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Registered number: 10260641









SIGNIFY TECHNOLOGY GROUP LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
COMPANY INFORMATION


Directors
R Adams 
J Gosden 




Registered number
10260641



Registered office
3 Moorgate Place
First Floor

London

England

EC2R 6EA




Independent auditors
Dyke Yaxley Limited
Chartered Accountants & Statutory Auditors

 1 Brassey Road

Old Potts Way

Shrewbury

Shropshire

SY3 7FA





 
SIGNIFY TECHNOLOGY GROUP LTD
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10 - 11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 31


 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Business review
 
Signify Technology Group Ltd is a recruitment specialist operating in the information technology market across the EU and US, employing over 40 people in London, Los Angeles and Austin. Signify Technology specialises in Contract and Permanent recruitment agency activities providing exceptional talent in emerging technologies across Leadership, Software Engineering, Data/Artificial intelligence and Cloud. Being a minority-owned business certified by MSDUK, Signify's mission is to diversify and evolve the tech space by supporting clients in their DEI journeys. In 2024 Signify was awarded some significant industry awards, notably; Best Recruitment Company to Work For (£5m - £50m) - Tiara Recruitment Awards, #49 Recruiter Hot 100 Companies, Best Places to Work - The Sunday Times and Highly Commended - Business Services Team of the Year – Tiara Recruitment Awards.
Since our incorporation in 2016, our commitment to quality and excellence has driven our growth. Despite the challenges posed by the Covid year and the tough market conditions of 2023, we have successfully increased both revenues and headcount over the 9-year period. Our strategic efforts to resource the business effectively and enhance employee retention have ensured that we retain the top talent and have returned to profitability in 2024.
As a minority-owned business, we are deeply committed to improving DE&I representation through careful and strategic recruitment practices. Our dedication to diversity, equity, and inclusion is reflected not only in our internal policies but also in the services we provide to our clients. With our innovative strategies, dedicated workforce, and unwavering commitment to excellence, we are well positioned to navigate future challenges and capitalize on new opportunities. Our solid financial performance, specialised expertise, and strong client relationships ensure that we will continue to thrive, grow and remain a going concern, making a positive impact in the recruitment industry and beyond.
The Group continued to face difficult trading conditions in 2024 against the backdrop of a tough global economy and slow-moving recruitment sector. Despite this Signify Technology grew their Contract recruitment service Gross Margin by 20% from prior year to £7.4m. Overall, revenue increased by 32% from prior year to £34m and Gross Margin increased by 8% to £9.2m despite permanent recruitment reducing by 24% on prior year to £1.8m due to the underperformance in permanent recruitment. 
Signify Technology undertook a restructuring exercise at the end of 2023, reducing global headcount to reduce overheads and position itself for a more efficient 2024. As such administrative expenses were reduced by 14% to £8m. The overall results for the Group show operating profit of £1.27m (2023: loss of £797k).
Strategy
Signify Technology's vision is to be recognised as the world's most diverse staffing partner in the technology industry, positively celebrated for the transformative influence that we bring to the lives and communities we serve.
To realise our strategic objectives, we have a multifaceted approach to drive sustained growth and competitive advantage. Central to our product strategy is to maintain a 70/30 split in Contract to Permanent placements whilst growing revenue and maintaining high margins which will give long term stability. We are committed to extending our geographical reach, particularly in the US, targeting high-potential regions to capture new market share and foster global brand recognition. We aim to expand and diversify our markets by entering new industry segments and broadening our product portfolio to mitigate risks and seize untapped opportunities whilst remaining specialised and championing diversity. Talent attraction and retention are pivotal to our success; therefore, we will invest in comprehensive development programs and cultivate an inclusive, dynamic workplace culture to attract top talent and maintain high employee engagement and productivity.
Page 1

