Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-05-312024-05-312024-12-31falsefalse1122024-01-01No description of principal activity106falsefalse 10884951 2024-01-01 2024-12-31 10884951 2022-10-01 2023-12-31 10884951 2024-12-31 10884951 2023-12-31 10884951 2022-10-01 10884951 3 2024-01-01 2024-12-31 10884951 3 2022-10-01 2023-12-31 10884951 5 2024-01-01 2024-12-31 10884951 5 2022-10-01 2023-12-31 10884951 6 2024-01-01 2024-12-31 10884951 6 2022-10-01 2023-12-31 10884951 d:Exceptional 2024-01-01 2024-12-31 10884951 d:Exceptional 2022-10-01 2023-12-31 10884951 e:CompanySecretary1 2024-01-01 2024-12-31 10884951 e:Director1 2024-01-01 2024-12-31 10884951 e:Director2 2024-01-01 2024-12-31 10884951 e:Director2 2024-12-31 10884951 e:Director3 2024-01-01 2024-12-31 10884951 e:Director4 2024-01-01 2024-12-31 10884951 e:Director5 2024-01-01 2024-12-31 10884951 e:Director6 2024-01-01 2024-12-31 10884951 e:Director7 2024-01-01 2024-12-31 10884951 e:Director8 2024-01-01 2024-12-31 10884951 e:Director8 2024-12-31 10884951 e:RegisteredOffice 2024-01-01 2024-12-31 10884951 d:OfficeEquipment 2024-01-01 2024-12-31 10884951 d:OfficeEquipment 2024-12-31 10884951 d:OfficeEquipment 2023-12-31 10884951 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10884951 d:ComputerEquipment 2024-01-01 2024-12-31 10884951 d:ComputerEquipment 2024-12-31 10884951 d:ComputerEquipment 2023-12-31 10884951 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10884951 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 10884951 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 10884951 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 10884951 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 10884951 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 10884951 d:Goodwill 2024-01-01 2024-12-31 10884951 d:Goodwill 2024-12-31 10884951 d:Goodwill 2023-12-31 10884951 d:CurrentFinancialInstruments 2024-12-31 10884951 d:CurrentFinancialInstruments 2023-12-31 10884951 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 10884951 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10884951 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 10884951 d:ReportableOperatingSegment1 2022-10-01 2023-12-31 10884951 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 10884951 d:ReportableOperatingSegment2 2022-10-01 2023-12-31 10884951 d:ReportableOperatingSegment3 2024-01-01 2024-12-31 10884951 d:ReportableOperatingSegment3 2022-10-01 2023-12-31 10884951 d:ReportableOperatingSegment5 2024-01-01 2024-12-31 10884951 d:ReportableOperatingSegment5 2022-10-01 2023-12-31 10884951 f:UnitedKingdom 2024-01-01 2024-12-31 10884951 f:UnitedKingdom 2022-10-01 2023-12-31 10884951 f:RestWorldOutsideUK 2024-01-01 2024-12-31 10884951 f:RestWorldOutsideUK 2022-10-01 2023-12-31 10884951 d:UKTax 2024-01-01 2024-12-31 10884951 d:UKTax 2022-10-01 2023-12-31 10884951 d:ShareCapital 2024-12-31 10884951 d:ShareCapital 2023-12-31 10884951 d:ShareCapital 2022-10-01 10884951 d:SharePremium 2024-01-01 2024-12-31 10884951 d:SharePremium 2024-12-31 10884951 d:SharePremium 2023-12-31 10884951 d:SharePremium 2022-10-01 10884951 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 10884951 d:RetainedEarningsAccumulatedLosses 2024-12-31 10884951 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-12-31 10884951 d:RetainedEarningsAccumulatedLosses 2023-12-31 10884951 d:RetainedEarningsAccumulatedLosses 2022-10-01 10884951 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 10884951 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 10884951 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-12-31 10884951 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-12-31 10884951 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 10884951 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10884951 e:OrdinaryShareClass1 2024-01-01 2024-12-31 10884951 e:OrdinaryShareClass1 2024-12-31 10884951 e:OrdinaryShareClass1 2023-12-31 10884951 e:OrdinaryShareClass2 2024-01-01 2024-12-31 10884951 e:OrdinaryShareClass2 2024-12-31 10884951 e:OrdinaryShareClass2 2023-12-31 10884951 e:FRS102 2024-01-01 2024-12-31 10884951 e:Audited 2024-01-01 2024-12-31 10884951 e:FullAccounts 2024-01-01 2024-12-31 10884951 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10884951 d:WithinOneYear 2024-12-31 10884951 d:WithinOneYear 2023-12-31 10884951 d:BetweenOneFiveYears 2024-12-31 10884951 d:BetweenOneFiveYears 2023-12-31 10884951 6 2024-01-01 2024-12-31 10884951 d:Goodwill d:OwnedIntangibleAssets 2024-01-01 2024-12-31 10884951 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-01-01 2024-12-31 10884951 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 10884951 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10884951










