Company registration number 09359462 (England and Wales)
EDGIFY AI LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EDGIFY AI LTD
CONTENTS
Page
Group balance sheet
1 - 2
Company balance sheet
3 - 4
Group statement of changes in equity
5
Company statement of changes in equity
6
Notes to the financial statements
7 - 16
EDGIFY AI LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
-
Tangible assets
4
28,484
17,111
Current assets
Debtors
7
1,119,901
1,000,334
Cash at bank and in hand
965,066
1,155,342
2,084,967
2,155,676
Creditors: amounts falling due within one year
8
(2,436,472)
(369,345)
Net current (liabilities)/assets
(351,505)
1,786,331
Total assets less current liabilities
(323,021)
1,803,442
Deferred income
10
(530,858)
(127,713)
Net (liabilities)/assets
(853,879)
1,675,729
Capital and reserves
Called up share capital
11
1,251,126
1,128,158
Share premium account
12
20,852,170
20,946,475
Capital redemption reserve
12
4,255
4,255
Other reserves
12
4,133,616
3,752,451
Profit and loss reserves
12
(27,095,046)
(24,155,610)
Total equity
(853,879)
1,675,729

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 December 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

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

EDGIFY AI LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
15 May 2025
Mr M Bayer- Goldman
Director
Company registration number 09359462 (England and Wales)
EDGIFY AI LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,000
7,139
Investments
5
409,098
409,098
427,098
416,237
Current assets
Debtors
7
1,088,249
974,529
Cash at bank and in hand
803,788
1,007,018
1,892,037
1,981,547
Creditors: amounts falling due within one year
8
(3,514,016)
(1,260,224)
Net current (liabilities)/assets
(1,621,979)
721,323
Total assets less current liabilities
(1,194,881)
1,137,560
Deferred income
10
(530,858)
(127,713)
Net (liabilities)/assets
(1,725,739)
1,009,847
Capital and reserves
Called up share capital
11
1,251,120
1,128,152
Share premium account
12
20,852,170
20,946,475
Capital redemption reserve
12
4,255
4,255
Other reserves
12
3,215,918
2,931,330
Profit and loss reserves
12
(27,049,202)
(24,000,365)
Total equity
(1,725,739)
1,009,847

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £3,048,837 (2023 - £4,375,573 loss).

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

EDGIFY AI LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
15 May 2025
Mr M Bayer- Goldman
Director
Company registration number 09359462 (England and Wales)
EDGIFY AI LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
1,053,572
20,076,723
4,255
2,224,576
(19,884,345)
3,474,781
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
-
(4,271,265)
(4,271,265)
Issue of share capital
11
74,586
869,752
-
-
-
944,338
Transfers
-
-
-
1,527,875
-
1,527,875
Balance at 31 December 2023
1,128,158
20,946,475
4,255
3,752,451
(24,155,610)
1,675,729
Year ended 31 December 2024:
Loss for the year
-
-
-
-
(2,934,781)
(2,934,781)
Other comprehensive income:
Currency translation differences
-
-
-
-
(4,655)
(4,655)
Total comprehensive income
-
-
-
-
(2,939,436)
(2,934,781)
Transfers
-
-
-
381,165
-
381,165
Other movements
122,968
(94,305)
-
-
-
28,663
Balance at 31 December 2024
1,251,126
20,852,170
4,255
4,133,616
(27,095,046)
(853,879)
EDGIFY AI LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
1,053,566
20,076,723
4,255
1,288,428
(19,624,792)
2,798,180
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
-
(4,375,573)
(4,375,573)
Issue of share capital
11
74,586
869,752
-
-
-
944,338
Transfers
-
-
-
1,642,902
-
1,642,902
Balance at 31 December 2023
1,128,152
20,946,475
4,255
2,931,330
(24,000,365)
1,009,847
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
-
(3,048,837)
(3,048,837)
Transfers
-
-
-
284,588
-
284,588
Other movements
122,968
(94,305)
-
-
-
28,663
Balance at 31 December 2024
1,251,120
20,852,170
4,255
3,215,918
(27,049,202)
(1,725,739)
EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
1
Accounting policies
Company information

Edgify AI Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 307 Euston Road, London, NW1 43AD.

 

The group consists of Edgify AI Ltd and all of its subsidiaries.

1.1
Accounting convention

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Edgify AI Ltd 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.

EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.3
Going concern

The financial statements have been prepared on the basis that the group is a going concern, despite reporting a loss of £5.003 million for the year. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

 

The directors have prepare business plans and cash flow forecasts for a period of 12 months from the date of approval of these financial statements. These demonstrate a reasonable expectation that the group will have sufficient funds to meet its liabilities as they fall due. As the group is transitioning from a research and development phase to a growth phase, it continues to invest in building its sales and operations functions and therefore is yet to generate a profit or positive operating cash flow.

 

The directors have considered certain scenarios that may require further capital funds to be raised. Any such additional capital required is not yet fully committed. The directors have successfully raised capital in recent years and are confident in raising additional funds, however there is no certainty the fundraise will be successful, should it be required.

 

Should a fundraise be unsuccessful the group may be unable to discharge its liabilities as they fall due and as a result represents a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern.

1.4
Turnover

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.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10%
Fixtures and fittings
6% - 15%
Computers
33%

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.

 

Leasehold improvements are depreciated by the straight line method over the term of the lease or the economic useful life of the improvements, whichever is shorter.

EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.7
Fixed asset investments

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.

1.8
Impairment of fixed assets

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.

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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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

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.

EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
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.

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, 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.

 

 

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.

1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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.

EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
Deferred tax

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.

1.13
Employee benefits

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
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 Black-Scholes model. 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.

 

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.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.16
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.

EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2
Judgements and key sources of estimation uncertainty

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.

3
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
25
17
9
6
4
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 January 2024
155,789
Additions
26,175
At 31 December 2024
181,964
Depreciation and impairment
At 1 January 2024
138,678
Depreciation charged in the year
14,802
At 31 December 2024
153,480
Carrying amount
At 31 December 2024
28,484
At 31 December 2023
17,111
EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Tangible fixed assets
(Continued)
- 13 -
Company
Plant and machinery etc
£
Cost
At 1 January 2024
53,236
Additions
16,897
At 31 December 2024
70,133
Depreciation and impairment
At 1 January 2024
46,097
Depreciation charged in the year
6,036
At 31 December 2024
52,133
Carrying amount
At 31 December 2024
18,000
At 31 December 2023
7,139
5
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
409,098
409,098
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
409,098
Carrying amount
At 31 December 2024
409,098
At 31 December 2023
409,098
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Subsidiaries
(Continued)
- 14 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Edgify Ltd
Menahem Begin 11, Ramat Gan, Tel Aviv 52462, Israel
Ordinary
100.00
7
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
501,707
153,180
501,707
153,180
Corporation tax recoverable
455,653
665,133
440,216
665,133
Other debtors
162,541
169,000
146,326
156,216
1,119,901
987,313
1,088,249
974,529
Amounts falling due after more than one year:
Deferred tax asset
-
13,021
-
-
Total debtors
1,119,901
1,000,334
1,088,249
974,529
8
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
4,561
-
0
4,561
-
0
Convertible loans
2,018,913
-
0
2,018,913
-
0
Trade creditors
117,449
94,620
82,802
86,151
Amounts owed to group undertakings
-
0
-
0
1,313,335
1,095,669
Taxation and social security
281,286
221,529
79,432
28,433
Other creditors
14,263
53,196
14,973
49,971
2,436,472
369,345
3,514,016
1,260,224
9
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
4,561
-
0
4,561
-
0
Payable within one year
4,561
-
4,561
-
EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Loans and overdrafts
(Continued)
- 15 -

The short-term loan relates to an unsecured bank overdraft facility which the company has the option to draw upon at their discretion.

 

10
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
530,858
127,713
530,858
127,713
11
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 8.89977p each
386,611
386,611
34,407
34,407
Ordinary 2 shares of 0.1p each
162,532
162,532
163
163
A1 Ordinary shares of 0.1p each
91,789,490
91,789,490
91,789
35,057
92,338,633
92,338,633
126,359
69,627
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Seed Preferred shares of 0.1p each
481,104,477
481,104,477
481,104
481,104
Senior Seed Preferred shares of 0.1p each
643,656,198
643,656,198
643,656
643,656
1,124,760,675
1,124,760,675
1,124,760
1,124,760

The movement from 35,057 to 91,789 A1 Ordinary shares relates to a correction of a prior year discrepancy rather than a true issuance of additional shares in the period.

 

12
Reserves
Share premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

EDGIFY AI LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Reserves
(Continued)
- 16 -

Other reserves

Other reserves comprises the value of options to acquire the share capital of the company granted to employees of the subsidiary and parent undertaking, and are non-distributable. As at 31 December 2024, the other reserves consists of share option reserves of £3,215,918.

13
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Rental agreement
111,486
119,803
111,486
119,803
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