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Registered number: 10614103










SOFTELLIGENCE UK LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SOFTELLIGENCE UK LTD
REGISTERED NUMBER: 10614103

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,762
3,504

  
5,762
3,504

Current assets
  

Debtors: amounts falling due within one year
 5 
5,246,295
2,146,277

Cash at bank and in hand
  
3,518,426
1,168,606

  
8,764,721
3,314,883

Creditors: amounts falling due within one year
 6 
(7,814,321)
(2,936,031)

Net current assets
  
 
 
950,400
 
 
378,852

Total assets less current liabilities
  
956,162
382,356

Provisions for liabilities
  

Deferred tax
  
(1,086)
-

  
 
 
(1,086)
 
 
-

Net assets
  
955,076
382,356


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
954,976
382,256

  
955,076
382,356


Page 1

 
SOFTELLIGENCE UK LTD
REGISTERED NUMBER: 10614103
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The Company's  have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The  has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The  were approved and authorised for issue by the board and were signed on its behalf by: 




A Blidarus
Director

Date: 11 May 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SOFTELLIGENCE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Softelligence UK Limited is a private company limited by shares and incorporated in England and Wales, registration number 10614103. The registered office address is New Broad Street House, 35 New Broad Street, London, United Kingdom, EC2M 1NH.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.3

Going concern

The Directors have considered the Company's position at the time of signing the financial statements, including the review of forecasts for at least the next 12 months. The Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the forseeable future, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
SOFTELLIGENCE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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. The following criteria must also be met before revenue is recognised:

Rendering of services

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:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SOFTELLIGENCE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 5

 
SOFTELLIGENCE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
50%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
SOFTELLIGENCE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 8).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
2,222
9,216
11,438


Additions
379
5,143
5,522



At 31 December 2024

2,601
14,359
16,960



Depreciation


At 1 January 2024
2,222
5,712
7,934


Charge for the year on owned assets
57
3,207
3,264



At 31 December 2024

2,279
8,919
11,198



Net book value



At 31 December 2024
322
5,440
5,762



At 31 December 2023
-
3,504
3,504

Page 7

 
SOFTELLIGENCE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
3,189,315
1,220,121

Amounts owed by group undertakings
752
16,098

Other debtors
10,396
7,073

Prepayments and accrued income
2,045,832
872,653

Deferred taxation
-
30,332

5,246,295
2,146,277



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
101,427
124,575

Amounts owed to group undertakings
5,287,666
1,245,255

Corporation tax
161,616
-

Other taxation and social security
673,216
632,555

Other creditors
13,771
8,620

Accruals and deferred income
1,576,625
925,026

7,814,321
2,936,031



7.


Pension commitments

During the year the Company operated a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,004 (2023: £16,404). 
At the year end date contributions totalling £2,984 (2023: £3,246) were payable to the fund and are included within creditors. 


8.


Controlling party

The immediate parent company is Softelligence SRL, a company incorporated in Romania.
The ultimate controlling party is AI Altius (Luxembourg) Sarl. The registered office address is 2-4 Rue Beck, L-1222, Luxembourg. 
The ultimate parent company is incorporated outside of the United Kingdom.

Page 8

 
SOFTELLIGENCE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 12 May 2025 by Aaron Widdows ACA FCCA (Senior statutory auditor) on behalf of Price Bailey LLP.

 
Page 9