The directors present the strategic report for the year ended 31 December 2024.
CHAIRMAN’S REPORT
We are proud to announce that 2024 has been a transformative year for Iplicit. With a remarkable 113% increase in CARR, we have firmly established ourselves as one of the leading choices in the UK midmarket. Our relentless pursuit of excellence and innovation has driven substantial progress across all areas, ensuring that we continue to deliver high quality accounting software. Our strategic investments in engineering, services, and support have ensured that we continue to raise our standards. By leveraging Azure-based strategies with a strong focus on high-level security, and the creation of a secure development platform, we have been able to serve our rapidly growing customer base with assurance.
This year, we have expanded our partnerships with resellers and accountancy practices, which is crucial to our growth strategy. Our accredited partners have enabled us to scale our operations and reach new heights in both our domestic market today and to establish the basis for our international expansion in the future. Our achievements are a direct result of the dedication and professionalism demonstrated by our passionate team. I sincerely congratulate and thank each member for their exceptional efforts and contribution.
At the beginning of 2025, we closed our first investment round with an Institutional Investor, raising a total of £25 million, and are very pleased to welcome One Peak into our team. During the year, we have been extremely fortunate to welcome onto our Board Nic Humphries (Executive Chair and Senior Partner of Hg Capital), Øystein Moan (Executive Chairman of Visma), and Humbert de Liedekerke Beaufort (Founder and Managing Partner of One Peak), who bring to us a wealth of knowledge and experience that will be vital in our travels.
As we look ahead to 2025, we are filled with optimism and excitement for another record-breaking year. Together, we will continue to build on our successes and drive forward with the same passion and commitment that has brought us this far.
As we write our reports, the economies of the world are experiencing a time of change with a myriad of challenges. We would be foolish if we did not recognise that these changes may well affect our progress as uncertainty often inhibits the investment decisions of our customers or lengthens the timescales involved. Nonetheless, we remain optimistic in overcoming these challenges.
We thank you for your support.
Antony Ebel
Chairman
Iplicit Group Ltd
CFO REPORT
Overview
2024 has been a pivotal year for Iplicit, marked by extraordinary financial performance, strategic capital investments, and robust operational enhancements. We have delivered outstanding year-on-year growth while laying down the foundational elements that will allow us to scale efficiently and sustainably in the years ahead. Our disciplined approach to financial management, combined with a clear long-term vision, has positioned Iplicit as one of the leading cloud accounting solutions for the UK midmarket.
Key Financial Developments
Funding and Investment Success
In 2024, we successfully secured significant funding, further solidifying our financial position and enabling us to accelerate our growth strategy:
£6M Private Placement (April 2024): We welcomed Nic Humphries (Executive Chair and Senior Partner of Hg Capital) and Øystein Moan (Executive Chairman of Visma) to our Board. Their extensive industry experience and strategic insights are invaluable as we continue scaling our business.
Expansion of EMI Scheme: An additional 78 employees were granted EMI options, further aligning our workforce with the company’s success and fostering a high-performance culture.
£25M External Investment (January 2025): Our first formal institutional funding round was led by One Peak, resulting in a total investment of £25M. Of this, £20M was invested in newly issued share capital, directly strengthening the company's balance sheet and supporting our growth plans over the next 3-4 years. The remaining £5M related to the purchase of secondary shares from existing shareholders, providing partial liquidity. While the investment agreement was signed in December 2024, legal completion occurred on 10 January 2025, and therefore the proceeds from the primary investment are not reflected in the 2024 Balance Sheet. The transaction is appropriately disclosed in the audited financial statements under the 'Going Concern' section.
Our Partnership with One Peak
We are incredibly excited about what we see as a long-term strategic partnership with One Peak. From the outset, One Peak stood head and shoulders above other potential investors due to their deep understanding of our market, their passion for our vision, and their track record in scaling high-growth SaaS businesses. Their alignment with our long-term ambitions made them the ideal partner for our next phase of expansion.
With a growing portfolio of 25 SaaS companies, One Peak provides us with an invaluable pool of resources. This partnership grants us access to best-in-class expertise, helping us avoid common scaling pitfalls and fast-track our adoption of cutting-edge tools, technology, and talent strategies. Their investment is not just financial; it is a commitment to supporting our journey with the insights, mentorship, and networks that will be instrumental to our success.
Scaling Operations and Strengthening Capabilities
Workforce Growth: We expanded our team significantly, adding 64 new members across all business units, reinforcing our capabilities in customer success, operations, sales, marketing, and product engineering.
Infrastructure & Security Investments: With a rapidly growing customer base, we prioritised strengthening our Azure-based infrastructure, ensuring resilience, security, and seamless scalability.