EMIXA INDUSTRY SOLUTIONS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

COMPANY INFORMATION


Directors
A Blackwell 
K Cook (resigned 31 May 2024)
R Dyer 
L Males 
M Parry 
E Burghoorn 
P Simons 
A Lodge (appointed 8 October 2024)




Company secretary
Oakwood Corporate Secretary Limited



Registered number
10884951



Registered office
Station Point
Old Station Way

Eynsham

Witney

Oxfordshire

OX29 4TL




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Cumnor

Oxford

Oxfordshire

OX2 9PJ





 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 28


 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their Strategic Report in respect of the year ended 31 December 2024. The comparatives are for the 15 months ended 31 December 2023.

Business review
 
The board of Directors consider the FY24 business performance to reflect the various challenges it has faced during the year. While still experiencing the transition from a perpetual software licence model to a software subscription model, the business has seen a decrease in its technical services compared to 2023.

Whilst not quite achieving the aggressive FY24 sales plan, the business revenues grew slightly compared to 2023. However, technical services were not delivered as per the plan and hence this had the biggest detriment on EBITDA.

FY24 led to the awards from Siemens’ of Top EMEA Partner FY24 Lifecycle Collaboration Software, Top EMEA Partner Saas and Net New Business Generation and Top Salesperson UK & Ireland. These are the highest accolades the company and group can achieve, competing against all Siemens PLM partners across Europe. The award recognises outstanding performance for software sales, technical support, customer satisfaction and retention.

The senior management team all remain in place and are committed to continue to drive the business forward, with significant experience shown in all areas of the business.

The business remains committed to ensuring a long term relationship and high performance with its customers, which has shown in its low attrition of customers across its various revenue streams.

Principal risks and uncertainties
 
Brexit risk
As expected, the Group has not been materially impacted by Brexit. The Directors and their European colleagues continue to monitor the situation.
Software Subscriptions
The move from perpetual software license sales to a subscription model still continues to challenge the business short term finance model. However, being two years into this transition, the business is more than confident that it will be able to meet all of its financial commitments in the future.

Technical Services 

A more conservative plan has been put in place for FY25, albeit the directors are still confident of a 20% growth on FY24 in this area.  The acquisition into the group will enable the company to expand its services offerings, along with the development of the company Mendix practice.

Page 1

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The Group considers its key financial performance indicators to be revenue and EBITDA. Revenue has remained strong and for the 12 months to 31 December 2024 amounted to £21,695,916 (15 months to 31 December 2023: £26,459,737). On a pro rata basis (comparing last year's 15 month period pro rated for 12 months with this year's 12 month period), revenue has increased slightly by 0.2% to £21,695,916 (2023: £21,167,790).
EBITDA has decreased for the 12 months to 31 December 2024 and amounted to £1,445,407 (15 months to 31 December 2023: £3,668,075). On a pro rata basis (comparing last year's 12 month period pro rated for 12 months with this year's 12 month period), EBITDA has decreased by 51% to £1,445,407 (2023: £2,934,460).  The main reason behind this decrease in EBITDA was due to the decrease in services revenues for 2024. 
The company and group remain in a strong financial position which reflects the commitment of the Directors to expand the services of the Group through existing customer relationships together with new opportunities arising from its new parent and its fellow subsidiaries in Europe.