 
SIGNIFY TECHNOLOGY GROUP LTD
 

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


Principal risks and uncertainties
 
The business is exposed to market risk, and through its funding requirements, to interest and currency risks. These are being evaluated on a continuous basis.
Whilst the political situation in the world remains turbulent, and the effects of global conflicts and US tariffs continue to weaken the worldwide economy, there will inevitably be exposure to risk. However, the company has taken several strategic measures in recent years to ensure continued successful trading. These include diversifying our client base across the EU and US, strengthening our contractor and supplier relationships to protect against disruption, and maintaining a conservative cash management policy to preserve liquidity. We also use robust financial forecasting tools and regularly review our cost base to remain agile in response to market changes. Combined with a strong net asset position, the Group is well placed to navigate the ongoing uncertainty and anticipates continued growth in 2025.
The Directors will continue to monitor the economic environment and implement appropriate measures to deal with any risks.

Financial key performance indicators

The board monitors the progress of the Group with regard to a number of KPI’s, a selection of these are detailed
below:

2024
2023
      £'000
      £'000
Contract NFI

23,294

32,197

Permanent NFI

1,811

2,383

Adjusted EBITDA

1,354

(455)

Debtor days

58

30

Average Headcount

49

61


Signify Technology is in a robust financial position, supported by consistent revenue and profit growth since incorporation in 2016. In 2024 we continued to maintain healthy cash reserves through continued profit generation, robust contracts terms and efficient debt collection, ensuring a solid financial cushion to support our operations and growth initiatives.
In November 2024 our EU Invoice Finance Facility lender ABN Amro withdrew from Asset based lending in the UK market. This has enabled us to re-partner with a new lender Bank Leumi on improved terms which will cover the entire Group under a £5.5m facility. 
Due to the positive cash position generated through several years of strong trading performance, the Group was in the position to be able to offer an interest only 3-year loan to the CEO Ryan Adams in December 2023. The outstanding balance at December 2024 was £1.07m. The group's CBIL loan from Natwest continues to be repaid as per the agreement with the outstanding balance at December 2024 being £109k (2023: £162k).
 
This report was approved by the board on 15 July 2025 and signed on its behalf.


................................................
J Gosden
Director

Page 2

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity
The principal activity of the group in the year under review continued to be that of providing innovative technology recruitment services.

Results and dividends
The profit for the year, after taxation, amounted to £951,529 (2023 - loss £912,417).

No dividends were paid during the year.

Directors

The directors who served during the year were:

R Adams 
J Gosden 

Matters covered in the Group Strategic Report
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review, future developments and details of the principal risks and uncertainties.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
 In preparing these financial statements, the directors are required to:
- select suitable accounting policies for the Group's financial statements and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR 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 and the Group'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 and the Group's auditors are aware of that information.

Auditors

The auditorsDyke Yaxley Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 15 July 2025 and signed on its behalf.
 





J Gosden
Director

Page 4

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIGNIFY TECHNOLOGY GROUP LTD
 

Opinion


We have audited the financial statements of Signify Technology Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIGNIFY TECHNOLOGY GROUP LTD (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 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.


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 Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIGNIFY TECHNOLOGY GROUP LTD (CONTINUED)


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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. 
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, employment law, client and contractor contracts, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and a review of legal costs. As in all our audits, we also addressed the risk of management override of controls, including testing journals and evaluating whether there was an evidence of bias by the directors that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 
We did not identify any audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether
there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIGNIFY TECHNOLOGY GROUP LTD (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.





Elwyn Turner FCA (Senior Statutory Auditor)
  
for and on behalf of
Dyke Yaxley Limited
 
Chartered Accountants
Statutory Auditors
  
1 Brassey Road
Old Potts Way
Shrewbury
Shropshire
SY3 7FA

15 July 2025
Page 8

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
34,008,442
25,676,850

Cost of sales
  
(24,745,929)
(17,135,969)

Gross profit
  
9,262,513
8,540,881

Administrative expenses
  
(7,994,355)
(9,337,710)

Operating profit/(loss)
 5 
1,268,158
(796,829)

Interest receivable and similar income
  
55,156
339

Interest payable and similar expenses
 9 
(22,032)
(15,216)

Profit/(loss) before taxation
  
1,301,282
(811,706)

Tax on profit/(loss)
 10 
(349,753)
(100,711)

Profit/(loss) for the financial year
  
951,529
(912,417)

  

Other comprehensive income 1
  
41,008
(163,850)

Other comprehensive income for the year
  
41,008
(163,850)

Total comprehensive income for the year
  
992,537
(1,076,267)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
951,529
(912,417)

  
951,529
(912,417)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
992,537
(1,076,267)

  
992,537
(1,076,267)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 31 form part of these financial statements.

