Company Registration No. 04643244 (England and Wales)
JADU LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
JADU LIMITED
CONTENTS
Page
Group balance sheet
1
Company balance sheet
2
Group statement of changes in equity
3
Company statement of changes in equity
4
Notes to the financial statements
5 - 19
JADU LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
131,556
167,316
Tangible assets
7
37,452
24,808
169,008
192,124
Current assets
Debtors
11
1,219,067
1,235,391
Cash at bank and in hand
1,940,956
1,210,671
3,160,023
2,446,062
Creditors: amounts falling due within one year
12
(4,410,522)
(3,953,857)
Net current liabilities
(1,250,499)
(1,507,795)
Total assets less current liabilities
(1,081,491)
(1,315,671)
Creditors: amounts falling due after more than one year
13
(394,736)
-
Net liabilities
(1,476,227)
(1,315,671)
Capital and reserves
Called up share capital
16
100
100
Other reserves
17
(101,649)
(173,064)
Profit and loss reserves
17
(1,374,678)
(1,142,707)
Total equity
(1,476,227)
(1,315,671)

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

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

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
09 May 2025
P Morgan
Director
Company registration number 04643244 (England and Wales)
JADU LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
111,689
116,786
Tangible assets
7
37,454
23,699
Investments
8
101
101
149,244
140,586
Current assets
Debtors
11
1,734,371
2,267,120
Cash at bank and in hand
822,719
269,789
2,557,090
2,536,909
Creditors: amounts falling due within one year
12
(6,726,711)
(6,410,191)
Net current liabilities
(4,169,621)
(3,873,282)
Total assets less current liabilities
(4,020,377)
(3,732,696)
Creditors: amounts falling due after more than one year
13
(394,736)
-
Net liabilities
(4,415,113)
(3,732,696)
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
17
(4,415,213)
(3,732,796)
Total equity
(4,415,113)
(3,732,696)

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 £682,417 (2023 - £545,539 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
09 May 2025
P Morgan
Director
Company registration number 04643244 (England and Wales)
JADU LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Share capital
Other reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
100
(264,371)
(1,079,755)
(1,344,026)
Year ended 30 September 2023:
Loss and total comprehensive income
-
-
(62,952)
(62,952)
Retranslation of opening net assets of overseas operations
-
91,307
-
91,307
Balance at 30 September 2023
100
(173,064)
(1,142,707)
(1,315,671)
Year ended 30 September 2024:
Loss and total comprehensive income
-
-
(231,971)
(231,971)
Retranslation of opening net assets of overseas operations
-
71,415
-
71,415
Balance at 30 September 2024
100
(101,649)
(1,374,678)
(1,476,227)
JADU LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
100
(3,187,257)
(3,187,157)
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(545,539)
(545,539)
Balance at 30 September 2023
100
(3,732,796)
(3,732,696)
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
(682,417)
(682,417)
Balance at 30 September 2024
100
(4,415,213)
(4,415,113)
JADU LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
1
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.

2
Accounting policies
Company information

Jadu Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Jadu Starbase, Dock 2204, 75 Exploration Drive, Leicester, LE4 5NU.

 

The group consists of Jadu Limited and all of its subsidiaries.

2.1
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 £.

2.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Jadu 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 30 September 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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 6 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

2.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

At the year end the group is in both a net current liability and net liability position.

 

The directors have considered post year end trading, current trading levels, post balance sheet events and likely market developments for the foreseeable future including preparing group forecasts and projections, together with the current liquidity position of the group and available bank facilities and have concluded that it is appropriate to continue to prepare the financial statements of the group on the going concern basis.

2.4
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Licence fee revenue is recognised in full at the onset of the contract when the customer is invoiced.

 

Hosting, support revenue and other services are recognised over the period of the contract, revenue is released on a monthly basis to reflect the services provided in that month.

 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

2.5
Research and development expenditure

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, currently 3 years.

 

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 7 -
2.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful economic life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

2.7
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:

Fixtures and fittings
25% straight line
Computers
33% straight line

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.

 

2.8
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.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 8 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

2.10
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.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 9 -
2.11
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.

Other financial assets

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.

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.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 10 -
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.

 

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.

Other financial liabilities

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

2.12
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.

2.13
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.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
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.

2.14
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.

2.15
Retirement benefits

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

2.16
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.

2.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

 

 

 

