| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Period |
| 1 April 2023 to 30 September 2024 |
| for |
| KWA Analytics Ltd |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Period |
| 1 April 2023 to 30 September 2024 |
| for |
| KWA Analytics Ltd |
| KWA Analytics Ltd (Registered number: 08925388) |
| Contents of the Financial Statements |
| for the Period 1 April 2023 to 30 September 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 10 |
| Other Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 |
| KWA Analytics Ltd |
| Company Information |
| for the Period 1 April 2023 to 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | James Davies CA |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 140 Coniscliffe Road |
| Darlington |
| County Durham |
| DL3 7RT |
| KWA Analytics Ltd (Registered number: 08925388) |
| Strategic Report |
| for the Period 1 April 2023 to 30 September 2024 |
| The directors present their strategic report for the period 1 April 2023 to 30 September 2024. |
| REVIEW OF BUSINESS |
| Turnover for the period was £33.0m, a pro rata increase of 68% on the previous year (2023: £13.1m). |
| The operating profit for the 18 month period was £4.9m (2023: £2.6m). |
| The Company balance sheet shows net current assets of £3.7m (2023: £3.0m). Shareholder funds are £3.8m (2023: £3.0m). |
| During the period, the Company continued a strategic focus on the delivery of high quality professional consultancy services in order to retain and grow profitable and sustainable revenues from both new and existing clients. The directors plan to continue this strategic focus into the next financial year. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| To deliver continued sustainable growth, the Company recognizes the need to minimise the likelihood and impact of key risks. These risks are both general in nature, i.e. business risks faced by all businesses and more specific to the Company and the market in which it operates. |
| The risks outlined here are those principal risks and uncertainties that are material to the Company. They do not include all risks associated with the Company and are not set out in any order of priority. |
| Customer and competitors |
| The Company manages the risks presented by its customer base and the competitive environment in which it operates through the delivery of high quality services designed to meet customer needs, coupled with a strong focus on customer experience. The Company engages and maintains strong working relationships and partnerships with key global industry participants. |
| Employees - retention and recruitment |
| Failure to recruit and retain talented employees could impact the Company's ability to meet its service obligations and achieve its strategic objectives. The Company regularly reviews its recruitment initiatives, employee compensation and other employee benefits in order to attract and retain a highly skilled and experienced workforce. |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The Company's principal financial instruments comprise cash and cash equivalents. Other financial assets and liabilities, such as trade creditors, arise directly from the Company's operating activities. |
| The main risks associated with the Company's financial assets and liabilities are set out below. |
| Price risk |
| The Company is subject to competitive pressure from other vendors. Whilst we are confident of the value we bring to our clients, price pressure is a risk to our future financial performance. We mitigate this by continuously reviewing and maintaining the high quality level of the service offered to customer. |
| Liquidity risk |
| The Company aims to mitigate liquidity risk by managing cash generated by its operations. All material changes in expenditure are approved by the directors. Flexibility is maintained by retaining surplus cash in readily accessible bank deposits and current accounts. |
| Foreign currency risk |
| The Company's principal transactions are denominated in GB Pounds, Euros, US Dollars and Indian Rupee. As a result, the Company's cash flow can be affected by movements in the exchange rate, although the risk is partially mitigated through a natural hedge with some of the revenues received and the costs incurred being in local currency. Management monitor exchange rate movements and where appropriate may consider entering into arrangements to fix exchange rates and thus negate the impact of fluctuations. |
| KWA Analytics Ltd (Registered number: 08925388) |
| Strategic Report |
| for the Period 1 April 2023 to 30 September 2024 |
| Financial key performance indicators |
| The Company use several key performance indicators to manage its daily operations and management review. These include, but are not limited to, the KPIs detailed below: |
| 18 months ended | 12 months ended |
| 30 September | 31 March 2023 |
| 2024 |
| £'000 | £'000 |
| Turnover | 32,963 | 13,110 |
| Operating profit | 4,898 | 2,563 |
| Profit before tax | 5,052 | 2,563 |
| Cash and cash equivalent | 3,148 | 1,986 |
| Net assets | 3,778 | 3,019 |
| Turnover per full time equivalent | 505* | 452 |
| *Turnover per full time equivalent is pro rata for a 12 month period. |
| ON BEHALF OF THE BOARD: |
| KWA Analytics Ltd (Registered number: 08925388) |
| Report of the Directors |
| for the Period 1 April 2023 to 30 September 2024 |
| PRINCIPAL ACTIVITY |
| The principal activity of the Company continues to be the delivery of high quality consultancy services for trading and risk management technologies. |
| DIVIDENDS |
| The total distribution of dividends for the period ended 30 September 2024 is £3,059,264 (2023: £1,258,547). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
| CHANGE IN ACCOUNTING REFERENCE DATE |