Page 9

 
SIGNIFY TECHNOLOGY GROUP LTD
REGISTERED NUMBER: 10260641

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
104,711
177,554

  
104,711
177,554

Current assets
  

Debtors
 15 
9,910,547
6,826,779

Cash at bank and in hand
  
815,736
1,558,747

  
10,726,283
8,385,526

Creditors: amounts falling due within one year
 17 
(5,491,598)
(4,155,620)

Net current assets
  
 
 
5,234,685
 
 
4,229,906

Total assets less current liabilities
  
5,339,396
4,407,460

Creditors: amounts falling due after more than one year
 18 
(55,734)
(112,490)

Provisions for liabilities
  

Deferred taxation
 20 
(9,259)
(13,104)

  
 
 
(9,259)
 
 
(13,104)

Net assets
  
5,274,403
4,281,866


Capital and reserves
  

Called up share capital 
 21 
100
100

Foreign exchange reserve
 22 
115,704
74,696

Profit and loss account
 22 
5,158,599
4,207,070

Equity attributable to owners of the parent Company
  
5,274,403
4,281,866

  
5,274,403
4,281,866


These financial satements have been prepared in accordance with the provisions relating to medium-sized groups. 
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2025.

................................................
J Gosden
Director

The notes on pages 17 to 31 form part of these financial statements.
Page 10

 
SIGNIFY TECHNOLOGY GROUP LTD
REGISTERED NUMBER: 10260641
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024


Page 11

 
SIGNIFY TECHNOLOGY GROUP LTD
REGISTERED NUMBER: 10260641

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
39,894
65,143

Investments
 14 
782
782

  
40,676
65,925

Current assets
  

Debtors
 15 
6,075,775
3,221,053

Cash at bank and in hand
  
469,728
1,284,126

  
6,545,503
4,505,179

Creditors: amounts falling due within one year
 17 
(3,855,612)
(2,818,036)

Net current assets
  
 
 
2,689,891
 
 
1,687,143

Total assets less current liabilities
  
2,730,567
1,753,068

  

Creditors: amounts falling due after more than one year
 18 
(55,734)
(112,490)

Provisions for liabilities
  

Deferred taxation
 20 
(9,259)
(13,104)

  
 
 
(9,259)
 
 
(13,104)

Net assets
  
2,665,574
1,627,474


Capital and reserves
  

Called up share capital 
 21 
100
100

Retained earnings
  
2,665,474
1,627,374

  
2,665,574
1,627,474


These financial satements have been prepared in accordance with the provisions relating to medium-sized entities. 
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2025.

................................................
J Gosden
Director

The notes on pages 17 to 31 form part of these financial statements.

Page 12

 
SIGNIFY TECHNOLOGY GROUP LTD
 

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


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 January 2024
100
74,696
4,207,070
4,281,866
4,281,866


Comprehensive income for the year

Profit for the year
-
-
951,529
951,529
951,529

Translation differences
-
41,008
-
41,008
41,008
Total comprehensive income for the year
-
41,008
951,529
992,537
992,537


At 31 December 2024
100
115,704
5,158,599
5,274,403
5,274,403


The notes on pages 17 to 31 form part of these financial statements.


