Company Registration No. 07540637 (England and Wales)
WAZOKU LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
WAZOKU LIMITED
COMPANY INFORMATION
Directors
S J Hill
J M Yeomans
A Crawford
C J Holdsworth
R Bolton
D Byrne
Secretary
D Byrne
Company number
07540637
Registered office
10 Lower Thames Street
London
England
EC3R 6AF
Auditor
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
WAZOKU LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The directors present the strategic report for the year ended 31 March 2025.
Fair review of the business
Wazoku is a SaaS business providing cloud-based innovation platforms to global enterprise clients. The business operates on a subscription model with contracts typically paid in advance.
The primary focus for the year has been transitioning from a multi-year platform development phase to operational execution and profitability. Following a series of new product releases of the Wazoku Innovation Platform, the business has restructured to achieve EBITDA-positive operations post year-end.
Revenue was £5.4m (2024: £6.4m), as the business focused on accelerating R&D for a changing market landscape. Gross margin remained at 87% (2024: 88%). Operating loss reduced to £2.7m (2024: £3.8m).
The net liabilities of £1.7m are typical of SaaS businesses, primarily reflecting £2.6m of deferred income from customer contracts paid in advance rather than traditional debt obligations. SaaS industry standard practice adjusts the current ratio by removing deferred income weighted by gross margin, recognising that committed revenue has minimal associated delivery costs. On this adjusted basis, the current ratio is 1.32 (compared to 0.56 unadjusted), demonstrating the Group's ability to meet its operational obligations.
Future Developments
The completed Innovation Platform development positions the business for growth through:
Enhanced AI-integrated innovation capabilities addressing market demand
Improved operational efficiency enabling sustainable profitability
Focus on delivering comprehensive innovation solutions to enterprise clients
Principal risks and uncertainties
Artificial Intelligence
Rapid AI advancements create both opportunities and competitive risks. The Group's continued platform development ensures market competitiveness.
Macro Environment
Economic headwinds affecting customer budgets are mitigated through:
Product releases making revenue more resilient
Appropriate cost management to maintain cash position
Focus on demonstrable customer ROI
Operational Risks
Standard technology business risks including cybersecurity, data protection, and talent retention are managed through established policies and procedures.
Going concern
The financial statements are prepared on a going concern basis. The directors have assessed the Group's ability to continue as a going concern for at least twelve months from the date of approval of these financial statements, taking into account the Group's financial position, cash flow projections, and available facilities.
WAZOKU LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
S J Hill - Director
Director
20 June 2025
WAZOKU LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company and group continued to be that of software publishing.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S J Hill
J M Yeomans
A Crawford
C J Holdsworth
R Bolton
D Byrne
C Diaz
(Appointed 31 January 2025 and resigned 21 April 2025)
M D Fincham
(Resigned 21 July 2024)
Auditor
In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Disclosure in the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of business, principal risks and uncertainties and future developments.
WAZOKU LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
On behalf of the board
S J Hill
Director
20 June 2025
WAZOKU LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WAZOKU LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WAZOKU LIMITED
- 6 -
Opinion
We have audited the financial statements of Wazoku Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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.
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 Auditor's 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 group's and parent 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.
WAZOKU LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WAZOKU LIMITED
- 7 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 directors' responsibilities statement, 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 is 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 parent 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.
WAZOKU LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WAZOKU LIMITED
- 8 -
Auditor's 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 an auditor's report 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.
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 our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of
management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/
Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
WAZOKU LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WAZOKU LIMITED
- 9 -
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 an auditor's report 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.