| The company has changed its accounting reference date from 31 March to 30 September. The current accounting period covers the 18-month period from 1 April 2023 to 30 September 2024. The comparatives cover the 12-month period from 1 April 2022 to 31 March 2023. |
| THIRD PARTY INDEMNITY PROVISION |
| The company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Future developments and financial risk management objectives and policies, which would otherwise be disclosed in the directors' report, are instead disclosed in the strategic report, as permitted by section 414C(11) of the Companies Act 2006. |
| 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). 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. |
| KWA Analytics Ltd (Registered number: 08925388) |
| Report of the Directors |
| for the Period 1 April 2023 to 30 September 2024 |
| AUDITORS |
| The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| KWA Analytics Ltd |
| Opinion |
| We have audited the financial statements of KWA Analytics Ltd (the 'company') for the period ended 30 September 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 30 September 2024 and of its profit for the period 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. |
| Other matters |
| In forming our opinion on the financial statements, which is not modified, we noted that the prior year financial statements were not audited. Consequently, International Standards on Auditing (UK) require the auditor to state that the corresponding figures contained within these financial statements are unaudited. |
| 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 |
| KWA Analytics 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 four, 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 |
| KWA Analytics 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, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this. |
| We undertake the following procedures to identify and respond to these risks of non-compliance: |
| - Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, health & safety, employment law and company law. |
| - Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance. |
| - Review of board minutes and correspondence with regulators. |
| - Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed. |
| - Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. The key areas of uncertainty within these financial statements are disclosed within note 2. |
| - Identifying and testing unusual journal entries, with a particular focus on manual journal entries. |
| Through these procedures we did not become aware of actual or suspected non-compliance. |
| We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. 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 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. |
| Report of the Independent Auditors to the Members of |
| KWA Analytics Ltd |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| 140 Coniscliffe Road |
| Darlington |
| County Durham |
| DL3 7RT |
| KWA Analytics Ltd (Registered number: 08925388) |
| Income Statement |
| for the Period 1 April 2023 to 30 September 2024 |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 4,431,031 | 2,340,250 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 5,055,905 | 2,562,644 |
| Interest payable and similar expenses | 8 | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 9 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL PERIOD |
| KWA Analytics Ltd (Registered number: 08925388) |
| Other Comprehensive Income |
| for the Period 1 April 2023 to 30 September 2024 |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| Notes | £ | £ |
| PROFIT FOR THE PERIOD |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
| KWA Analytics Ltd (Registered number: 08925388) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KWA Analytics Ltd (Registered number: 08925388) |
| Statement of Changes in Equity |
| for the Period 1 April 2023 to 30 September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| KWA Analytics Ltd (Registered number: 08925388) |
| Cash Flow Statement |
| for the Period 1 April 2023 to 30 September 2024 |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of period |
2 |
1,914,047 |
| Cash and cash equivalents at end of period |
2 |
3,147,918 |
1,985,841 |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Cash Flow Statement |
| for the Period 1 April 2023 to 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Finance costs | 3,542 | - |
| Finance income | (157,352 | ) | - |
| 4,920,137 | 2,573,349 |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 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: |
| Period ended 30 September 2024 |
| 30.9.24 | 1.4.23 |
| £ | £ |
| Cash and cash equivalents | 3,147,918 | 1,985,841 |
| Year ended 31 March 2023 |
| 31.3.23 | 1.4.22 |
| £ | £ |
| Cash and cash equivalents | 1,985,841 | 1,914,047 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.4.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 1,985,841 | 1,162,077 | 3,147,918 |
| 1,985,841 | 3,147,918 |
| Total | 1,985,841 | 1,162,077 | 3,147,918 |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Financial Statements |
| for the Period 1 April 2023 to 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| KWA Analytics Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There were no material departures from that standard. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
| Going Concern |
| The Company meets its day-to-day working capital requirements through its cash balances and operating cash flows. |
| The directors have prepared financial forecasts which, having regard for reasonably possible changes in trading performance as a result of the current economic environment, indicate that the Company will maintain sufficient financial headroom to enable it to continue meeting its liabilities as they fall due in the normal course of business for at lease the next twelve months following approval of these financial statements. |