Non-financial key performance indicators
 
The Company does not have any non-financial key performance indicators.


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





M Parry
Director

Date: 8 July 2025

Page 2

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended ended 31 December 2024.

Directors

The Directors who served during the year ended were:

A Blackwell 
K Cook (resigned 31 May 2024)
R Dyer 
L Males 
M Parry 
E Burghoorn 
P Simons 
A Lodge (appointed 8 October 2024)

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year ended, after taxation, amounted to £422,713 (2023 - £2,067,976).

The Company paid no dividends during the year (2023: £Nil)

Future developments

The aim of the Company is to expand its customer base and continue to develop long term relationships with existing customers.

Page 3

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director 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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





M Parry
Director

Date: 8 July 2025

Page 4

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMIXA INDUSTRY SOLUTIONS LIMITED
 

Opinion


We have audited the financial statements of Emixa Industry Solutions Limited (the 'Company') for the year ended ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, 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 31 December 2024 and of its profit for the year ended 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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are 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.


Page 5

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMIXA INDUSTRY SOLUTIONS LIMITED (CONTINUED)


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 Directors' report for the financial year ended 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 Strategic report or the Directors' 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 Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the 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.


Page 6

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMIXA INDUSTRY SOLUTIONS 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.


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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.



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

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMIXA INDUSTRY SOLUTIONS 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.





James Pitt BA BFP FCA (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Cumnor
Oxford
Oxfordshire
OX2 9PJ

15 July 2025
Page 8

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

Year ended 31 December 2024
15 months ended 31 December 2023
Note
£
£

  

Turnover
 4 
21,695,916
26,459,737

Cost of sales
  
(9,943,851)
(11,288,808)

Gross profit
  
11,752,065
15,170,929

Administrative expenses
  
(10,306,658)
(11,502,854)

Depreciation and amortisation
  
(658,164)
(805,024)

Operating profit
 6 
787,243
2,863,051

Interest payable and similar expenses
 10 
(3,176)
-

Profit before tax
  
784,067
2,863,051

Tax on profit
 11 
(361,354)
(795,075)

Profit for the financial year ended
  
422,713
2,067,976

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
EMIXA INDUSTRY SOLUTIONS LIMITED
REGISTERED NUMBER: 10884951

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
2,310,303
2,891,667

Tangible assets
 13 
123,434
130,849

  
2,433,737
3,022,516

Current assets
  

Debtors: amounts falling due within one year
 14 
15,410,463
13,376,152

Cash at bank and in hand
 15 
1,812,500
1,253,327

  
17,222,963
14,629,479

Creditors: amounts falling due within one year
 16 
(14,974,255)
(13,392,263)

Net current assets
  
 
 
2,248,708
 
 
1,237,216

Total assets less current liabilities
  
4,682,445
4,259,732

Provisions for liabilities
  

Deferred tax
 18 
(47,000)
(47,000)

  
 
 
(47,000)
 
 
(47,000)

Net assets
  
4,635,445
4,212,732


Capital and reserves
  

Called up share capital 
 19 
2
2

Share premium account
 20 
434,727
434,727

Profit and loss account
 20 
4,200,716
3,778,003

  
4,635,445
4,212,732


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Parry
Director

Date: 8 July 2025

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
2
434,727
3,778,003
4,212,732



Profit for the year ended
-
-
422,713
422,713


At 31 December 2024
2
434,727
4,200,716
4,635,445



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
2
434,727
1,710,027
2,144,756



Profit for the period
-
-
2,067,976
2,067,976


At 31 December 2023
2
434,727
3,778,003
4,212,732


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year ended
422,713
2,067,976

Adjustments for:

Amortisation of intangible assets
581,364
726,705

Depreciation of tangible assets
76,801
78,319

Interest paid
3,176
-

Taxation charge
361,354
795,075

(Increase) in debtors
(1,279,052)
(2,648,313)

Increase in creditors
1,695,378
2,255,617

Corporation tax (paid)
(629,999)
(846,743)

Net cash generated from operating activities

1,231,735
2,428,636


Cash flows from investing activities

Purchase of intangible fixed assets
(69,386)
(119,194)