Principal Risks and Uncertainties
The directors regularly review the principal risks and uncertainties facing the business. As a fast-growing software company, iplicit is exposed to a number of risks, including but not limited to changes in market dynamics, evolving customer expectations, and increased competition in the cloud accounting software sector. Operational risks include potential delays in product development, reliance on key personnel, and maintaining service continuity and data security in line with industry standards. Economic conditions, particularly in the UK and international markets where we operate or intend to expand, may also impact growth. Additionally, changes in regulatory or compliance requirements, particularly those relating to data protection and financial reporting, could affect our operations. The company continues to invest in its infrastructure, security, governance, and people to mitigate these risks and ensure resilience and scalability.
Outlook for 2025
The year ahead presents our most significant challenge yet as we scale beyond 150 employees and transition into the next phase of high-growth execution. While we have planned meticulously for this expansion, the simultaneous introduction of multiple new systems and the formalisation of an operational leadership team will require careful navigation. However, we embrace this challenge with enthusiasm and confidence.
While we aim for another year of exceptional growth, the foremost priority is to surpass the original £10M revenue milestone with robust, scalable systems, well-defined processes, and an engaged, high-performing team. Sustaining a people-first culture remains central to our mission.
Beyond 2025, our primary objective is to be in optimal operational form—across team structure, technology, and execution capability. The groundwork laid in 2024 provides a strong foundation for this ambitious journey, and we remain fully committed to achieving our long-term vision.
Rob Steele
Chief Financial Officer
Iplicit Group Ltd
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
We have audited the financial statements of Iplicit Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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. We refer you to note 1.4 for further information.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the accountancy software development sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgments and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £42,894 (2023 - £10,595 loss).
Iplicit Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 124 City Road, London, England, EC1V 2NX.
The group consists of Iplicit Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Iplicit Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The Company provides Software as a Service (SaaS) and is structured for high growth. Such businesses, delivering a well-established record of exceptional growth, have a recognised path of regular capital injections to support the high costs of achieving such performance. iplicit is well down this path having achieved a doubling of additional ARR recorded each year over the prior year for the past 6 years and the company is on track to achieve this again in 2025.
In order to achieve this level of performance, significant increases in annual investment in product development, internal systems, customer support and above all additional high-quality staff are needed. This level of continued investment underpins the company’s ability to operate from the beginning of each new year at the level required to achieve a further year of doubling ARR.
As of 31 December 2024, Iplicit Limited ended the year with Contracted Annual Recurring Revenue (CARR) of £6,625,308, comprising software license billing and contracted orders.
Consequently, each year the Company carries out a further funding round to meet its expected requirements for at least the following 12 months. It limits its capital raises to a prudent level to protect and maintain shareholder value. The latest funding round of circa £20 million completed in January 2025 and is expected to meet the company’s (and its subsidiaries) requirements to beyond 2027.
Numerous, large institutional funds, focusing specifically on the B2B software sector, have expressed a wish to invest in the Company, should the current level of fundraising be increased. However, the Board of Directors is confident that its policy of controlled prudence is the correct approach for this stage of the Company’s growth.
The Company is tightly structured with a highly experienced team of managers and maintains strict financial and performance controls. The Directors prepare regular financial reviews and are operating to a five-year plan with a detailed forecast until the end of the financial year to December 2026 from the date of signing these financial statements. They are confident that as prepared, the Group can meet its respective financial obligations over the coming 12 months and until the end of this prepared projection. Accordingly, these financial statements are prepared on a going concern basis.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
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.
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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Details of the company's subsidiaries at 31 December 2024 are as follows:
During the year, 181,260 Ordinary shares of £0.01 each and 2,833 Ordinary A shares were issued for a total consideration of £5,960,077.
The premium paid above the nominal value has been included within share premium, the total increase is £5,958,236.
The company had share based payment arrangements that existed at the year end, which some had a vesting period of the earlier of five years or upon exit, and others vested on an exit event only, all with an equity method of settlement.
The number and weighted average exercise prices of share options for each of the following groups of options:
Outstanding at the beginning of the year:
Fair value as at 01/01/2024 £142,055
Number of options as at 01/01/2024 66,532
Weighted Average value per option £2.14
Granted during the year:
Fair value of options granted in the year £264,247
Number of options granted in the year 24,490
Weighted Average value per option £10.79
Forfeited during the year:
Fair value of options forfeited during the year £4,036
Number of options forfeited during the year 1,726
Weighted Average value per option £2.34
Exercised during the year:
None.
Expired during the year:
None.
Outstanding the end of the year:
Fair value of options as at 31/12/2024 £402,267
Number of options as at 31/12/2024 89,296
Weighted Average value per option £4.50
Exercisable as the end of the year:
Not applicable.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the its subsidiary, Iplicit Limited.
A company with common directors
During the year, the company was invoiced for services totalling £17,500 (2023:£Nil). At the balance sheet date the amount due to Microdisc Limited was £Nil.