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


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 January 2023
100
238,546
5,119,487
5,358,133
5,358,133


Comprehensive income for the year

Loss for the year
-
-
(912,417)
(912,417)
(912,417)

Translation differences
-
(163,850)
-
(163,850)
(163,850)
Total comprehensive income for the year
-
(163,850)
(912,417)
(1,076,267)
(1,076,267)


At 31 December 2023
100
74,696
4,207,070
4,281,866
4,281,866


The notes on pages 17 to 31 form part of these financial statements.

Page 13

 
SIGNIFY TECHNOLOGY GROUP LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
100
1,627,374
1,627,474


Comprehensive income for the year

Profit for the year
-
1,038,100
1,038,100
Total comprehensive income for the year
-
1,038,100
1,038,100


At 31 December 2024
100
2,665,474
2,665,574


The notes on pages 17 to 31 form part of these financial statements.


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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
1,697,218
1,697,318


Comprehensive income for the year

Loss for the year
-
(69,844)
(69,844)
Total comprehensive income for the year
-
(69,844)
(69,844)


At 31 December 2023
100
1,627,374
1,627,474


The notes on pages 17 to 31 form part of these financial statements.

Page 14

 
SIGNIFY TECHNOLOGY GROUP LTD
 

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

2024
2023
£
£

Cash flows from operating activities

Operating profit/(loss) for the financial year
1,268,158
(796,829)

Adjustments for:

Depreciation of tangible assets
75,786
76,978

Loss on disposal of tangible assets
10,421
3,736

(Increase)/decrease in debtors
(3,959,280)
1,221,574

Increase in creditors
2,058,207
487,524

Unrealised exchange differences
36,263
(101,890)

Corporation tax (paid)
(54,230)
(319,250)

Interest Payable And Similar Expenses
(22,032)
(15,216)

Net cash generated from operating activities

(586,707)
556,627


Cash flows from investing activities

Purchase of tangible fixed assets
(13,364)
(19,884)

Interest received
55,156
339

Net cash from investing activities

41,792
(19,545)

Cash flows from financing activities

Repayment of loans
(53,380)
(58,894)

Amounts introduced by directors
-
101,323

Amount withdrawn by directors
(149,459)
(989,564)

Net cash used in financing activities
(202,839)
(947,135)

Net (decrease) in cash and cash equivalents
(747,754)
(410,053)

Cash and cash equivalents at beginning of year
1,558,747
2,030,760

Foreign exchange gains and losses
4,743
(61,960)

Cash and cash equivalents at the end of year
815,736
1,558,747


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
815,736
1,558,747

815,736
1,558,747


The notes on pages 17 to 31 form part of these financial statements.

Page 15

 
SIGNIFY TECHNOLOGY GROUP LTD
 

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




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,558,747

(743,011)

815,736

Debt due after 1 year

(112,490)

56,756

(55,734)

Debt due within 1 year

(50,000)

(3,376)

(53,376)


1,396,257
(689,631)
706,626

The notes on pages 17 to 31 form part of these financial statements.

Page 16

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

SIGNIFY TECHNOLOGY GROUP LTD is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page. 
The Group consists of Signify Technology Group Ltd and its subsidiary undertaking Signify Technology Group Inc.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements incorporate the results of Signify Technology Group Limited and its subsidiary undertaking as at 31 December 2024 using the merger method of accounting. Intra-group sales and profits are eliminated fully on consolidation. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

  
2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover arising from he placement of permanent candidates is recognised when the company has fulfilled its contractual obligations in accordance with the underlying contracts. Depending on the terms and conditions agreed with the hiring client, this is either on the start date of a candidate's employment, or when a candidate accepts an offer of employment and a start date has been determined. Where revenue is recognised on acceptance, the directors consider the likelihood of withdrawal and make a provision accordingly.
Turnover arising from temporary placements is recognised over the period that temporary staff are provided. Provision is made for the expected cost of meeting obligations where temporary workers have submitted approved timesheets for the specified contractual period.
 

Page 17

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
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, on a straight line basis.
Depreciation is provided on the following basis:
Short-term leasehold property - Over the lease term
 Plant and Machinery - Over 5 years
Fixtures and fittings - Over 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.6

 Financial instruments

The Group 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.