Mark Bullock FCA (Senior Statutory Auditor)
For and on behalf of TC Group
20 June 2025
Statutory Auditor
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
WAZOKU LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
5,353,595
6,373,204
Cost of sales
(723,378)
(736,931)
Gross profit
4,630,217
5,636,273
Administrative expenses
(7,335,569)
(9,414,368)
Other operating income
-
20,740
Operating loss
4
(2,705,352)
(3,757,355)
Interest receivable and similar income
8
28,313
49,609
Interest payable and similar expenses
9
(112,319)
(177,520)
Loss before taxation
(2,789,358)
(3,885,266)
Tax on loss
10
392,116
611,497
Loss for the financial year
(2,397,242)
(3,273,769)
Other comprehensive income
Currency translation differences
34,587
(42,069)
Total comprehensive income for the year
(2,362,655)
(3,272,981)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WAZOKU LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
390,352
695,236
Tangible assets
12
47,622
62,802
437,974
758,038
Current assets
Debtors
15
1,532,554
2,424,149
Cash at bank and in hand
655,659
2,794,792
2,188,213
5,218,941
Creditors: amounts falling due within one year
16
(3,918,548)
(4,855,351)
Net current (liabilities)/assets
(1,730,335)
363,590
Total assets less current liabilities
(1,292,361)
1,121,628
Creditors: amounts falling due after more than one year
17
(403,208)
(479,231)
Net (liabilities)/assets
(1,695,569)
642,397
Capital and reserves
Called up share capital
21
2,477
2,465
Share premium account
15,215,782
15,176,813
Capital redemption reserve
9
9
Profit and loss reserves
(16,913,837)
(14,536,890)
Total equity
(1,695,569)
642,397
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
20 June 2025
S J Hill - Director
WAZOKU LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
390,352
695,236
Tangible assets
12
43,827
59,007
Investments
13
2,162
310
436,341
754,553
Current assets
Debtors
15
1,331,683
2,050,742
Cash at bank and in hand
458,217
2,588,473
1,789,900
4,639,215
Creditors: amounts falling due within one year
16
(3,251,813)
(3,936,046)
Net current (liabilities)/assets
(1,461,913)
703,169
Total assets less current liabilities
(1,025,572)
1,457,722
Creditors: amounts falling due after more than one year
17
(403,208)
(479,231)
Net (liabilities)/assets
(1,428,780)
978,491
Capital and reserves
Called up share capital
21
2,477
2,465
Share premium account
15,215,782
15,176,813
Capital redemption reserve
9
9
Profit and loss reserves
(16,647,048)
(14,200,796)
Total equity
(1,428,780)
978,491
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 £2,431,960 (2024 - £2,957,659 loss).
WAZOKU LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
20 June 2025
S J Hill - Director
Company Registration No. 07540637
WAZOKU LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
2,462
15,159,795
9
(11,247,492)
3,914,774
Year ended 31 March 2024:
Loss for the year
-
-
-
(3,273,768)
(3,273,768)
Other comprehensive income:
Currency translation differences
-
-
-
787
787
Total comprehensive income for the year
-
-
-
(3,272,981)
(3,272,981)
Issue of share capital
21
3
17,018
-
-
17,021
Credit to equity for equity settled share-based payments
20
-
-
-
(16,417)
(16,417)
Balance at 31 March 2024
2,465
15,176,813
9
(14,536,890)
642,397
Year ended 31 March 2025:
Loss for the year
-
-
-
(2,397,242)
(2,397,242)
Other comprehensive income:
Currency translation differences
-
-
-
34,587
34,587
Total comprehensive income for the year
-
-
-
(2,362,655)
(2,362,655)
Issue of share capital
21
12
38,969
-
-
38,981
Credit to equity for equity settled share-based payments
20
-
-
-
(14,292)
(14,292)
Balance at 31 March 2025
2,477
15,215,782
9
(16,913,837)
(1,695,569)
WAZOKU LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
2,462
15,159,795
9
(11,226,719)
3,935,547
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
(2,957,660)
(2,957,660)
Issue of share capital
21
3
17,018
-
-
17,021
Credit to equity for equity settled share-based payments
20
-
-
-
(16,417)
(16,417)
Balance at 31 March 2024
2,465
15,176,813
9
(14,200,796)
978,491
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
-
(2,431,960)
(2,431,960)
Issue of share capital
21
12
38,969
-
-
38,981
Credit to equity for equity settled share-based payments
20
-
-
-
(14,292)
(14,292)
Balance at 31 March 2025
2,477
15,215,782
9
(16,647,048)
(1,428,780)
WAZOKU LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(2,518,698)
(4,244,673)
Interest paid
(112,319)
(177,520)
Net of income taxes refunded
607,087
909,488
Net cash outflow from operating activities
(2,023,930)
(3,512,705)
Investing activities
Purchase of intangible assets
-
(68,652)
Purchase of tangible fixed assets
(33,492)
(24,801)
Interest received
28,313
49,609
Net cash used in investing activities
(5,179)
(43,844)
Financing activities
Proceeds from issue of shares
38,981
17,021
Proceeds of new bank loans
400,000
-
Repayment of bank loans
(549,005)
(519,576)
Net cash used in financing activities
(110,024)
(502,555)
Net decrease in cash and cash equivalents
(2,139,133)
(4,059,104)
Cash and cash equivalents at beginning of year
2,794,792
6,853,896
Cash and cash equivalents at end of year
655,659
2,794,792
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
1
Accounting policies
Company information
Wazoku Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 10 Lower Thames Street, London, United Kingdom, EC3R 6AF.