| After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| Significant judgements in applying the company's accounting policies |
| In preparing these financial statements the directors do not consider there were any significant area of judgement that were required in applying the company's accounting policies as set out in this note. |
| Key sources of estimation uncertainty |
| Other estimates included within these financial statements include depreciation charges and asset impairments such as provisions against debtors. None of these estimates are considered to carry significant estimation uncertainty, or to bear significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents |
| amounts receivable for services rendered, stated net of discounts and of Value Added Tax. |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2023 to 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Computer equipment | - |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss. |
| Taxation |
| Taxation for the period 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 period 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| 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. |
| 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. |
| Dividends |
| Dividend income is recognised when the right to receive payment is established. |
| Dividends and other distributions to the group's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes of equity. |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2023 to 30 September 2024 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| United Kingdom |
| Europe |
| Rest of World | 5,265,502 | 1,348,030 |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
| 4. | EMPLOYEES AND DIRECTORS |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the period was as follows: |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| Directors | 5 | 5 |
| Operations | 39 | 24 |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2023 to 30 September 2024 |
| 5. | DIRECTORS' EMOLUMENTS |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| Foreign exchange differences | ( |
) |
| 7. | AUDITORS' REMUNERATION |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
20,500 |
- |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Interest payable |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2023 to 30 September 2024 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| R&D relief | (28,497 | ) | (17,870 | ) |
| Total tax charge | 1,234,581 | 471,807 |
| 10. | DIVIDENDS |
| Period |
| 1.4.23 |
| to | Year Ended |
| 30.9.24 | 31.3.23 |
| £ | £ |
| Ordinary A Shares shares of £1 each |
| Interim |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2023 to 30 September 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for period |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 31 March 2023 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| Prepayments and accrued income |
| Amounts due from associates are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
| Prior year restatement |
| The trade debtors balance in relation to 2023 has been restated, with £523,805 reclassified to trade creditors in respect of amounts owed by associates and group undertakings. This is to ensure comparability with the current year financial statements and there is no change to the overall net assets position in respect of the prior year. |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to associates | 418,831 | - |
| Corporation tax |
| Taxation and social security |
| Other creditors |
| Accruals and deferred income |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2023 to 30 September 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Amounts owed by group undertakings and associates are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
| Prior year restatement |
| The trade creditor balance in relation to 2023 has been restated, with £523,805 reclassified from trade debtors in respect of amounts owed to associates and group undertakings. This is to ensure comparability with the current year financial statements and there is no change to the overall net assets position in respect of the prior year. |
| 14. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 10,160 | 4,697 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2023 |
| Charge to Income Statement during period |
| Balance at 30 September 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A Shares | £1 | 359 | 359 |
| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |
| 16. | PENSION COMMITMENTS |
| The company operates a defined contributions pension scheme, The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £56,777 (2023: £44,433). Contributions totalling £14,888 (2023: £5,097) were payable to the fund at the balance sheet date and are included in creditors. |
| 17. | RELATED PARTY DISCLOSURES |
| 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. |
| 2024 | 2023 |
| £ | £ |
| Sales |
| Purchases |
| Amount due to related party |
| KWA Analytics Ltd (Registered number: 08925388) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2023 to 30 September 2024 |
| 17. | RELATED PARTY DISCLOSURES - continued |
| 2024 | 2023 |
| £ | £ |
| Sales |
| Purchases |
| Management charges | 438,852 | 222,394 |
| Amount due from related party |
| Amount due to related party |
| During the period, a total of key management personnel compensation of £ |
| This includes the directors remuneration as disclosed within note 4. |
| 18. | ULTIMATE CONTROLLING PARTY |
| The immediate and ultimate parent company is KWA Analytics Group Limited. Their registered office is Office 7 35-37 Ludgate Hill, London, United Kingdom, EC4M 7JN. |
| The directors do not consider there to be an ultimate controlling party. |