Page 18

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.7

Current and deferred taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

  
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.

  
2.9

Foreign currencies

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.
On consolidation, the results of overseas operations are translated into sterling using an average rate for the year. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income

Page 19

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.10

Operating leases: the group 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.

  
2.11

Pension costs

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

  
2.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

  
2.13

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.

  
2.14

Invoice discounting

Amounts due in respect to invoice discounting are shown as a short term liabilities. The company can use the facility to draw down 90% of the value of sales invoices excluding VAT.

Page 20

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.15

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions which affect the application of policies and reported amounts of assets, liabilities, income and expenses. Those estimates which could have a material impact on the financial statements are as follows:
Judgements:
There were no significant judgements made requiring disclosure.
Estimates:
a) Share option valuation
Consideration has been made regarding the valuation of share options that have been issued historically and during the year. The Directors consider the financial impact to be immaterial in the preparation of the financial statements and therefore no associated expense has been recognised within these financial statements.
b) Bad debt provision
Management estimate the recoverability of trade debtors, including a provision on those which are deemed unlikely to be recovered. When assessing the requirement for such a provision, management consider factors including the current credit rating of the customer, the ageing profile of the debt and previous experience.
c) Clawback provision
Management have reviewed the exposure of potential clawbacks from customers for which the permanent placements have been unsuccessful. Upon review the provision was considered to be immaterial and therefore omitted from the financial statements.

Page 21

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The turnover and loss (2023 - loss) before taxation are attributable to the one principal activity of the group. 


2024
2023
£
£



Contract sales
32,197,160
23,293,592

Permanent sales
1,811,282
2,383,258

34,008,442
25,676,850

An analysis of turnover by geographical market is given below: 

2024
2023
£
£



United Kingdom & Europe
19,813,478
14,953,648

United States of America
14,194,964
10,723,202

34,008,442
25,676,850


5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Loss on disposal of fixed assets
437
3,736

Exchange differences
23,666
34,462

Other operating lease rentals
639,793
885,631

Depreciation - owned assets
75,786
76,978


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
17,400
20,000

Page 22

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

2024
2023
£
£



Wages and salaries
4,701,840
5,834,134

Staff national insurance
463,934
270,620

 
Staff pension costs - defined contribution schemes
115,015
151,584

5,280,789
6,256,338

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


2024
2023
£
£



Sales
39
46

Admin
10
15

49
61


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
732,782
1,022,702

732,782
1,022,702


The highest paid director received remuneration of £557,282 (2023 - £842,602).


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
21,971
14,184

Bank interest payable
-
992

Other interest payable
61
40

22,032
15,216

Page 23

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
353,597
101,579


353,597
101,579


Total current tax
353,597
101,579

Deferred tax


Origination and reversal of timing differences
(3,844)
(868)

Total deferred tax
(3,844)
(868)


349,753
100,711

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,301,282
(811,706)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
325,321
(202,927)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
502
59,442

Capital allowances for year in excess of depreciation
18,970
2,314

Foreign tax on subsidiaries
-
47,419

Deferred tax - accelerated capital allowances
(3,844)
(868)

Non-taxable income
(2,556)
-

Unrelieved loss on foreign subsidiaries
11,360
198,789

Change in tax rates
-
(3,458)

Total tax charge for the year
349,753
100,711

Page 24

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Exceptional items

The exceptional costs incurred in the prior year were in relation to legal, financial and commercial consulting fees.


12.


Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. 


