PDF-XChange Co Ltd Cover |
Company No. 11091579 | |||||||||
PDF-XChange Co Ltd Contents |
Pages | |||||||||
Company Information | 2 | ||||||||
Strategic Report | 3 | ||||||||
Directors' Report | 4 to 5 | ||||||||
Auditor's Report | 6 to 9 | ||||||||
Statement of Comprehensive Income | 10 | ||||||||
Statement of Financial Position | 11 | ||||||||
Statement of Changes in Equity | 12 | ||||||||
Statement of Cash Flows | 13 | ||||||||
Notes to the Financial Statements | 14 to 23 | ||||||||
PDF-XChange Co Ltd Company Information |
Directors | |||||||||
Registered Office | |||||||||
Auditor | |||||||||
8th Floor | |||||||||
Becket House | |||||||||
36 Old Jewry | |||||||||
London | |||||||||
EC2R 8DD |
PDF-XChange Co Ltd Strategic Report |
The Directors present their strategic report for the year ended 30 April 2025. | |||||||
Business review | |||||||
During the course of 2024-25 our business continued to perform robustly and largely as expected. | |||||||
The demise of one of our Key partners, Digital River and their German subsidiary ‘ShareIT’ after 24 years or so trading together was both a sad event, as many good people within the business lost their livelihoods and a loss to us financially, amounting to approx. £130,000 in lost income and legal fees attempting to recover monies due – which was largely successful - reducing our potential loss from approximately US$900,000 to a little over US$100,000 plus £40,000 or so in legal fees and expenses in the UK and Germany. Our profits were therefore affected appropriately as a consequence of this unfortunate failure of a key partner. | |||||||
Financial and other key performance indicators: | |||||||
The Company and staff performed well during the past year and weathered some difficult challenges (e.g. Digital River’s demise), underlining the strength of its core vision and client base. Growth was slightly better than anticipated and were it not for the loss of Digital River and the management time and costs expended seeking to resolve this matter, could possibly have been even better.Currency volatility also proved a real challenge and also mitigated our growth, once revenue in US$’s and Euro’s was converted to Sterling and losses were taken. As expected and we continue to develop our products in a cost efficient and cost effective manner. | |||||||
Current political instability and conflict are a concern and make currency conversion planning to UK Sterling very difficult and could ultimately affect our business, as it would any other - should it continue for a long period or even escalate. | |||||||
Signed on behalf of the board | |||||||
J.C. Verbeeten | |||||||
Director | |||||||
27 June 2025 |
PDF-XChange Co Ltd Directors Report |
The Directors present their report and the financial statements for the year ended 30 April 2025. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
Future developments | |||||||||
We are progressing well with our new products development, after a slow start and expect to have a ‘Platform independent’ version of our most popular application, the ‘PDF-XChange Editor’ ready for market in the first half of 2026.Beyond that we are committed to continue to provide products that are available with a 'Perpetual - Pay once' License model along with Subscription based licensing where recurring costs are unavoidable, due to the platform delivery requirements (e.g. cloud based software) and recurring costs are therefore inevitable and unavoidable. | |||||||||
Research and development activities | |||||||||
We continue to work hard to improve our products. | |||||||||
Statement of directors' responsibilities | |||||||||
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations. | |||||||||
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to: | |||||||||
* | select suitable accounting policies and then apply them consistently; | ||||||||
* | make judgements and 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 statments; and | ||||||||
* | 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 of disclosure of information to auditor | |||||||||
Political contributions | |||||||||
During the year the company made the following political donations: | |||||||||
£ | |||||||||
1,000 | |||||||||
Big Brother Watch | 25,000 | ||||||||
Signed on behalf of the board | |||||||||
J.C. Verbeeten | |||||||||
Director | |||||||||
27 June 2025 |
PDF-XChange Co Ltd Audit Report Unqualified |
Independent Auditor's Report to the members of PDF-XChange Co Ltd | |||||||||
Opinion | |||||||||
We have audited the financial statements of PDF-XChange Co Ltd (the 'company') for the year ended 30 April 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the 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: | |||||||||
for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. | |||||||||
Basis for opinion | |||||||||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts are authorised for issue. | |||||||||
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report. | |||||||||
Other information | |||||||||
