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Registered number:01488155









STIBO SYSTEMS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

 
STIBO SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Director
A N Carr 




Company secretary
J M Fogh



Registered number
01488155



Registered office
7th Floor One Valpy
20 Valpy Street

Reading

RG1 1AR






Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants & Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ







 
STIBO SYSTEMS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 24


 
STIBO SYSTEMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025

Introduction
 
Stibo Systems Limited is a subsidiary of Stibo Systems A/S, founded in 1794 and based in 8270 Hojbjerg, Denmark. The Stibo group has regional branches worldwide.
The company’s main activity is primarily the development, production and sales in the area of information transmission and processing. In particular, the goal is to offer and further advance innovative solutions for cross domain Master Data Management so that customers are offered the opportunity to generate real added value from their data. We offer solutions for the retail, consumer goods, manufacturing, banking & capital markets sectors, etc.
Our strategy going forward is to continue develop and market Master Data Management products within the Retail, Manufacturing, Consumer Products Goods (CPG) and Distribution sectors. We are on a journey towards becoming a best-in-class Software-as-a-Service (SaaS) provider, which we will continue in the years to come. 

Business review
 
The financial results for the year are set out on page 9 of the financial statements. The financial result for the fiscal year is as expected with the profit being on level with last fiscal year.
Stibo Systems Limited has not been affected by any major external factors throughout the year, and the Directors have continued their focus on transitioned the business model into a SaaS business model, entered into new partnerships and developed new product features around AI. 

Principal risks and uncertainties
 
The company is subject to general economic and market conditions that could affect the company’s business plans. The success of the activities of the company may be affected by general economic and market conditions, like interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and U.K. and international political circumstances. Unexpected volatility or illiquidity could impair profitability or result in losses.
We participate in a competitive industry where we face competitors like SAP, Informatica, IBM, Reltio and Salsify and the pressure from existing and new competitors may adversely affect our business and operating results. We face significant competition from both large global companies, where a few are mentioned above, as well as smaller scale players such as Synti, Profisee and Contentserv.  

Financial key performance indicators
 
The Management consider the following to be the main KPI's that are driving the growth of the business: 
- Annual recurring revenue
- Monthly recurring revenue
- Churn-rate
- Average contract value
- EBITDA 

Future developments
 
Likely future developments in the business include new product features, new partners and regional sales expansion.  

Page 1

 
STIBO SYSTEMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025


This report was approved by the board on 27 June 2025 and signed on its behalf.



A N Carr
Director

Page 2

 
STIBO SYSTEMS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2025

The Director presents his report and the financial statements for the year ended 30 April 2025.

Results and dividends

The profit for the year, after taxation, amounted to £426,936 (2024 - £398,319).

During the year dividends of £473,605 were issued (2024 - £1,300,000).
 
Director

The Director who served during the year was:

A N Carr 

Director's responsibilities statement

The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is 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 Director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 Director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Post balance sheet events

In June 2025 dividends of £426,936 were issued.

Disclosure of information to auditors

The Director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
STIBO SYSTEMS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025

This report was approved by the board on 27 June 2025 and signed on its behalf.
 





A N Carr
Director

Page 4

 
STIBO SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STIBO SYSTEMS LIMITED
 

Opinion


We have audited the financial statements of Stibo Systems Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 April 2025 and of its profit 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 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 United Kingdom, including the Financial Reporting Council'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 Director's 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 Director with respect to going concern are described in the relevant sections of this report.


Page 5

 
STIBO SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STIBO SYSTEMS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's 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 Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which 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 Director's 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 Director's Responsibilities Statement set out on page 3, the Director is 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 Director determines 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 Director is 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 Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
STIBO SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STIBO SYSTEMS LIMITED (CONTINUED)


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 an Auditors' 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:
We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework Financial Reporting Standard 102 and the relevant tax compliance regulations in the jurisdictions in which the Company operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimate and judgement in the financial statements.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included.
°Reviewing Board minutes;
°Reviewing large and unusual bank transactions; 
°Identifying and testing journal entries; and
°Walkthrough tests on the key accounting systems and identification.


There are inherent limitations of an audit. There is a risk that we may not detect 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 our Auditors' Report.


Page 7

 
STIBO SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STIBO SYSTEMS LIMITED (CONTINUED)


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 2006Our 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.