13.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
29,654
95,074
193,879
318,607


Additions
2,397
10,967
-
13,364


Disposals
-
(14,159)
-
(14,159)



At 31 December 2024

32,051
91,882
193,879
317,812



Depreciation


At 1 January 2024
16,927
39,219
84,907
141,053


Charge for the year on owned assets
10,068
19,584
46,134
75,786


Disposals
-
(3,738)
-
(3,738)



At 31 December 2024

26,995
55,065
131,041
213,101



Net book value



At 31 December 2024
5,056
36,817
62,838
104,711



At 31 December 2023
12,727
55,855
108,972
177,554

Page 25

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)


Company






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£

Cost or valuation


At 1 January 2024
29,654
59,483
21,468
110,605


Additions
-
10,328
-
10,328


Disposals
-
(14,159)
-
(14,159)



At 31 December 2024

29,654
55,652
21,468
106,774



Depreciation


At 1 January 2024
16,927
22,914
5,621
45,462


Charge for the year on owned assets
9,870
10,992
4,294
25,156


Disposals
-
(3,738)
-
(3,738)



At 31 December 2024

26,797
30,168
9,915
66,880



Net book value



At 31 December 2024
2,857
25,484
11,553
39,894



At 31 December 2023
12,727
36,569
15,847
65,143






Page 26

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
782



At 31 December 2024
782





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Signify Technology Group Inc
2834 Colorado Ave, Suite 305, Santa Monica, CA 90404
Technology Recruitment Services
Ordinary
100%


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
1,139,023
989,564
-
-

1,139,023
989,564
-
-

Due within one year

Factored debts
5,444,066
2,085,654
3,135,916
483,434

Amounts owed by group undertakings
-
-
742,688
-

Other debtors
517,682
1,378,252
372,779
1,279,823

Prepayments and accrued income
2,809,776
2,373,309
1,824,392
1,457,796

9,910,547
6,826,779
6,075,775
3,221,053


Page 27

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
815,736
1,558,747
469,728
1,284,126

815,736
1,558,747
469,728
1,284,126



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
53,376
50,000
53,376
50,000

Trade creditors
1,460,218
1,464,229
1,223,489
1,215,006

Amounts owed to group undertakings
-
-
-
76,389

Corporation tax
353,597
54,230
353,597
54,230

Other taxation and social security
96,785
120,678
96,785
120,678

Amounts owed under invoice discounting facility
1,483,861
377,140
989,510
-

Other creditors
2,043,761
2,089,343
1,138,855
1,301,733

5,491,598
4,155,620
3,855,612
2,818,036


The Group's discounting facility is secured on the group's trade debtors.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
55,734
112,490
55,734
112,490

55,734
112,490
55,734
112,490




Page 28

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
53,376
50,000
53,376
50,000


53,376
50,000
53,376
50,000


Amounts falling due 2-5 years

Bank loans
55,734
112,490
55,734
112,490


55,734
112,490
55,734
112,490


109,110
162,490
109,110
162,490



20.


Deferred taxation


Group



2024


£






At beginning of year
(13,104)


Charged to profit or loss
3,845



At end of year
(9,259)

Page 29

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
20.Deferred taxation (continued)

Company


2024


£






At beginning of year
(13,104)


Charged to profit or loss
3,845



At end of year
(9,259)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(9,259)
(13,104)
(9,259)
(13,104)

(9,259)
(13,104)
(9,259)
(13,104)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £0.01 each
100.00
100.00

Each ordinary share carries voting rights and there are no restrictions on distributions of dividends. 



22.


Reserves

Foreign exchange reserve

This reserve records unrecognised foreign exchange gains and losses on consolidation.

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 30

 
SIGNIFY TECHNOLOGY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £115,015 (2023 - £151,584). Contributions totalling £18,503 (2023 - £24,917) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
675,642
734,137
81,572
289,070

Later than 1 year and not later than 5 years
1,047,486
1,612,616
-
698,585

1,723,128
2,346,753
81,572
987,655


25.


Transactions with directors

During the prior year, Signify Technology Group Inc made a loan to the director Ryan Adams in the sum of £989,564 ($1.26m), the loan is repayable over 3 years and carries an interest rate of 5.3 % p.a. During the year, further advances totalling to £149,459 were made to R Adams. 
The balance owed as at the year end is £1,139,023 (2023: £989,564).


26.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.


27.


Controlling party

The controlling party is R Adams.

 
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