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2024
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2023
|
||
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£
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£
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||
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Turnover
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£29.6m
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£21.7m
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|
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Gross profit
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£22.0m
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£9.5m
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EBITDA
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£3.03m
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£(0.49)m
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|
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Tangible fixed assets
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£1.65m
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£1.53m
|
|
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Headcount
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96
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63
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|
Director
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|
9th June 2025
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Resigned |
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Director
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for and on behalf of
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Chartered Certified Accountants
1 London Road
Ipswich
Suffolk
IP1 2HA
|
| 2024 | 2023 as restated |
|||
|---|---|---|---|---|
| Notes | £ | £ | ||
| TURNOVER | 4 |
|
|
|
| Cost of sales |
( |
( |
||
| GROSS PROFIT |
|
|
||
| Administrative expenses |
( |
( |
||
| OPERATING PROFIT/(LOSS) | 5 |
|
( |
|
| Other interest receivable and similar income | 10 |
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| Interest payable and similar charges | 11 |
( |
|
|
| PROFIT BEFORE TAXATION |
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|
||
| Tax on Profit | 12 |
( |
( |
|
| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
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||
| OTHER COMPREHENSIVE INCOME: | ||||
| Opening balance audit adjustments |
( |
|
||
| OTHER COMPREHENSIVE INCOME FOR THE YEAR | (420,562) | 1,320,926 | ||
| Prior year adjustment | 420,562 | (1,320,926) | ||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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| 2024 | 2023 as restated |
||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 14 |
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||||
| CURRENT ASSETS | |||||
| Debtors | 15 |
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| Cash at bank and in hand |
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|||
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||||
| Creditors: Amounts Falling Due Within One Year | 16 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 17 |
( |
( |
||
| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 19 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 4,656,424 | 1,728,662 | |||
|
Director
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| Share Capital | Profit and Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 April 2022 as previously stated |
|
|
2,747,636 |
| Prior year adjustment | - |
( |
( |
| As at 1 April 2022 as restated |
|
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1,426,710 |
| Profit for the year and total comprehensive income | - |
|
301,952 |
| Dividends paid | - | - | - |
| As at 31 March 2023 as restated |
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|
1,728,662 |
| As at 1 April 2023 as previously stated |
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|
1,308,100 |
| Prior year adjustment | - |
|
|
| As at 1 April 2023 as restated |
|
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1,728,662 |
| Profit for the year and total comprehensive income | - |
|
3,017,762 |
| Dividends paid | - | (90,000) | (90,000) |
| As at 31 March 2024 |
|
|
4,656,424 |
| 2024 | 2023 as restated |
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|---|---|---|---|---|
| Notes | £ | £ | ||
| Cash flows from operating activities | ||||
| Net cash generated from operations | 1 |
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| Interest paid |
( |
|
||
| Tax paid |
( |
( |
||
| Net cash generated from operating activities |
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||
| Cash flows from investing activities | ||||
| Purchase of tangible assets |
( |
( |
||
| Interest received |
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||
| Net cash generated from investing activities |
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||
| Cash flows from financing activities | ||||
| Equity dividends paid |
( |
|
||
| Amount introduced by directors | 427,500 | 160,000 | ||
| Amount withdrawn by directors | (3,776,555) | (1,990,763) | ||
| Net cash used in financing activities |
( |
( |
||
| Increase in cash and cash equivalents |
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| Cash and cash equivalents at beginning of year | 2 |
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| Foreign exchange losses on cash and cash equivalents |
( |
( |
||
| Cash and cash equivalents at end of year | 2 |
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| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Profit for the financial year |
|
|
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| Adjustments for: | |||
| Tax on profit |
|
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| Interest expense |
|
|
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| Interest income |
( |
( |
|
| Depreciation of tangible assets |
|
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| Foreign exchange losses | 365,313 | 174,871 | |
| Movements in working capital: | |||
| Increase in trade and other debtors |
( |
( |
|
| Increase in trade and other creditors |
|
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| Net cash generated from operations |
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| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Cash at bank and in hand |
|
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| As at 1 April 2023 | Cash flows | As at 31 March 2024 | |
|---|---|---|---|
| £ | £ | £ | |
| Cash at bank and in hand |
|
4,343,968 |
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| Freehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
|
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Software development, products and service provision | 29,660,660 | 21,678,078 | |
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Exchange differences |
|
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| Depreciation of tangible fixed assets |
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| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
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| Other Services | |||
| Taxation compliance service |
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| Other non-audit services |
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| 4,000 | - | ||
| 2024 | 2023 as restated |
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|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other pension costs |
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| 2024 | 2023 | ||
|---|---|---|---|
| Office and administration |
|
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| Sales, marketing and distribution |
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| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
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| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
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| Total interest income on financial assets not measured at fair value through profit or loss: |
|
|
|
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Other finance charges |
|
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The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 as restated |
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|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 19.0% |
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| Prior period adjustment |
|
( |
|||
|
|
( |
||||
| Deferred Tax | |||||
| Deferred taxation |
( |
|
|||
| Total tax charge for the period |
|
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|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
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|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 4,014,758 | 395,337 | |||
| Tax on profit at 25% (UK standard rate) |
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|||
| Expenses not deductible for tax purposes |
|
|
|||
| Tax losses utilised |
( |
|
|||
| Capital allowances |
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( |
|||
| Short term timing differences |
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|||
| Difference in tax rates |
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| Tax losses for which no deferred tax was recognised |
|
( |
|||
| Tax losses unutilised carried forward |
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| Total tax charge for the period | 996,996 | 93,385 | |||
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 April 2023 |
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| Additions |
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| As at 31 March 2024 |
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| Depreciation | |||||
| As at 1 April 2023 |
|
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| Provided during the period |
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| As at 31 March 2024 |
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| Net Book Value | |||||
| As at 31 March 2024 |
|
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| As at 1 April 2023 |
|
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| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
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| Other debtors | 6,771,514 | 990,835 | |
|
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| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
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| Other creditors | 186,470 | 159,950 | |
| Corporation tax |
|
|
|
| Taxation and social security | 300,485 | 460,886 | |
| Accruals and deferred income |
|
|
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|
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||
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 70,271 | 103,818 | |
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 April 2023 |
|
103,818 |
| Reversals |
( |
(33,547) |
| Balance at 31 March 2024 |
|
70,271 |
| As at 1 April 2023 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 March 2024 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Paul Hamilton |
|
|
|
- |
|
| Mr T Petley | - | 3,333,333 | - | - | 3,333,333 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Mr Paul Hamilton | 90,000 | - |
| 2024 | 2023 as restated |
||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
Halo Software Limited (company registered in Hong Kong number 3123951)
Both parties are related by common shareholders
Balance included in trade debtors £7,054,957 (2023 - £nil). Balance included in trade creditors £17,007,711 (2023 - £17,007,711). Transactions: sales to Hong Kong company £14,183,243 (2023 - £nil). Purchases from Hong Kong company £7,128,286 (2023 - £11,971,585).
Halo Software Australia Pty Limited (company registered in Australia number 53660511642)
Both parties are related by common shareholders
Loans to the Australian company £617,992 (2023 - £nil)