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REGISTERED NUMBER: 07977871 (England and Wales)










STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

SEARCHABILITY (UK) LTD

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Income Statement 12

Other Comprehensive Income 13

Balance Sheet 14

Statement of Changes in Equity 15

Cash Flow Statement 16

Notes to the Cash Flow Statement 17

Notes to the Financial Statements 18


SEARCHABILITY (UK) LTD

COMPANY INFORMATION
for the Year Ended 31 August 2024







DIRECTORS: OS Preston
J L Gambino
C Hopley


REGISTERED OFFICE: Booth Street Chambers
Booth Street
Ashton Under Lyne
OL6 7LQ


REGISTERED NUMBER: 07977871 (England and Wales)


SENIOR STATUTORY AUDITOR: Andrew Booth FCA


AUDITORS: Moss & Williamson Limited
Statutory Auditors
3 Mellor Road
Cheadle Hulme
Stockport
SK8 5AT


SOLICITORS: Pannone Corporate LLP
378 - 380 Deansgate
Manchester
M3 4LY

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

STRATEGIC REPORT
for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

Searchability (UK) Limited is a leading Tech Digital recruitment company headquartered in Chester, England, specialising in matching top tech talent with innovative companies across the UK. Our mission is to bridge the gap between skilled professionals and businesses seeking to harness technology to drive growth and innovation. We have an outrageous ambition to be the global authority on technical recruitment. We have expanded our operations by opening new entities in the USA (Austin, TX), Australia (Sydney, NSW), Klickstarters (Chester, UK) and National Security & Defence (NSD) based out of Manchester, UK.


SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

STRATEGIC REPORT
for the Year Ended 31 August 2024

REVIEW OF BUSINESS
Review of Business:
Our business model is centred around three primary services:
1. Permanent Recruitment: Placing high-calibre permanent employees in tech roles across various industries.
2. Contract Recruitment: Providing skilled contract professionals for short-term projects and temporary staffing needs.
3. Retained Projects: Providing a complete package from strategy to campaign planning and technology, we help companies attract, engage and retain talented candidates through their employer brand paired with placing permanent employees through our sub brand; Scalability.


Market Analysis:
Industry Overview - Over the past year, economic conditions combined with geopolitical uncertainty have impacted client confidence, leading to the deferment of investment decisions that has created a softer demand for permanent placements. However, with the advancement of artificial intelligence, the demand for technology professionals is expected to remain resilient and return to growth when once the economic conditions improve.


Competitive Landscape:
The recruitment industry, particularly within the tech sector, is highly competitive. Searchability distinguishes itself through deep industry expertise, personalised service through sub-brands to tailor to the exact need of its clients, and an extensive network of tech professionals and companies and even further now in 2023/4, Searchability benefits from completely autonomous business units in graduate tech (Klickstarters Ltd) and across the globe in US & Sydney coupled with our niche vertical in Manchester concentrating on National Security & Defence.


Strategic Objectives:
Our strategic objectives focus on capitalising on our recent expansions and improving overall performance:
Market Penetration - Establish a strong presence in our new locations Texas, Sydney, and Manchester by leveraging local market knowledge and building strategic partnerships.
Service Diversification - Enhance our service offerings to include employer branding consultancy and comprehensive talent market insights.
Technology Integration - Adopt advanced AI and machine learning tools to optimize candidate matching and streamline recruitment processes.
Relationship Building - Strengthen relationships with tech companies, educational institutions, and professional networks to support our recruitment activities.


Operational Performance:
New Offices / Business Units:
Searchability USA Ltd: Texas - Launched to assist in the placement of professional tech talent within the growing demand for tech in the United States.
Searchability AUS Ltd: Sydney - Opened up to expand our global presence mirroring the setup of our business here in the UK focusing on both startups and established firms.
Searchability NSD Ltd: Manchester - Strengthened our UK presence by expanding into National, Security and Defence.
Klickstarters Ltd: Chester - Capitalising on UKs need for tech skills in a post Europe era by promoting Junior / Grad Tech Digital candidates from our UK universities & schools.