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. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. | |||||||||
Opinion on other matters prescribed by the Companies Act 2006 | |||||||||
In our opinion, based upon the work undertaken in the course of the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. | |||||||||
• 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 | |||||||||
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. | |||||||||
Auditor's responsibilities for the audit of the financial statements | |||||||||
Our objectives are to obtain reasonable assurance about whether the accounts 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. | |||||||||
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: | |||||||||
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards), a review of contracts in place and any regulatory references. We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items, taking into account the inherent difficulty in detecting irregularities; the effectiveness of the entity’s controls; and the nature, timing and extent of the audit procedures performed. Our procedures included the following to give comfort in these areas: • Enquiry of management, those charged with governance around actual and potential litigation and claims. • Reviewing minutes of meetings of those charged with governance • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. • Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business. - With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. - We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. - We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. | |||||||||
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 the auditors report. | |||||||||
Use of this 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 an auditors' 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. | |||||||||
Senior Statutory Auditor | |||||||||
For and on behalf of Xeinadin Audit Limited | |||||||||
Statutory Auditors | |||||||||
8th Floor | |||||||||
Becket House | |||||||||
36 Old Jewry | |||||||||
London | |||||||||
EC2R 8DD | |||||||||
PDF-XChange Co Ltd Statement of Comprehensive Income |
for the year ended 30 April 2025 | |||||||||||
Notes | 2025 | 2024 | |||||||||
£ | £ | ||||||||||
Revenue | |||||||||||
Cost of sales | ( | ( | |||||||||
Gross profit | |||||||||||
Administrative expenses | ( | ( | |||||||||
Operating profit | 4 | ||||||||||
Other interest receivable | 7 | ||||||||||
Interest payable and similar charges | 8 | ( | ( | ||||||||
Profit on ordinary activities before taxation | |||||||||||
Taxation | 9 | ( | ( | ||||||||
Profit for the financial year after taxation | |||||||||||
Other comprehensive income | - | - | |||||||||
Total comprehensive income/(loss) | |||||||||||
PDF-XChange Co Ltd Statement of Financial Position |
at | ||||||||||
Company No. | Notes | 2025 | 2024 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 10 | |||||||||
Investments | 11 | |||||||||
Current assets | ||||||||||
Debtors | 12 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 13 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | 14 | |||||||||
Profit and loss account | 15 | |||||||||
Total equity | ||||||||||
Approved by the board on 27 June 2025 and signed on its behalf by: | ||||||||||
J.C. Verbeeten | ||||||||||
Director | ||||||||||
27 June 2025 |
PDF-XChange Co Ltd Statement of Changes in Equity |
for the year ended 30 April 2025 | ||||||||||||
Share Capital | Retained earnings | Total equity | ||||||||||
£ | £ | £ | ||||||||||
At 1 May 2023 | 100 | 2,868,739 | 2,868,839 | |||||||||
Profit for the period | 8,338,818 | |||||||||||
Dividends | ( | ( | ||||||||||
At 30 April 2024 and 1 May 2024 | ||||||||||||
Profit for the period | ||||||||||||
Dividends | ( | ( | ||||||||||
At 30 April 2025 | ||||||||||||
PDF-XChange Co Ltd Statement of Cash Flows |
for the year ended 30 April 2025 | ||||||
2025 | 2024 | |||||
£ | £ | |||||
Cash flows from operating activities | ||||||
Operating profit | 12,790,858 | 11,129,228 | ||||
Adjustments for: | ||||||
Depreciation of property, plant and equipment | 2,684 | 475 | ||||
Decrease in trade and other receivables | 5,370 | 112,245 | ||||
Increase in trade and other payables | 52,868 | 16,442 | ||||
Net cash generated from operations | 12,851,780 | 11,258,390 | ||||
Interest paid | ( | ( | ||||
Corporate taxes paid | ( | ( | ||||
Net cash generated from operating activities | ||||||
Cash flows from investing activities | ||||||
Payments for property, plant and equipment | ( | |||||
Interest received | ||||||
Net cash (used in)/from investing activities | ( | |||||
Cash flows from financing activities | ||||||
Equity dividends paid | ( | ( | ||||
Loans from / (to) directors | ||||||
Net cash used in financing activities | ( | ( | ||||
Net increase in cash and cash equivalents | ||||||
Cash and cash equivalents at the beginning of the year | 9,458,045 | 5,534,019 | ||||
Cash and cash equivalents at the end of the year | 12,928,412 | 9,458,045 | ||||