Net cash from investing activities

(69,386)
(119,194)

Cash flows from financing activities

Other new loans
(600,000)
(2,550,000)

Interest paid
(3,176)
-

Net cash used in financing activities
(603,176)
(2,550,000)

Net increase/(decrease) in cash and cash equivalents
559,173
(240,558)

Cash and cash equivalents at beginning of year ended
1,253,327
1,493,885

Cash and cash equivalents at the end of year ended
1,812,500
1,253,327


Cash and cash equivalents at the end of year ended comprise:

Cash at bank and in hand
1,812,500
1,253,327

1,812,500
1,253,327


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,253,327

559,173

1,812,500

Debt due within 1 year

(4,456)

(534)

(4,990)


1,248,871
558,639
1,807,510

The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

1.


General information

Emixa Industry Solutions Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is Station Point, Old Station Way, Eynsham, Witney, OX29 4TL. 
The principal activity of the Company is that of engineering software sales and engineering consultancy for designers. 

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

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.

Page 14

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 October 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

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 15

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Current and deferred taxation

The tax expense for the year ended 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.


Page 16

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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
-
33%
reducing balance
Computer equipment
-
25%
straight line

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

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. 

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgements that affect the amounts reported in the financial statements. Actual results could differ from these estimations which may be material to the financial statements. The key judgements include:
Goodwill
Management recognise goodwill for the consideration paid in excess of the fair value of net assets acquired under the purchase method. Management review the useful economic life of goodwill based on past trading experience of subsidiaries acquired and expected future discounted cash flows. The estimate of the useful economic life of goodwill has a material impact to the financial statements.


4.


Turnover

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


Year ended 31 December 2024
15 months ended 31 December 2023
£
£

Software licences
8,334,214
5,768,177

Maintenance
7,777,879
12,555,786

Technical services and training
5,583,823
8,115,191

Other sales
-
20,583

21,695,916
26,459,737


Analysis of turnover by country of destination:

Year ended 31 December 2024
15 months ended 31 December 2023
£
£

United Kingdom
20,602,956
25,592,177

Rest of the world
1,092,960
867,560

21,695,916
26,459,737


Page 19

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

5.

EBITDA

This note reports results in addition to those required under Financial Reporting Standard 102. The Company’s key financial performance indicator is EBITDA representing profit for the year adjusted for tax expenses, interest paid, interest received, depreciation and amortisation.

2024
2023
        £
        £
Profit for the period

422,713

2,067,976
 
Taxation

361,354

795,075
 
Interest payable

3,176

-
 
Depreciation

76,801

78,319
 
Amortisation

581,363

726,705
 

1,445,407

3,668,075
 


6.


Operating profit

The operating profit is stated after charging:

Year ended 31 December 2024
15 months ended 31 December 2023
£
£

Depreciation
76,801
78,319

Amortisation
581,363
726,705

Exchange differences
24,628
23,481


7.


Auditors' remuneration

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


Year ended 31 December 2024
15 months ended 31 December 2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
40,500
32,700

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

Taxation compliance services
4,900
4,700

All other services
-
5,800

Page 20

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Year ended 31 December 2024
15 months ended 31 December 2023
£
£

Wages and salaries
7,111,510
7,903,560

Social security costs
786,054
904,388

Cost of defined contribution scheme
169,600
194,324

8,067,164
9,002,272


The average monthly number of employees, including the Directors, during the year ended was as follows:


        2024
        2023
            No.
            No.







Employees
112
106


9.


Directors' remuneration

2024
2023
£
£

Directors salaries
605,616
835,446

Company contributions to defined contribution pension schemes
79,622
61,042

685,238
896,488


During the year ended retirement benefits were accruing to 6 Directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £210,011 (2023 - £253,914).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £17,061 (2023 - £13,738).

Page 21

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

Year ended 31 December 2024
15 months ended 31 December 2023
£
£


Bank interest payable
3,176
-

3,176
-


11.