Revenue and Profitability:

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

STRATEGIC REPORT
for the Year Ended 31 August 2024

The main driver of the decrease in revenue for Searchability UK was the migration of contract placements to Searchability NS&D. In addition, the economic and geopolitical pressures experienced during FY24 created a softness in new business for Permanent placements and so the business took steps to manage the cost base to reduce the impact on profitability. This leaner structure will put the business in the best possible position to capitalise on the expected growth when the economic conditions improve.


Financial Review:
Whilst the Turnover of Searchability (UK) decreased to £6.3m (FY23: £11.6m), down 45.2%, much of this reduction was offset by growth across new business units, reinforcing the success of our strategy to retain high performing individuals by supporting them to grow within the Searchability network of businesses. This migration also helped to improve Gross Profit Margins to 17.8% (FY23 17.5%).

However, with the rapid development of AI, the future for the tech sector is very positive, and so the business is confident that both revenue and margin will return to growth in 2024/25.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risks and uncertainties facing Searchability include:

Economic Volatility - Economic downturns in key markets may reduce hiring activity and demand for recruitment services.

Talent Shortage - A persistent shortage of skilled tech professionals could challenge our ability to meet client demands.

Operational Risks - Challenges associated with managing new international offices and ensuring consistent service quality.

Credit Risk - The Company's credit risk is primarily associated with its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts where applicable. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The directors monitor credit risk but consider that the company has minimal exposure.

Liquidity and Cash Flow Risk - Liquidity and cash flow risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The directors aim to mitigate liquidity risk and cash flow risk by managing working capital and, as a result, they continue to closely monitor the Company's working capital requirements. To ensure that the company has adequate working capital the Company utilises a mixture of short and long-term finance.

CORPORATE SOCIAL RESPONSIBILITY (CSR)
Searchability is committed to CSR through various initiatives:

Diversity and Inclusion - Promoting diversity in tech by partnering with organisations focused on underrepresented groups.

Community Engagement - Supporting local tech communities through sponsorships, events, and mentorship programs.

Sustainability - Implementing eco-friendly office practices and reducing our carbon footprint.


SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

STRATEGIC REPORT
for the Year Ended 31 August 2024

FUTURE OUTLOOK
Looking ahead, Searchability anticipates:

Revenue Growth - A forecasted revenue increase next year, driven by refocussing of our efforts on areas of the business that have lost key personnel to set up new entities as part of the group combined with our expanded service offerings, expected to hit 2021/22 levels by 2024/25 absolute latest. Combined group revenues predicted to rise at least 15% YOY.

Profit Recovery - Expected improvement in profitability as initial setup costs diminish and revenue from new markets begins to flow.

Innovation - Continued investment in technology to enhance recruitment processes and improve client satisfaction including a new AI tool bespoke to Searchability and it's associated companies.

CONCLUSION
Searchability (UK) Limited remains well-positioned for future growth. The recent decline in profit from our UK entity is due to a calculated strategy & strategic investments in our new ventures will be reinstated by end of August 2025 latest whilst the wider group shall continue to grow YOY. With a clear focus on market expansion, service enhancement, and technological innovation, we are optimistic about our prospects for the coming year and are committed to delivering exceptional value to our stakeholders.

This strategic report provides a detailed overview of Searchability (UK) Limited's current status, strategic initiatives, and future outlook, tailored to reflect its recent expansions and financial performance.

ON BEHALF OF THE BOARD:





OS Preston - Director


23 May 2025

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

REPORT OF THE DIRECTORS
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of personnel recruitment.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £175,000 (2023 - £699,999)

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
OS Preston has held office during the whole of the period from 1 September 2023 to the date of this report.

Other changes in directors holding office are as follows:

J L Gambino and C Hopley were appointed as directors after 31 August 2024 but prior to the date of this report.

M Blythe , Mrs A F Leach , R Bond , D Butler and TJJ Parker ceased to be directors after 31 August 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

REPORT OF THE DIRECTORS
for the Year Ended 31 August 2024


AUDITORS
The auditors, Moss & Williamson Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





OS Preston - Director


23 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEARCHABILITY (UK) LTD

Opinion
We have audited the financial statements of Searchability (Uk) Ltd (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEARCHABILITY (UK) LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEARCHABILITY (UK) LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which the audit was considered capable of detecting irregularities including fraud is detailed below:

