Aphex Software Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Aphex Software Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09681747 . The registered office is 82 Wandsworth Bridge Road, London, SW6 2TF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements present information about the company as an individual undertaking and not about its group.

The company and its subsidiary comprise a small size group. The company has therefore taken advantage of the

exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20%
Computer Equipment	20%

2.4. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.5. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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Aphex Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2024

2.6. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.7. Research and Development

Expenditure on research and development is written off in the year it is incurred.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2023: 8)

4. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 July 2023	430	11,760	12,190
Additions	-	13,714	13,714
Disposals	-	(145 )	(145 )

As at 30 June 2024	430	25,329	25,759

Depreciation
As at 1 July 2023	182	3,118	3,300
Provided during the period	86	2,679	2,765
Disposals	-	(48 )	(48 )

As at 30 June 2024	268	5,749	6,017

Net Book Value
As at 30 June 2024	162	19,580	19,742

As at 1 July 2023	248	8,642	8,890

5. Investments

	Subsidiaries
	£
Cost
As at 1 July 2023	57

As at 30 June 2024	57

Provision
As at 1 July 2023	-

As at 30 June 2024	-

Net Book Value
As at 30 June 2024	57

As at 1 July 2023	57

The company holds 100% of the 100 issued ordinary share capital of Aphex Australia PTY Ltd, a company registered in Australia.

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Aphex Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	630,596	100,247
Prepayments and accrued income	30,838	2,388
Other debtors	43,117	56,772
Amounts owed by group undertakings	78,266	54,486

	782,817	213,893

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	25,292	10,443
Other taxes and social security	152,377	39,602
Accruals and deferred income	540,102	144,917
Directors' loan accounts	57	57

	717,828	195,019

8. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
6,859,531 Ordinary Shares of £ 0.001 each	6,860	6,710
7,803,441 Ordinary A shares of £ 0.001 each	7,803	6,106

	14,663	12,816


Shares issued during the period:	£
150,000 Ordinary Shares of £ 0.001 each	150
1,697,108 Ordinary A shares of £ 0.001 each	1,697

	1,847

9. Related Party Transactions

Aphex Australia Pty Ltd

Subsidiary Undertaking

The subsidiary was charged royalties of £363,741 and provided services during the year amounting to £366,944. At the year end the subsidiary owed £78,266 (2023: £37,652).

Directors

The directors have operated loan accounts with the company on an unsecured, interest free basis with no fixed date for repayment. The amounts owed to directors at the year end amounted to £57 (2023: £57).

IVL Group London Ltd

Parent Undertaking

The parent company provding funding to the company on an unsecured basis which is repayable within one year. Interest charged duting the year amounted to £384 The balance owed by the parent company at the year end amounted to £Nil (2023: owed to the parent company £16,833)

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Aphex Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2024

10. Parent Undertaking and Controlling Party

The company's immediate and parent undertaking is IVL Group London Ltd . IVL Group London Ltd was incorporated in England and Wales at 82 Wandsworth Bridge Road, London SW6 2TF . The ultimate controlling party is IVL Group Pty Ltd , a company registered in Australia, who controls 55.49% of the shares of Aphex Software Limited .

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		19,742		8,890
Investments	5		57		57

			19,799		8,947
CURRENT ASSETS
Debtors	6	782,817		213,893
Cash at bank and in hand		1,776,326		314,028

		2,559,143		527,921
Creditors: Amounts Falling Due Within One Year	7	(717,828 )		(195,019 )

NET CURRENT ASSETS (LIABILITIES)			1,841,315		332,902

TOTAL ASSETS LESS CURRENT LIABILITIES			1,861,114		341,849

NET ASSETS			1,861,114		341,849

CAPITAL AND RESERVES
Called up share capital	8		14,663		12,816
Share premium account			2,648,387		1,143,034
Profit and Loss Account			(801,936 )		(814,001 )

SHAREHOLDERS' FUNDS			1,861,114		341,849