The group consists of Wazoku Limited and all of its subsidiaries.
1.1
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.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Wazoku 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 31 March 2025. 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.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
The directors have assessed the Group's ability to continue as a going concern for at least twelve months from the date of approval of these financial statements, taking into account the Group's financial position, cash flow projections, an active fundraise and available working capital facilities. The directors note that net liabilities primarily reflect deferred income from customer contracts paid in advance, and maintain regular oversight through cash flow monitoring.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
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 considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
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.
1.7
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.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
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:
Leasehold improvements
over the period of the lease
Fixtures and fittings
25% on cost
Computers
33.33% on cost
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.
1.8
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 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.
1.9
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.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
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.
1.10
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.
1.11
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.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
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.
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.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
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.
1.12
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.
1.13
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.
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.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant and are determined using a third party valuation. The expense is released on a straight-line basis over the vesting period, with consideration for the percentage likely to eventually be exercised.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.17
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.
1.18
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.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
2
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.
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
1,453,498
2,321,923
North America
1,830,494
1,876,363
Europe
1,268,622
1,423,222
Asia
521,579
494,769
Rest of world
279,402
256,927
5,353,595
6,373,204
2025
2024
£
£
Other significant revenue
Interest income
28,313
49,609
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
143,195
110,626
Depreciation of owned tangible fixed assets
48,672
51,633
Amortisation of intangible assets
304,884
297,383
Share options lapsed
(14,292)
(16,417)
Operating lease charges
239,690
438,433
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,500
19,500
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Average Number Of Employees
74
85
45
65
Their aggregate remuneration comprised:
Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,844,977
6,319,627
3,787,844
5,387,383
Social security costs
110,112
133,199
87,282
118,327
Pension costs
184,781
207,708
184,429
207,708
5,139,870
6,660,534
4,059,555
5,713,418
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
339,126
452,896
Company pension contributions to defined contribution schemes
16,038
15,796
355,164
468,692
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 26 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
150,000
181,636
Company pension contributions to defined contribution schemes
8,018
7,874
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
28,313
49,609
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
28,313
49,609
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
112,319
177,520
10
Taxation
2025
2024
£
£
Current tax
Other tax reliefs
(396,920)
(611,891)
Foreign current tax on profits for the current period
4,804
394
Total current tax
(392,116)
(611,497)
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 27 -
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:
2025
2024
£
£
Loss before taxation
(2,789,358)
(3,885,265)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(697,340)
(971,316)
Tax effect of expenses that are not deductible in determining taxable profit
(4,465)
(220,367)
Unutilised tax losses carried forward
577,107
1,185,113
Permanent capital allowances in excess of depreciation
6,996
6,675
Research and development tax credit
(396,920)
(611,891)
Other non-reversing timing differences
122,506
289
Net tax credit
(392,116)
(611,497)
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
1,524,423
Amortisation and impairment
At 1 April 2024
829,187
Amortisation charged for the year
304,884
At 31 March 2025
1,134,071
Carrying amount
At 31 March 2025
390,352
At 31 March 2024
695,236
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Intangible fixed assets