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
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
73
67
73
67
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,141
10,511
Audit of the financial statements of the company's subsidiaries
7,836
7,392
18,977
17,903
For other services
Accountancy and taxation compliance services
2,326
7,277
Other taxation services
2,412
2,219
All other non-audit services
5,400
450
10,138
9,946
5
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
492,229
342,770
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(23,338)
(23,637)
Foreign current tax on profits for the current period
5,500
22
Total current tax
(17,838)
(23,615)
JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Taxation
(Continued)
- 13 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(249,809)
(86,567)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(62,452)
(19,045)
Tax effect of expenses that are not deductible in determining taxable profit
25,416
14,508
Tax effect of income not taxable in determining taxable profit
-
0
(22,235)
Tax effect of utilisation of tax losses not previously recognised
-
0
(52,621)
Unutilised tax losses carried forward
51,797
95,260
Research and development tax credit
(27,885)
(27,856)
Foreign exchange differences
(214)
(730)
Deferred tax not recognised
13,338
12,719
Foreign tax charge
5,500
22
Research and Development Relief Losses Surrendered
(23,338)
(23,637)
Taxation credit
(17,838)
(23,615)
7
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 October 2023
97,192
278,418
375,610
Additions
291
40,283
40,574
Disposals
-
0
(697)
(697)
Exchange adjustments
(16)
(128)
(144)
At 30 September 2024
97,467
317,876
415,343
Depreciation and impairment
At 1 October 2023
95,395
255,407
350,802
Depreciation charged in the year
476
27,431
27,907
Eliminated in respect of disposals
-
0
(697)
(697)
Exchange adjustments
(16)
(105)
(121)
At 30 September 2024
95,855
282,036
377,891
Carrying amount
At 30 September 2024
1,612
35,840
37,452
At 30 September 2023
1,797
23,011
24,808
JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Tangible fixed assets
(Continued)
- 14 -
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 October 2023
96,418
272,447
368,865
Additions
291
37,615
37,906
Disposals
-
0
(697)
(697)
At 30 September 2024
96,709
309,365
406,074
Depreciation and impairment
At 1 October 2023
94,620
250,546
345,166
Depreciation charged in the year
476
23,675
24,151
Eliminated in respect of disposals
-
0
(697)
(697)
At 30 September 2024
95,096
273,524
368,620
Carrying amount
At 30 September 2024
1,613
35,841
37,454
At 30 September 2023
1,798
21,901
23,699
8
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests (as set out in Note 15)
-
-
101
101
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
101
Carrying amount
At 30 September 2024
101
At 30 September 2023
101
JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
9
Intangible fixed assets
Group
Goodwill
Development
Total
£
£
£
Cost
At 1 October 2023
30,263
666,407
696,670
Additions
-
0
76,440
76,440
Disposals
-
0
(326,545)
(326,545)
At 30 September 2024
30,263
416,302
446,565
Amortisation and impairment
At 1 October 2023
30,263
499,091
529,354
Amortisation charged for the year
-
0
81,557
81,557
Disposals
-
0
(295,902)
(295,902)
At 30 September 2024
30,263
284,746
315,009
Carrying amount
At 30 September 2024
-
0
131,556
131,556
At 30 September 2023
-
0
167,316
167,316
Company
Goodwill
Development
Total
£
£
£
Cost
At 1 October 2023
30,000
571,402
601,402
Additions
-
0
76,440
76,440
Disposals
-
0
(306,713)
(306,713)
At 30 September 2024
30,000
341,129
371,129
Amortisation and impairment
At 1 October 2023
30,000
454,616
484,616
Amortisation charged for the year
-
0
59,288
59,288
Disposals
-
0
(284,464)
(284,464)
At 30 September 2024
30,000
229,440
259,440
Carrying amount
At 30 September 2024
-
0
111,689
111,689
At 30 September 2023
-
0
116,786
116,786

Intangible assets excluding goodwill for both group and company relate to the capitalisation of costs relating to the development of projects expected to produce revenue or savings in future periods.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
10
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Jadu Creative Limited
England
Ordinary
100.00
Jadu Inc.
USA
Ordinary
100.00
Jadu Software Pty Ltd
Australia
Ordinary
100.00
11
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
866,053
856,786
-
0
37,121
Corporation tax recoverable
46,976
23,637
46,976
23,637
Amounts owed by group
8,242
8,242
1,328,603
1,929,618
Other debtors
297,796
346,726
358,792
276,744
1,219,067
1,235,391
1,734,371
2,267,120
12
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
14
105,264
-
0
105,264
-
0
Trade creditors
66,710
64,604
39,007
35,476
Amounts owed to group undertakings
41,255
38,254
5,943,097
5,705,066
Other taxation and social security
407,021
301,055
51,816
34,109
Other creditors
132,548
79,007
123,449
75,572
Accruals and deferred income
3,657,724
3,470,937
464,078
559,968
4,410,522
3,953,857
6,726,711
6,410,191
13
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
394,736
-
0
394,736
-
0
JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
14
Bank Loans
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
500,000
-
0
500,000
-
0
Payable within one year
105,264
-
105,264
-
Payable after one year
394,736
-
0
394,736
-
0

With effect from 27 September 2024, Jadu Limited has granted a Fixed Charge over all present freehold and leasehold property, a First Fixed Charge over book and other debts both present and future as well as a First Floating Charge over all tangible assets and undertakings both present and future in relation to bank borrowings.

 

In the event that Jadu Limited are unable to meet repayments, the loan is guaranteed by Jadu Creative Limited and Suraj Kika (Director).

15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
251,830
146,427

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.

16
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

The company has one class of ordinary shares which carry no right to fixed income.

17
Reserves
Other reserve

The other reserve represents accumulated foreign exchange differences on translating the closing net assets of the group at the closing rate at the balance sheet date and the results of the group's operations at average exchange rate for the year, into the reporting currency of the group.

 

Profit & loss account

The profit and loss account represents accumulated comprehensive income for the year and prior years.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
18
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Callum Veasey ACA
Statutory Auditor:
Cottons Accountants LLP
Date of audit report:
9 May 2025
19
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
£
£
£
£
16,141
16,141
16,141
16,141
20
Controlling party

The immediate and ultimate parent company of Jadu Limited is Jadu Holdings Limited whose registered office address is Jadu Starbase, Dock 2204, 75 Exploration Drive, Leicester, LE4 5NU.

Jadu Holdings Limited is the largest group of undertakings for which group accounts are prepared, copies of which may be obtained from Companies House.

JADU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
21
Auditor's liability limitation agreement

The company has entered into a liability limitation agreement with its auditors and this agreement was approved by resolution dated 9th December 2024.

 

Liability is limited to a maximum of £350,000. In accordance with section 537 of Companies Act 2006, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have the effect as if it limited the liability to such amount as is fair and reasonable, as so determined.

 

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default, breach of duty or beach of trust occurring in the course of the audit of the financial statements of the company for the year ended 30th September 2024.

 

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

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