As a part of our audit in accordance with United Kingdom Generally Accepted Accounting Practice; and requirements of the Companies Act 2006 we exercise professional judgement and maintain professional scepticism throughout the audit. Based on our understanding and accumulated knowledge of the Company and the sector in which it operates we considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud and whether such actions or non-compliance might have a material impact on the financial statements. These included but were not limited to those that relate to the form and content of the financial statements, such as the accounting policies, United Kingdom Generally Accepted Accounting Practice, the UK Companies Act 2006, compliance with regulations that relate to the payment of employees. All team members were briefed to ensure they were aware of any relevant regulations in relation to their work.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, management bias in accounting estimates and improper revenue recognition. Our audit procedures included, but were not limited to:

- Agreement of the financial statement disclosures to underlying supporting documentation;
- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to revenue recognition, useful life of fixed assets, fair value of property assets and completeness of accruals and provisions;
- Revenue year end cut-off procedures;
- Identifying and testing journal entries, in particular any journal entries posted with specific unusual narrative, manual journals to revenue and cash, and review of journals posted to least used accounts;
- Discussions with management; including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Obtaining an understanding of how the Company is complying with its legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of legal correspondence received and interactions with regulators.
- Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
- Evaluating the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEARCHABILITY (UK) LTD

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Andrew Booth FCA (Senior Statutory Auditor)
for and on behalf of Moss & Williamson Limited
Statutory Auditors
3 Mellor Road
Cheadle Hulme
Stockport
SK8 5AT

23 May 2025

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

INCOME STATEMENT
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 4 6,326,188 11,560,933

Cost of sales (5,241,437 ) (9,539,726 )
GROSS PROFIT 1,084,751 2,021,207

Administrative expenses (1,269,858 ) (1,448,289 )
OPERATING (LOSS)/PROFIT 6 (185,107 ) 572,918

Interest receivable and similar income 3,745 -
(181,362 ) 572,918

Interest payable and similar expenses 8 (72 ) (4,655 )
(LOSS)/PROFIT BEFORE TAXATION (181,434 ) 568,263

Tax on (loss)/profit 9 43,746 (122,324 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(137,688

)

445,939

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (137,688 ) 445,939


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(137,688

)

445,939

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

BALANCE SHEET
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 11 33,034 44,118
Tangible assets 12 69,178 99,620
102,212 143,738

CURRENT ASSETS
Debtors 13 1,896,732 2,246,246
Cash at bank and in hand 180,662 499,338
2,077,394 2,745,584
CREDITORS
Amounts falling due within one year 14 (946,733 ) (1,328,529 )
NET CURRENT ASSETS 1,130,661 1,417,055
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,232,873

1,560,793

PROVISIONS FOR LIABILITIES 18 (14,872 ) (30,104 )
NET ASSETS 1,218,001 1,530,689

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,217,901 1,530,589
SHAREHOLDERS' FUNDS 1,218,001 1,530,689

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





OS Preston - Director


SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 100 1,784,649 1,784,749

Changes in equity
Dividends - (699,999 ) (699,999 )
Total comprehensive income - 445,939 445,939
Balance at 31 August 2023 100 1,530,589 1,530,689

Changes in equity
Dividends - (175,000 ) (175,000 )
Total comprehensive income - (137,688 ) (137,688 )
Balance at 31 August 2024 100 1,217,901 1,218,001

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

CASH FLOW STATEMENT
for the Year Ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (60,859 ) 1,374,187
Interest paid (72 ) (4,655 )
Tax paid (16,070 ) (408,983 )
Net cash from operating activities (77,001 ) 960,549

Cash flows from investing activities
Purchase of intangible fixed assets (5,164 ) (41,192 )
Purchase of tangible fixed assets (879 ) (35,389 )
Sale of tangible fixed assets - (1 )
Sale of fixed asset investments - 877
Interest received 3,745 -
Net cash from investing activities (2,298 ) (75,705 )

Cash flows from financing activities
Loan repayments in year (9,377 ) (112,500 )
Amount introduced by directors - 50,000
Amount withdrawn by directors (55,000 ) -
Equity dividends paid (175,000 ) (699,999 )
Net cash from financing activities (239,377 ) (762,499 )

(Decrease)/increase in cash and cash equivalents (318,676 ) 122,345
Cash and cash equivalents at
beginning of year