Taxation


Year ended 31 December 2024
15 months ended 31 December 2023
£
£

Corporation tax


Current tax on profits for the year
361,354
799,864

Adjustments in respect of previous periods
-
(11,339)


361,354
788,525


Total current tax
361,354
788,525

Deferred tax


Fixed asset timing differences
-
6,550

Total deferred tax
-
6,550


Tax on profit
361,354
795,075
Page 22

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year ended/period

The tax assessed for the year ended is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.61%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
784,067
2,863,051


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.61%)
196,017
647,350

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
27,276
2

Capital allowances for year ended/period in excess of depreciation
140,349
157,566

Adjustments to tax charge in respect of prior periods
(978)
(11,339)

Movement in deferred tax not recognised
(1,310)
991

Tax credits
-
(26)

Remeasurement of deferred tax for changes in tax rates
-
531

Total tax charge for the year ended/period
361,354
795,075

Page 23

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

12.


Intangible assets




Patents
Development expenditure
Goodwill
Total

£
£
£
£



Cost


At 1 January 2024
70,051
199,671
5,328,054
5,597,776



At 31 December 2024

70,051
199,671
5,328,054
5,597,776



Amortisation


At 1 January 2024
70,050
114,585
2,521,474
2,706,109


Charge for the year ended on owned assets
1
19,967
561,396
581,364



At 31 December 2024

70,051
134,552
3,082,870
3,287,473



Net book value



At 31 December 2024
-
65,119
2,245,184
2,310,303



At 31 December 2023
1
85,086
2,806,580
2,891,667



Page 24

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
13,769
409,853
423,622


Additions
-
69,386
69,386



At 31 December 2024

13,769
479,239
493,008



Depreciation


At 1 January 2024
11,580
281,193
292,773


Charge for the year ended on owned assets
722
76,079
76,801



At 31 December 2024

12,302
357,272
369,574



Net book value



At 31 December 2024
1,467
121,967
123,434



At 31 December 2023
2,189
128,660
130,849


14.


Debtors

2024
2023
£
£


Trade debtors
6,273,202
5,675,732

Amounts owed by group undertakings
2,884,263
2,550,000

Other debtors
173,194
10,340

Prepayments and accrued income
6,079,804
5,140,080

15,410,463
13,376,152


Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,812,500
1,253,327


Page 25

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,421,261
709,323

Amounts owed to group undertakings
35,250
28,310

Corporation tax
-
113,386

Other taxation and social security
1,076,936
1,017,119

Other creditors
6,941
66,307

Accruals and deferred income
12,433,867
11,457,818

14,974,255
13,392,263


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand. 


17.


Financial instruments

2024
2023
£
£

Financial assets


Cash at bank
1,812,500
1,253,327

Financial assets that are debt instruments measured at amortised cost
9,330,659
8,236,072

11,143,159
9,489,399


Financial liabilities


Financial liabilities measured at amortised cost
(3,789,814)
(4,459,225)


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amount owed by group undertakings, and other debtors. 
Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accruals. 

Page 26

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

18.


Deferred taxation




2024


£






At beginning of year
(47,000)



At end of year
(47,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(47,000)
(47,000)

(47,000)
(47,000)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



66,000 (2023 - 66,000) Ordinary shares of £0.00002 each
1.32
1.32
22,000 (2023 - 22,000) A Ordinary shares of £0.00002 each
0.44
0.44

1.76

1.76

Ordinary shares entitle the holder to one vote per share and have full dividend and distribution rights. Ordinary shares rank behind A Ordinary shares for their preferential return of capital and long term dividend. 
A Ordinary shares entitle the holder to one vote per share subject to certain conditions and entitle the holder to full participation rights. 



20.


Reserves

Share premium account

The share premium reserve includes amounts received in excess of the nominal value of shares. 

Profit and loss account

The profit and loss account includes all current and prior period profits and losses. 

Page 27

 
EMIXA INDUSTRY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ENDED 31 DECEMBER 2024

21.


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 £169,600 (2023: £194,324). Contributions totalling £4,990 (2023: £4,456) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
59,465
101,941

Later than 1 year and not later than 5 years
-
59,465

59,465
161,406


23.


Related party transactions

The Company has taken advantage of Section 33.1A of FRS102 not to disclose information on transactions entered into between 100% owned group companies. 


24.


Controlling party

The Directors do not consider there to be one ultimate controlling party. 

Page 28