(Continued)
- 28 -
Company
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
1,524,423
Amortisation and impairment
At 1 April 2024
829,187
Amortisation charged for the year
304,884
At 31 March 2025
1,134,071
Carrying amount
At 31 March 2025
390,352
At 31 March 2024
695,236
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2024
6,240
28,796
254,769
289,805
Additions
12,804
20,688
33,492
At 31 March 2025
19,044
28,796
275,457
323,297
Depreciation and impairment
At 1 April 2024
6,240
28,105
192,658
227,003
Depreciation charged in the year
4,808
339
43,525
48,672
At 31 March 2025
11,048
28,444
236,183
275,675
Carrying amount
At 31 March 2025
7,996
352
39,274
47,622
At 31 March 2024
691
62,111
62,802
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 29 -
Company
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2024
6,240
28,749
247,431
282,420
Additions
12,804
20,688
33,492
At 31 March 2025
19,044
28,749
268,119
315,912
Depreciation and impairment
At 1 April 2024
6,240
28,058
189,115
223,413
Depreciation charged in the year
4,808
339
43,525
48,672
At 31 March 2025
11,048
28,397
232,640
272,085
Carrying amount
At 31 March 2025
7,996
352
35,479
43,827
At 31 March 2024
691
58,316
59,007
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
2,162
310
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
310
Additions
1,852
At 31 March 2025
2,162
Carrying amount
At 31 March 2025
2,162
At 31 March 2024
310
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2025 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Wazoku SAS
Columbia
Ordinary
100.00
Wazoku Inc
USA
Ordinary
100.00
Wazo Limited
UK
Ordinary
100.00
Wazoku AB
Sweden
Ordinary
100.00
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
490,160
737,511
344,803
424,357
Corporation tax recoverable
396,920
611,891
396,920
611,891
Amounts owed by group undertakings
-
-
11,162
8,193
Other debtors
35,720
67,873
18,120
47,820
Prepayments and accrued income
577,244
942,084
528,168
893,691
1,500,044
2,359,359
1,299,173
1,985,952
Amounts falling due after more than one year:
Other debtors
32,510
64,790
32,510
64,790
Total debtors
1,532,554
2,424,149
1,331,683
2,050,742
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
18
10,326
10,073
10,326
10,073
Other borrowings
18
449,855
523,090
449,855
523,090
Trade creditors
39,410
126,432
36,637
120,781
Amounts owed to group undertakings
553,039
21,257
Other taxation and social security
147,933
172,058
85,732
147,968
Other creditors
272,697
533,875
269,704
286,855
Accruals and deferred income
2,998,327
3,489,823
1,846,520
2,826,022
3,918,548
4,855,351
3,251,813
3,936,046
Included within Accruals and deferred income is £2,619,588 of deferred income (2024: £3,158,946)
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
3,208
13,843
3,208
13,843
Other borrowings
18
400,000
465,388
400,000
465,388
403,208
479,231
403,208
479,231
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
13,534
23,916
13,534
23,916
Other loans
849,855
988,478
849,855
988,478
863,389
1,012,394
863,389
1,012,394
Payable within one year
460,181
533,163
460,181
533,163
Payable after one year
403,208
479,231
403,208
479,231
The loans are secured by a fixed and floating charge over all property or undertaking of the company.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
207,708
193,508
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
20
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 April 2024
1,095,414
1,378,467
0.50
0.50
Granted
-
83,031
0.50
0.50
Forfeited
-
(276,135)
0.50
0.50
Exercised
(122,151)
(48,435)
0.50
0.50
Lapsed
(124,270)
(41,514)
0.50
0.50
Outstanding at 31 March 2025
848,993
1,095,414
0.50
0.50
Exercisable at 31 March 2025
931,842
1,100,133
0.50
0.50
Group
Company
2025
2024
2025
2024
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
(14,292)
(16,417)
(14,292)
(16,417)
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 0.01p each
16,389,952
16,267,801
1,638
1,626
B Ordinary of 0.01p each
2,848,994
2,848,994
285
285
Deferred of 0.01p each
5,539,451
5,539,451
554
554
24,778,397
24,656,246
2,477
2,465
During the year, 103,791 A Ordinary shares of £0.0001 each were issued at a premium of £0.26 and 18,360 A Ordinary shares of £0.0001 each were issued at a premium of £0.49.
22
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
95,901
23,693
95,901
11,385
95,901
23,693
95,901
11,385
23
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the Financial statements.
WAZOKU LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
24
Cash absorbed by group operations
2025
2024
£
£
Loss for the year after tax
(2,397,242)
(3,273,769)
Adjustments for:
Taxation credited
(392,116)
(611,497)
Finance costs
112,319
177,520
Interest received
(28,313)
(49,609)
Foreign exchange equity
34,587
(42,069)
Share option charge
(14,292)
57,611
Amortisation and impairment of intangible assets
304,884
297,383
Depreciation and impairment of tangible fixed assets
48,672
46,576
Movements in working capital:
Decrease in debtors
676,624
950,976
Decrease in creditors
(863,821)
(700,437)
Cash absorbed by operations
(2,518,698)
(3,147,315)
25
Analysis of changes in net funds/(debt) - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,794,792
(2,139,133)
655,659
Borrowings excluding overdrafts
(1,012,394)
149,005
(863,389)
1,782,398
(1,990,128)
(207,730)
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