Kate Barekati (Senior Statutory Auditor)
  
for and on behalf of
Ecovis Wingrave Yeats LLP
 
Chartered Accountants & Statutory Auditor
  
3rd Floor, Waverley House
7-12 Noel Street
London
W1F 8GQ

2 July 2025
Page 8

 
STIBO SYSTEMS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025

2025
2024
£
£

  

Turnover
 4 
14,540,639
13,629,706

Cost of sales
  
(14,729,378)
(14,007,047)

Gross loss
  
(188,739)
(377,341)

Administrative expenses
  
(7,004,822)
(6,622,786)

Other operating income
 8 
7,609,663
7,420,202

Operating profit
  
416,102
420,075

Interest receivable and similar income
 10 
151,817
129,185

Interest payable and similar expenses
 11 
(6,682)
(2,615)

Profit before tax
  
561,237
546,645

Tax on profit
 12 
(134,301)
(148,326)

Profit for the financial year
  
426,936
398,319

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
STIBO SYSTEMS LIMITED
REGISTERED NUMBER: 01488155

BALANCE SHEET
AS AT 30 APRIL 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 13 
35,444
54,142

  
35,444
54,142

Current assets
  

Stocks
 14 
21,121
20,250

Debtors: amounts falling due within one year
 15 
3,600,451
8,571,694

Cash at bank and in hand
  
4,477,475
-

  
8,099,047
8,591,944

Creditors: amounts falling due within one year
 16 
(7,261,233)
(8,017,111)

Net current assets
  
 
 
837,814
 
 
574,833

Total assets less current liabilities
  
873,258
628,975

Creditors: amounts falling due after more than one year
 17 
(446,222)
(155,270)

  

Net assets
  
427,036
473,705


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
  
426,936
473,605

  
427,036
473,705


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.




A N Carr
Director

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
STIBO SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2023
100
1,375,286
1,375,386


Comprehensive income for the year

Profit for the year
-
398,319
398,319
Total comprehensive income for the year
-
398,319
398,319



Dividends: Equity capital
-
(1,300,000)
(1,300,000)



At 1 May 2024
100
473,605
473,705


Comprehensive income for the year

Profit for the year
-
426,936
426,936
Total comprehensive income for the year
-
426,936
426,936



Dividends: Equity capital
-
(473,605)
(473,605)


At 30 April 2025
100
426,936
427,036


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

1.


General information

Stibo Systems Limited is a private company limited by shares, incorporated and domiciled in England and Wales, registration number 01488155. The registered office is 7th Floor One Valpy, 20 Valpy Street, Reading, RG1 1AR.
The principal activity of the company is that it is a SaaS company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in applying the
Company's accounting policies (see note 3).

The following principal accounting policies have been applied:
 

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Stibo Systems A/S as at 30 April 2025 and these financial statements may be obtained from Axel Kiers Vej 11, 8270, Højbjerg, Denmark.

Page 12

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The Company has various revenue streams. Revenue generated from subscription licences and the provision of third party software is recognised over the life of the subscription / contract term. The Company is deemed to be acting as an agent when providing third party software services. The revenue from one-off projects and technical support is recognised upon completion of the service. 

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Stocks

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 13

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares. 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet 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 Balance Sheet.
.

Page 15

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of tangible fixed assets.


Page 16

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Sales of services
14,540,639
13,629,706

14,540,639
13,629,706


Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
12,663,387
11,856,405

Europe
1,875,679
1,728,938

Rest of the world
1,573
44,363

14,540,639
13,629,706



5.


Employees

2025
2024
£
£

Wages and salaries
5,059,858
4,990,898

Social security costs
651,174
592,929

Pension costs
248,297
238,223

5,959,329
5,822,050


The average monthly number of employees, including directors, during the year was 43 (2024 - 45).

Page 17

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

6.


Director's remuneration

2025
2024
£
£

Director's emoluments
449,209
452,665

Company contributions to defined contribution pension schemes
24,840
24,000

474,049
476,665


During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £449,209 
(2024 - £452,665).
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £24,840 
(2024 - £24,000).
 

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors in respect of:

Audit services
20,000
16,000

Taxation compliance services
4,450
3,250

All other non-audit services
11,345
11,795


8.