2

499,338

376,993

Cash and cash equivalents at end of
year

2

180,662

499,338

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 August 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (181,434 ) 568,263
Depreciation charges 47,571 61,061
Loss on disposal of fixed assets - 4,478
Finance costs 72 4,655
Finance income (3,745 ) -
(137,536 ) 638,457
Decrease in trade and other debtors 386,247 1,332,619
Decrease in trade and other creditors (309,570 ) (596,889 )
Cash generated from operations (60,859 ) 1,374,187

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 180,662 499,338
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 499,338 376,993


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 499,338 (318,676 ) 180,662
499,338 (318,676 ) 180,662
Debt
Debts falling due within 1 year (9,375 ) 9,375 -
(9,375 ) 9,375 -
Total 489,963 (309,301 ) 180,662

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Searchability (Uk) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
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:

Revenues earned under permanent contracts are recognised at the inception of the assignment. Revenues earned under temporary contracts are recognised in the accounting year in which the service is provided.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 10 years
Plant and machinery - 33% on reducing balance
Computer equipment - 33% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters Into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditor and, loans from banks.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash rows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that Is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt Instrument and subsequently at amortised cost, unless it qualifies as a ban from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortized cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable Interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company considered the outcome of the management's review of the current and forecasted financial position. Following a review of the risk and potential impact of unforeseen events, the company confirmed that the application of the going concern basis for the preparation of the financial statements continues to be appropriate.

Judgments in applying accounting policies and estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates or assumptions that have a significant risk or causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Recruitment services 5,523,336 10,801,928
Management charges 802,852 759,005
6,326,188 11,560,933

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 6,279,130 11,387,658
Europe 47,058 173,275
6,326,188 11,560,933

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

5. EMPLOYEES AND DIRECTORS

2024 2023
£    £   
Wages and salaries 2,123,046 3,281,983
Social security costs 231,905 303,969
Other pension costs 67,832 79,958
2,422,783 3,665,910


The average number of employees during the year was as follows

2024 2023

Sales and Administration 56 75


2024 2023
£    £   
Directors' remuneration 278,217 325,848


The number of directors to whom retirement benefits were accruing was as follows

2024 2023

Money purchase schemes 3 3


Information regarding the highest paid director is as follows

2024 2023
£    £   
Emoluments etc 145,744 145,119



6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 49,722 73,424
Depreciation - owned assets 31,321 45,609
Loss on disposal of fixed assets - 4,478
Patents and licences amortisation 2,785 2,390
Computer software amortisation 13,463 13,063
Foreign exchange differences 2,676 134

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

11,550

11,000

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 72 4,655

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (28,614 ) 120,439
Corporation tax fines 100 -
Total current tax (28,514 ) 120,439

Deferred tax (15,232 ) 1,885
Tax on (loss)/profit (43,746 ) 122,324

UK corporation tax was charged at 21.52%) in 2023.

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (181,434 ) 568,263
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 0% (2023 - 21.515%)

-

122,262

Effects of:
Expenses not deductible for tax purposes - 1,418
Capital allowances in excess of depreciation - (3,241 )
enhanced deduction
Deferred tax movement (15,232 ) 1,885
Corporation tax losses carried back (28,614 ) -
Corporation tax fines 100 -
Total tax (credit)/charge (43,746 ) 122,324

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

10. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of 1p each
Interim 73,684 302,763
B Ordinary shares of 1p each
Interim 35,000 135,500
C Ordinary shares of 1p each
Interim 33,158 128,368
D Ordinary shares of 1p each
Interim 33,158 128,368
E Ordinary shares of 1p each
Interim - 5,000
175,000 699,999

11. INTANGIBLE FIXED ASSETS
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1 September 2023 24,063 39,190 63,253
Additions 3,964 1,200 5,164
At 31 August 2024 28,027 40,390 68,417
AMORTISATION
At 1 September 2023 5,794 13,341 19,135
Amortisation for year 2,785 13,463 16,248
At 31 August 2024 8,579 26,804 35,383
NET BOOK VALUE
At 31 August 2024 19,448 13,586 33,034
At 31 August 2023 18,269 25,849 44,118