Components of cash and cash equivalents | ||||||
Cash and bank balances | ||||||
12,928,412 | 9,458,045 | |||||
PDF-XChange Co Ltd Notes to the Financial Statements |
for the year ended 30 April 2025 | ||||||||||||||||
1 | General information | |||||||||||||||
PDF-XChange Co Ltd is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||||
Its registered number is: 11091579 | ||||||||||||||||
Its registered office is: | Its trading address is: | |||||||||||||||
Hormanshoad | ||||||||||||||||
Pickwell Lane | ||||||||||||||||
Bolney | ||||||||||||||||
Haywards-Heath | ||||||||||||||||
RH17 5RH | ||||||||||||||||
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound. | ||||||||||||||||
1 | ||||||||||||||||
2 | Accounting policies | |||||||||||||||
Revenue recognition | ||||||||||||||||
Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||||
Borrowing costs | ||||||||||||||||
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. | ||||||||||||||||
Taxation | ||||||||||||||||
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Deferred tax is not provided where this is deemed immaterial. | ||||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||||
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over their estimated useful lives, using the straight-line method. Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. | ||||||||||||||||
losses. Depreciation on plant and equipment is charged to profit or loss so as to write off their value, over their estimated useful lives, using the straight-line method. Assets held under finance leases are depreciated in the same manner as owned assets. At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. | ||||||||||||||||
Furniture, fittings and equipment | ||||||||||||||||
Investment in subsidiary company and consolidated accounts | ||||||||||||||||
The investment in the subsidiary company is shown at cost. | ||||||||||||||||
In the directors opinion there is no benefit to the user of these accounts to be gained by consolidation in accordance with Section 405 of the Companies Act 2006 and therefore exemption has been sought on this basis. | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. | ||||||||||||||||
Financial instruments | ||||||||||||||||
Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. Investments in non-convertible preference shares and non-puttable ordinary and preference shares are measured: • At fair value with changes recognised in the Income Statement if the shares are publicly traded or their fair value can otherwise be measured reliably; • At cost less impairment for all other investments. Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when 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 of the investment have been affected. For all other financial assets, objective evidence of impairment could include: • significant financial difficulty of the issuer or counterparty; or • breach of contract, such as a default or delinquency in interest or principal payments; or • it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or • the disappearance of an active market for that financial asset because of financial difficulties. | ||||||||||||||||
Financial Instruments (Continued) | ||||||||||||||||
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 50 days, as well as observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Finance costs | ||||||||||||||||
Interest bearing borrowings | ||||||||||||||||
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. | ||||||||||||||||
Related parties | ||||||||||||||||
For the purposes of these financial statements, a party is considered to be related to the Company if: • the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the Company; • the Company and the party are subject to common control; • the party is an associate of the Company or a joint venture in which the Company is a venturer; • the party is a member of key management personnel of the Company or the Company’s parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; • the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or • the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company. Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. | ||||||||||||||||
Foreign currencies | ||||||||||||||||
Defined contribution pensions | ||||||||||||||||
The contributions are recognised as an expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||||
Provisions | ||||||||||||||||
Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial position. | ||||||||||||||||
3 | Critical accounting judgements and key sources of estimation uncertainty | |||||||||||||||
Preparation of the financial statements requires the directors to make judgements ,estimates and assumptions that affect the amounts | ||||||||||||||||
reported of assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. | ||||||||||||||||
4 | Operating Profit | |||||||||||||||
2025 | 2024 | |||||||||||||||
This is stated after charging: | £ | £ | ||||||||||||||
Depreciation of owned fixed assets | ||||||||||||||||
Foreign exchange loss/(profit) | 567,628 | 353,383 | ||||||||||||||
