 182,116
Net cash (used in)/generated from investing activities (1,108 ) 168,685
Cash flows from financing activities
Proceeds from issue of share capital 39,309 15,342,356
Proceeds from new other loans 1,154,276 -
Repayment of other loans - (4,634,917)
Amount introduced by directors - 14,769
Amount withdrawn by directors (50,486) -
Net cash generated from financing activities 1,143,099 10,722,208
(Decrease)/increase in cash and cash equivalents (3,014,670 ) 4,907,221
Cash and cash equivalents at beginning of year 2 6,190,616 1,283,395
Cash and cash equivalents at end of year 2 3,175,946 6,190,616
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash used in operations
2024 2023
£ £
Loss for the financial year (5,067,955 ) (6,495,290 )
Adjustments for:
Tax on loss (1,105,470 ) (362,562 )
Interest expense 35,519 359,207
Interest income (19,959 ) (1,075 )
Income from investments - (181,041)
Depreciation of tangible assets 32,138 29,320
Movements in working capital:
Decrease/(increase) in trade and other debtors 894,204 (1,677,557 )
Increase in trade and other creditors 735,575 946,627
Net cash used in operations (4,495,948 ) (7,382,371 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 3,175,946 6,190,616
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 6,190,616 (3,014,670) 3,175,946
Debts falling due within one year (144,944 ) 6,560 (138,384 )
Debts falling due after more than one year (416,446) (1,088,060) (1,504,506)
5,629,226 (4,096,170) 1,533,056
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Notes to the Financial Statements
1. General Information
Accelex Technology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11889359 . The registered office is 39 Faroe Road, London, W14 0EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
Any subsidiary undertakings sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
2.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group’s ability to continue as a going concern, and as such, the group has prepared the financial statements on the basis that it will continue to operate as a going concern for a period of at least twelve months from when these financial statements are authorised for issue.
While the group has sufficient resources to meet its obligations and continue operating for the foreseeable future, additional fundraising will be required to support the group’s operations and strategic objectives beyond this period. The directors are confident that such funding will be secured based on ongoing discussions with potential investor, the group’s history of successful capital raising, and continued interest in the group’s activities. Accordingly, the directors believe it remains appropriate to prepare the financial statements on a going concern basis.
2.4. Significant judgements and estimations
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key Estimate
The group's share options have been valued by analysing the share price history based on recent investment rounds, and applying an appropriate discount due to a lack of marketability, restrictions on the shares and an adjustment for the tax relief received by investors.
2.5. Turnover
Turnover represents the value, net of VAT and discounts, derived from software licence and related support services provided to customers and recognised on a straight line basis over the period of the contract. Where payments are received by 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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2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings Straight Line - 25%
Computer Equipment Straight Line - 25%
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
2.8. Financial Instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price 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 payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.11. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.12. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.13. Equity Instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
2.14. Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the HMRC approved valuation model for the EMI option scheme. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
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2.15. Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Provision of software licences and related support services 3,117,676 2,065,024
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 47,339 -
Europe 1,114,006 845,061
North America 1,902,063 1,294,863
Asia 54,268 15,000
3,117,676 2,154,924
4. Other Operating Income
2024 2023
£ £
Other operating income 6,500 24,838
6,500 24,838
5. Operating Loss
The operating loss is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 32,138 29,320
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the group and company's financial statements 16,000 9,000
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7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Wages and salaries 4,764,447 4,394,092 2,882,316 2,767,997
Social security costs 531,063 472,829 362,314 351,915
Other pension costs 177,096 151,641 37,184 35,488
5,472,606 5,018,562 3,281,814 3,155,400
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 52 (2023: 50)
Company
Average number of employees, including directors, during the year was: 30 (2023: 31)
52 50
30 31
9. Directors' remuneration
2024 2023
£ £
Emoluments 489,338 616,499
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 1 1
The number of directors who exercised share options or received shares under long term incentive schemes, was as follows:
2024 2023
Directors exercising share options 1 -
Directors receiving shares under long term incentive schemes - 3
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 259,147 247,917
Company contributions to money purchase pension schemes 1,321 881
260,468 248,798
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10. Share-Based Payments
Group and company
Number of share options
Weighted average exercise price
2024 number
2023 number
2024 £
2023 £
Outstanding at 1 Janaury 2024
22,522,718
17,082,718
0.04
0.04
Granted
-
5,600,000
0.05
0.05
Forfeited
(1,439,030)
(160,000)
0.04
-
Exercised
(1,211,148)
-
image
image
image
image
Outstanding at 31 December 2024
19,872,540
image
22,522,718
image
0.04
image
0.04
image
Exercisable as at 31 December 2024
15,352,540
image
18,105,973
image
0.04
image
0.04
image
At the year end there were 19,875,540 options in issue, with 15,352,540 having vested. The group has recognised £137,514 through the profit and loss account for the year, being the estimated fair value of the net movement in share options in existence at the balance sheet date. 
11. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 19,959 1,075
Reversal of interest on convertible loans - 181,041
19,959 182,116
12. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 63,682 158,916
Foreign exchange charges (28,163 ) 106,692
Other finance charges - 93,599
35,519 359,207
13. Tax on Profit
The tax credit on the loss for the year was as follows:
2024 2023
£ £
Current tax
UK Corporation Tax (1,109,083 ) -
Foreign tax 9,452 (361,492 )
(1,099,631 ) (361,492 )
Deferred Tax
Deferred taxation (5,839 ) (1,070 )
Total tax charge for the period (1,105,470 ) (362,562 )
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
...CONTINUED
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2024 2023
£ £
Profit before tax (6,173,425) (6,857,852)
Tax on profit at 25% (UK standard rate) - -
Short term timing differences (5,839 ) (1,070 )
Research and Development tax credit (1,109,083 ) (361,492 )
Difference in tax rates 9,452 -
Total tax charge for the period (1,105,470) (362,562)
14. Tangible Assets
Group
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 13,159 121,770 134,929
Additions - 21,067 21,067
As at 31 December 2024 13,159 142,837 155,996
Depreciation
As at 1 January 2024 9,059 60,394 69,453
Provided during the period 1,561 30,577 32,138
As at 31 December 2024 10,620 90,971 101,591
Net Book Value
As at 31 December 2024 2,539 51,866 54,405
As at 1 January 2024 4,100 61,376 65,476
Company
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 2,681 62,124 64,805
Additions - 11,073 11,073
As at 31 December 2024 2,681 73,197 75,878
Depreciation
As at 1 January 2024 1,075 32,995 34,070
Provided during the period 670 16,178 16,848
As at 31 December 2024 1,745 49,173 50,918
Net Book Value
As at 31 December 2024 936 24,024 24,960
As at 1 January 2024 1,606 29,129 30,735
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15. Investments
Company
Subsidiaries
£
Cost
As at 1 January 2024 271,081
Additions 874,378
As at 31 December 2024 1,145,459
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 1,145,459
As at 1 January 2024 271,081
Subsidiaries
Details of the company's subsidiaries as at 31 December 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Accelex Technology Inc 900 3rd Avenue 29th floor New York NY 10022 United States Ordinary 100.00% -
Accelex Technology SAS 26 Rue de Montholon 75009 Paris France Ordinary 100.00% -
Accelex Technology Corp 23 Lesmill Road Suite 307 Toronto Ontario M3B 3P6 Canada Ordinary 100.00% -
Accelex Technology Lux 9 Rue du Laboratoire Luxemborg L-1911 Luxembourg Ordinary 100.00% -
16. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 1,031,303 1,199,951 403,322 471,668
Prepayments and accrued income 313,646 204,361 127,784 85,424
Other debtors 153,443 989,486 86,058 943,429
Corporation tax recoverable assets 1,112,347 387,522 338,243 -
Directors' loan accounts 34,568 - - -
Amounts owed by group undertakings - - 56,251 50,750
2,645,307 2,781,320 1,011,658 1,551,271
Due after more than one year
Other debtors 54,665 53,463 54,665 53,463
Amounts owed by group undertakings - - 5,320,529 2,817,280
54,665 53,463 5,375,194 2,870,743
2,699,972 2,834,783 6,386,852 4,422,014
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During the year a loan of £34,424 was issued to a director which incurs interest at a rate of 4.81%. The balance outstanding as at 31 December 2024 was £36,408 which included £1,924 of accrued interest. The loan is unsecured and repayable in June 2025.
17. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 325,420 458,857 97,501 393,770
Other loans 138,384 144,944 - -
Amounts owed to group undertakings - - 4,634,591 2,530,403
Other creditors 107,303 314,840 8,131 171,702
Taxation and social security 161,138 293,367 107,209 230,006
Accruals and deferred income 3,224,937 2,032,077 841,950 893,595
3,957,182 3,244,085 5,689,382 4,219,476
18. Creditors: Amounts Falling Due After More Than One Year
Group
2024 2023
£ £
Other loans 1,504,506 416,446
On 25/05/2020, an unsecured loan of EUR 400,000 was taken by Accelex Technology SAS from Bpifrance Financement. This loan is payable in quarterly instalments of EUR 20,000, with the first quarterly payment instalment starting 31/03/2023 and last quarterly payment instalment being due on 31/12/2027. The loan is bearing an interest rate of 0.87%. The outstanding amount on this loan at 31/12/2024 is EUR 260,000. Interest accrued is EUR 1,087.00.
On 30/06/2020, an unsecured of EUR 150,000 was taken by Accelex Technology SAS from Bpifrance Financement. This loan is payable in quarterly instalments of EUR 7,500, with the first quarterly payment instalment starting 30/09/2023 and last quarterly payment instalment being due on 30/06/2028. The loan is bearing an interest rate of 4.60%. The outstanding amount on this loan at 31/12/2024 is EUR 112,500. Interest accrued is EUR 4,140.00.
On 17/03/2021, an unsecured loan of EUR 225,000 was taken by Accelex Technology SAS from Credit Industriel et Commercial. This loan is for a period of 60 months, with nil capital repayments in the first 12 months followed by monthly payment instalments over the following 48 months. The interest rate charged is 0.70% per annum. The outstanding amount on this loan at 31/12/2024 is EUR 103,907,06. Interest accrued is EUR 60.00.
On 30 August 2024, an unsecured loan of EUR 1,500,000 was taken by Accelex Technology SAS from Bpifrance. This loan is payable in quarterly instalments of EUR 75,000, with the first quarterly payment instalment starting 30/06/2027 and last quarterly payment instalment being due on 31/03/2032. The loan is bearing an interest rate of 4.28%. The outstanding amount on this loan at 31/12/2024 is EUR 1,500,000. Interest accrued is EUR 16,050.00.
19. Loans
An analysis of the maturity of loans is given below:
Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Other loans 138,384 144,944
Group
2024 2023
£ £
Amounts falling due between one and five years:
Other loans 1,504,506 416,446
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20. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Other timing differences - 5,839 - 5,839
21. Share Capital
2024 2023
Allotted, called up and fully paid £ £
59,982,045 Ordinary Shares of £ 0.0088 each 527,841 517,183
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
141,997,623 Preference Shares of £ 0.0088 each 1,249,579 1,249,579
Shares issued during the period: £
1,211,148 Ordinary Shares of £ 0.0088 each 10,658
The prescribed particulars of rights attached to the series seed preference shares are; (A) the right to vote on the basis of one vote on a show of hands, or, on a poll, on the basis of one vote per share held; (B) the right to participate in a dividend in proportion to the number of equity shares held; (C) the right to participate in a distribution of capital as set out in article 5.1 of the company's articles of association; and (D) the shares are not redeemable.
22. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Group Company
2024 2023 2024 2023
£ £ £ £
Not later than one year 160,670 102,900 103,200 102,900
160,670 102,900 103,200 102,900
23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £177,096 (2023: £151,641).
At the balance sheet date contributions of £43,316 (2023: £71,677) were due to the fund and are included in creditors.
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