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

12. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 September 2023 18,645 93,856 149,176 261,677
Additions - 879 - 879
At 31 August 2024 18,645 94,735 149,176 262,556
DEPRECIATION
At 1 September 2023 6,526 66,985 88,546 162,057
Charge for year 1,864 9,249 20,208 31,321
At 31 August 2024 8,390 76,234 108,754 193,378
NET BOOK VALUE
At 31 August 2024 10,255 18,501 40,422 69,178
At 31 August 2023 12,119 26,871 60,630 99,620

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,287,289 1,407,255
Other debtors 807 807
Searchability Inc 455,332 269,992
Senitor Associates Limited 223 223
Searchability (NS&D) Ltd - 301,438
Searchability PTY Limited - 91,509
Klickstarters Ltd - 25,115
Directors' current accounts 5,000 -
Tax 31,733 -
Prepayments 84,691 118,250
1,865,075 2,214,589

Amounts falling due after more than one year:
Deposit fund - new lease 31,657 31,657

Aggregate amounts 1,896,732 2,246,246

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 15) - 9,375
Trade creditors 408,303 417,406
Tax - 12,851
Social security and other taxes 68,817 155,747
Net wages creditor - 2,411
VAT 124,668 219,424
Other creditors 107,232 82,810
Pension creditor 30,218 27,752
Searchability (NS&D) Ltd 35,094 -
Directors' current accounts 188 50,188
Accrued expenses 172,213 350,565
946,733 1,328,529

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
CBILS loan - 9,375

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 105,524 105,524
Between one and five years 457,271 527,620
In more than five years - 35,175
562,795 668,319

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 9,375

The company has a Bounce Bank Loan, entered into with HSBC Bank PLC, in accordance with the Coronavirus Bounce Back Loan Scheme.The loan is repayable over three years by monthly instalments and a fixed rate of interest of 2.5%.

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 14,872 30,104

Deferred
tax
£   
Balance at 1 September 2023 30,104
Movement (15,232 )
Balance at 31 August 2024 14,872

Deferred taxation has been recognised at its future enacted rate of 25%, utilising the expected prevailing rate when the timing differences are expecting to reverse.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,000 A Ordinary 1p 40 40
1,900 B Ordinary 1p 19 19
1,800 C Ordinary 1p 18 18
1,800 D Ordinary 1p 18 18
500 E Ordinary 1p 5 5
100 100

20. RESERVES
Retained
earnings
£   

At 1 September 2023 1,530,589
Deficit for the year (137,688 )
Dividends (175,000 )
At 31 August 2024 1,217,901

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
M Blythe
Balance outstanding at start of year (20,714 ) (188 )
Amounts advanced 20,527 (20,526 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (187 ) (20,714 )

R Bond
Balance outstanding at start of year (8,947 ) -
Amounts advanced 8,947 (8,947 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (8,947 )

TJJ Parker
Balance outstanding at start of year (8,947 ) -
Amounts advanced 8,947 (8,947 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (8,947 )

Mrs A F Leach
Balance outstanding at start of year (8,947 ) -
Amounts advanced 8,947 (8,947 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (8,947 )

OS Preston
Balance outstanding at start of year (2,632 ) -
Amounts advanced 7,632 (2,632 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,000 (2,632 )

SEARCHABILITY (UK) LTD (REGISTERED NUMBER: 07977871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

22. RELATED PARTY DISCLOSURES

Associated company transactions and balances

The following related parties are associated by way on common directors or shareholders.

All transactions have been at open market rates and as determined by management.

No guarantees have been given or received.

20242023



Sales
(Purchases


)
Year End
Debtor
(Creditor


)

Sales
(Purchases


)
Year End
Debtor
(Creditor


)
Searchability (NS&D) Limited299,908-35,094339,235301,438
-275,986-340,801
Klickstarters Limited111,950050,12225,115
-57,055-6,084
Senitor Associates Limited23,36722312,516223
-62,248-62,195
Seachability Inc470,664455,33290,272269,992
Searchability PTY274,162011,99691,509
-2,329
In Technology Group Limited7,46205,1960
-12,725
ITECCO Limited96005,2920


No other related parties to disclose.

23. POST BALANCE SHEET EVENTS

On 7 April 2025 the entire share capital of the company was sold to an Employee Ownership Trust (EOT). This transaction does not affect the financial position or performance of the company as at 31 August 2024 and, therefore, no adjustments have been made to the financial statements as a result of this event.