Auditors' remuneration for: | ||||||||||||||||
Audit of the company's annual accounts | ||||||||||||||||
5 | Staff costs | |||||||||||||||
2025 | 2024 | |||||||||||||||
Staff costs during the year (including directors) were as follows: | £ | £ | ||||||||||||||
Total in company | - | 1 | - | |||||||||||||
- | - | |||||||||||||||
The average monthly number of employees (including directors) during the year was: | Number | Number | ||||||||||||||
Administration | ||||||||||||||||
Production | ||||||||||||||||
Total in company | ||||||||||||||||
6 | Directors' remuneration | |||||||||||||||
2025 | 2024 | |||||||||||||||
Remuneration included within staff costs - Note 5 - in respect of directors was as follows: | £ | £ | ||||||||||||||
Total remuneration | 1 | |||||||||||||||
7 | Interest receivable | |||||||||||||||
2025 | 2024 | |||||||||||||||
£ | £ | |||||||||||||||
Bank interest receivable | ||||||||||||||||
8 | Interest payable and similar charges | |||||||||||||||
2025 | 2024 | |||||||||||||||
£ | £ | |||||||||||||||
Other interest payable | ||||||||||||||||
9 | Taxation | |||||||||||||||
(a) Tax on profit on ordinary activities | 2025 | 2024 | ||||||||||||||
The tax charge is made up as follows: | £ | £ | ||||||||||||||
UK corporation tax | ||||||||||||||||
Charge for the period | ||||||||||||||||
Total corporation tax | ||||||||||||||||
Tax on profit on ordinary activities | ||||||||||||||||
(b) Factors affecting the total tax charge for the period | ||||||||||||||||
The tax assessed for the year is higher than the standard rate of corporation tax in the UK of 25% (2024 25%). The differences are reconciled below: | ||||||||||||||||
Higher | 2025 | 2024 | ||||||||||||||
13144 | £ | £ | ||||||||||||||
Profit on ordinary activities before tax | ||||||||||||||||
Standard rate of corporation tax in the United Kingdom | ||||||||||||||||
Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom | ||||||||||||||||
Expenses not deductible for tax purposes | ||||||||||||||||
Tax on profit on ordinary activities | ||||||||||||||||
10 | Tangible fixed assets | |||||||||||||||
Fixtures, fittings and equipment | Total | |||||||||||||||
£ | £ | |||||||||||||||
Cost or revaluation | ||||||||||||||||
At 1 May 2024 | ||||||||||||||||
Additions | ||||||||||||||||
At 30 April 2025 | ||||||||||||||||
Depreciation and impairment | ||||||||||||||||
At 1 May 2024 | ||||||||||||||||
Charge for the year | ||||||||||||||||
At 30 April 2025 | ||||||||||||||||
Net book values | ||||||||||||||||
At 30 April 2025 | ||||||||||||||||
At 30 April 2024 | ||||||||||||||||
11 | Investments | |||||||||||||||
Subsidiaries | Total | |||||||||||||||
£ | £ | |||||||||||||||
Cost or valuation | ||||||||||||||||
At 1 May 2024 | 2,053,730 | |||||||||||||||
At 30 April 2025 | 2,053,730 | |||||||||||||||
Accumulated impairment | ||||||||||||||||
Net book values | ||||||||||||||||
At 30 April 2025 | 2,053,730 | |||||||||||||||
At 30 April 2024 | 2,053,730 | |||||||||||||||
Investment in Subsidiaries | ||||||||||||||||
The company has the following subsidiary undertakings: | ||||||||||||||||
Name of company and nature of business | Country of incorpor- ation (if not UK) | Class of shares held | % age of shares held | Capital and reserves at end of the relevant year | Profit/(loss) for the relevant year | |||||||||||
% | £ | £ | ||||||||||||||
Canada | Common A and B | 100 | 839,043 | 35,209 | ||||||||||||
12 | Debtors | |||||||||||||||
2025 | 2024 | |||||||||||||||
£ | £ | |||||||||||||||
Trade debtors | ||||||||||||||||
Corporation tax recoverable | ||||||||||||||||
VAT recoverable | ||||||||||||||||
Prepayments and accrued income | ||||||||||||||||
13 | Creditors: | |||||||||||||||
amounts falling due within one year | ||||||||||||||||
2025 | 2024 | |||||||||||||||
£ | £ | |||||||||||||||
Trade creditors | ||||||||||||||||
Corporation tax | ||||||||||||||||
Loans from directors | ||||||||||||||||
Accruals and deferred income | ||||||||||||||||
14 | Share Capital | |||||||||||||||
Called-up share capital represents the nominal value of shares that have been issued. | Nominal value | 2025 | 2025 | 2024 | ||||||||||||
£ | Number | £ | £ | |||||||||||||
Allotted, called up and fully paid: | ||||||||||||||||
15 | Reserves | |||||||||||||||
16 | Reconciliation of net debt | |||||||||||||||
At 1 May 2024 | Cash flows | New HP/Finance leases | At 30 April 2025 | |||||||||||||
£ | £ | £ | £ | |||||||||||||
Cash and cash equivalents | ||||||||||||||||
9,458,045 | 3,470,367 | - | 12,928,412 | |||||||||||||
Net debt | 3,470,367 | - | ||||||||||||||
17 | Dividends | |||||||||||||||
2025 | 2024 | |||||||||||||||
£ | £ | |||||||||||||||
Dividends for the period: | ||||||||||||||||
Dividends by type: | ||||||||||||||||
Equity dividends | ||||||||||||||||
8,500,000 | 6,000,000 | |||||||||||||||
18 | Related party disclosures | |||||||||||||||
Key management personnel | 2025 | 2024 | ||||||||||||||
£ | £ | |||||||||||||||
Controlling party | ||||||||||||||||
Ultimate controlling party: | ||||||||||||||||