Other operating income

2025
2024
£
£

Other operating income
7,609,663
7,420,202

7,609,663
7,420,202


Page 18

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

9.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
14,634
(64)

Operating lease rentals
79,052
79,052

Depreciation of tangible fixed assets
18,698
18,697


10.


Interest receivable

2025
2024
£
£


Group interest receivable
135,407
66,874

Bank interest receivable
16,410
62,311

151,817
129,185


11.


Interest payable and similar expenses

2025
2024
£
£


Interest payable
6,682
2,615

6,682
2,615

Page 19

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

12.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
217,790
175,148

Adjustments in respect of previous periods
(12,371)
25,991


205,419
201,139


Total current tax
205,419
201,139

Deferred tax


Origination and reversal of timing differences
(71,118)
(52,813)

Total deferred tax
(71,118)
(52,813)


Tax on profit
134,301
148,326

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
561,237
546,645


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
140,309
136,661

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation 
and impairment
4,902
17,750

Fixed asset differences
1,461
1,461

Adjustments to tax charge in respect of prior periods
(12,371)
25,991

Adjustments to tax charge in respect of previous periods - deferred tax
-
(33,537)

Total tax charge for the year
134,301
148,326

Page 20

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 May 2024
90,065



At 30 April 2025

90,065



Depreciation


At 1 May 2024
35,923


Charge for the year on owned assets
18,698



At 30 April 2025

54,621



Net book value



At 30 April 2025
35,444



At 30 April 2024
54,142


14.


Stocks

2025
2024
£
£

Work in progress
21,121
20,250


Page 21

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

15.


Debtors

2025
2024
£
£


Trade debtors
1,579,544
1,788,925

Amounts owed by group companies
1,801,733
6,650,858

Other debtors
56
317

Prepayments and accrued income
87,716
71,310

Deferred taxation
131,402
60,284

3,600,451
8,571,694


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


16.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
42,841
39,887

Amounts owed to group undertakings
1,595,115
1,968,497

Corporation tax
116,540
96,139

Other taxation and social security
393,586
717,592

Other creditors
559
91

Accruals and deferred income
5,112,592
5,194,905

7,261,233
8,017,111


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


17.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Accruals
446,222
155,270

446,222
155,270


Page 22

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

18.


Deferred taxation




2025
2024


£

£






At beginning of year
60,284
7,471


Charged to profit or loss
71,118
52,813



At end of year
131,402
60,284

The deferred tax asset is made up as follows:

2025
2024
£
£


Fixed asset timing differences
1,097
45

Short term timing differences
130,305
60,239

131,402
60,284


19.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



100 (2024 - 100) Ordinary shares of £1.00 each
100
100

The shares have attached to them full voting and dividend rights. 



20.


Pension commitments

The Company operates a defined contribution scheme for its employees. The pension charge represents contributions payable by the Company and amounted to £248,297 (2024 - £238,223). The amount outstanding at the year end was £30,552 (2024 - £28,196).

Page 23

 
STIBO SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025

21.


Commitments under operating leases

At 30 April 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
111,392
111,392

Later than 1 year and not later than 5 years
111,392
222,784

222,784
334,176


22.


Related party transactions

In accordance with FRS 102, section 33 Related Party Disclosures paragraph 33.1A, the company is not required to disclose transactions with other wholly owned subsidiaries.

The total compensation paid to Key Management Personnel for the Company in the year amounted to £678,442 (2024 - £452,665).


23.


Post balance sheet events

In June 2025 dividends of £426,936 were issued.


24.


Controlling party

The immediate parent company is Stibo Systems A/S, a company incorporated in Denmark, by virtue of their 100% shareholding. The results of the company are included within the consolidated financial statements of Stibo Systems A/S, which has a registered office address of Axel Kiers Vej 11, 8270, Højbjerg, Denmark. This is the smallest company in the group, of which the company is a member, which prepares consolidated accounts.
The results of the company are also included within the consolidated financial statements of Stibo Holding A/S, a company incorporated in Denmark, which has a registered office address of Axel Kiers Vej 11, 8270, Højbjerg, Denmark. This is the largest company in the group, of which the company is a member, which prepares consolidated accounts.
The ultimate parent company is Stibo Foundation, Denmark.
There is no deemed ultimate controlling party. 

 
Page 24