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Registration number: 03036348

Third Dimension Software Limited

Filleted Financial Statements

for the Year Ended 31 March 2025

Pages for filing with Registrar

 

Third Dimension Software Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 16

 

Third Dimension Software Limited

Company Information

Directors

B W Adeline

F M M Froment

T P Monks

M C Ward

Registered office

Unit 2 Golf Course Lane
Filton
Bristol
BS34 7PZ

Registered number

03036348

Auditors

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

Third Dimension Software Limited

(Registration number: 03036348)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

5

1,468,118

1,343,373

Tangible assets

6

178,238

163,979

Investments

7

901

901

 

1,647,257

1,508,253

Current assets

 

Stocks

641,057

733,151

Debtors

8

754,931

626,650

Cash at bank and in hand

 

1,241,431

1,612,255

 

2,637,419

2,972,056

Creditors: Amounts falling due within one year

9

(1,072,903)

(1,029,465)

Net current assets

 

1,564,516

1,942,591

Total assets less current liabilities

 

3,211,773

3,450,844

Creditors: Amounts falling due after more than one year

9

(79,167)

(229,167)

Provisions for liabilities

11

(173,845)

(194,066)

Net assets

 

2,958,761

3,027,611

Capital and reserves

 

Called up share capital

122

122

Share premium reserve

69,193

69,193

Capital redemption reserve

18

18

Share option reserve

8,530

5,070

Profit and loss account

2,880,898

2,953,208

Total equity

 

2,958,761

3,027,611

 

Third Dimension Software Limited

(Registration number: 03036348)
Balance Sheet as at 31 March 2025

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 16 July 2025 and signed on its behalf by:
 

.........................................

F M M Froment
Director

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Golf Course Lane
Filton
Bristol
BS34 7PZ
England

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s year-end balance sheet shows significant cash and net current assets. The company’s forecasts, which take into account a best estimate of uncertainties such as the economic outlook and the ongoing impact of worldwide events, show that the company will continue to have sufficient financial resources in order to meet its liabilities for a period of at least 12 months from the date of approving these financial statements. The directors have therefore prepared the financial statements on a going concern basis.

Group accounts not prepared

These financial statements present information about the company but not about its group as a whole. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 to not produce consolidated group financial statements on the basis that the group is small.

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, software supplied, and services rendered in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:

• The amount of revenue can be reliably measured,
• it is probable that future economic benefits will flow to the entity,
• and specific criteria have been met for each of the company's activities.

Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, which is usually at the point in time when the goods are available for collection or dispatch. However, revenue from the sale of Gap Gun systems and software licences are recognised at 90% of the total sale value, from the activation date, with the remaining 10% deferred over the first year of the licence period.

Revenue earned from the supply of further support services and maintenance is recognised straight line on a monthly basis over the period specified in the underlying agreement, where these services are provided by an indeterminate number of acts.

Revenue earned from the rental of equipment is recognised straight line on a monthly basis over the period of the rental agreement.

Revenue earned from ad-hoc repairs, recalibrations and support work is recognised once the work has been completed.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Gains and losses arising on retranslation in the period are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Leasehold improvements

25% on reducing balance

Plant and machinery

25% on reducing balance & 5% to 20% on cost

Office equipment

25% on reducing balance

Research and development costs and other intangible fixed assets

Research costs are written off to the profit or loss account in the year incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects in which case the costs are capitalised as fixed assets.

Other intangible assets which are acquired separately from a business combination are measured initially at historical cost. Intangible fixed assets are subsequently measured at cost less accumulated amortisation and impairment charges.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Domain name

20 years straight line

Development costs

2 to 12 years straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using FIFO method.

The cost of finished goods and work in progress comprises direct materials. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit or loss account. Reversals of impairment losses are also recognised in the profit or loss account.

The costing method for stocks was changed during the year ended 31 March 2025 from AVCO to FIFO. This was an accounting policy change, implemented to give the users of the financial statements more reliable and relevant information. The financial impact of the policy change on the stocks value at 31 March 2025 is not material.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised
cost and using the effective interest method if the balance is due in more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. Those direct costs are charged to the share premium reserve where a premium arose on the related shares.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as an expense in the period in which the employees' services are received.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

3

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Useful economical lives of intangible assets and review of assets for impairment (see note 5)
The annual amortisation charge is sensitive to any changes in the estimated useful life and residual values of intangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, condition of the asset and future investments. Note 2 explains that intangible fixed assets are reviewed for impairment. An impairment review may include an assessment of the expected sales and profits related to those assets. The estimate of future performance therefore contains uncertainty.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2024 - 21).

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

5

Intangible fixed assets

Domain name
 £

Development costs
 £

Total
£

Cost

At 1 April 2024

15,000

3,787,683

3,802,683

Additions internally developed

-

647,995

647,995

Disposals

-

(355,712)

(355,712)

Impairment

-

(55,886)

(55,886)

At 31 March 2025

15,000

4,024,080

4,039,080

Amortisation

At 1 April 2024

2,125

2,457,185

2,459,310

Amortisation charge

750

466,614

467,364

Amortisation eliminated on disposals

-

(355,712)

(355,712)

At 31 March 2025

2,875

2,568,087

2,570,962

Carrying amount

At 31 March 2025

12,125

1,455,993

1,468,118

At 31 March 2024

12,875

1,330,498

1,343,373

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Tangible fixed assets

Leasehold improvement
£

Office equipment
 £

Plant and machinery
£

Total
£

Cost

At 1 April 2024

38,197

25,711

362,852

426,760

Additions

-

218

53,158

53,376

Disposals

-

-

(395)

(395)

At 31 March 2025

38,197

25,929

415,615

479,741

Depreciation

At 1 April 2024

6,602

20,657

235,522

262,781

Charge for the year

5,675

1,300

32,237

39,212

Eliminated on disposal

-

-

(490)

(490)

At 31 March 2025

12,277

21,957

267,269

301,503

Carrying amount

At 31 March 2025

25,920

3,972

148,346

178,238

At 31 March 2024

31,595

5,054

127,330

163,979

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

7

Investments

2025
£

2024
£

Investments in subsidiary

901

901

Subsidiary

£

Cost

At 1 April 2024

901

At 31 March 2025

901

Carrying amount

At 31 March 2025

901

At 31 March 2024

901

The investment represents a holding of 100% of the issued share capital of Third Dimension SARL, being 1,000 one euro shares. The subsidiary's registered address is 250 bis Boulevard Saint-Germain 75007, Paris, France.

8

Debtors: amounts falling due within one year

2025
£

2024
£

Trade debtors

615,672

456,406

Other debtors

20,976

37,154

Prepayments

95,494

133,090

Corporation tax

22,789

-

754,931

626,650

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

9

Creditors

2025
£

2024
£

Amounts falling due within one year

Bank loans and overdrafts

150,000

150,000

Trade creditors

109,399

197,219

Taxation and social security

30,722

31,310

Other creditors

384

40

Accruals and deferred income

782,398

650,896

1,072,903

1,029,465

2025
£

2024
£

Due after one year

Loans and borrowings

79,167

229,167

10

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

150,000

150,000

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

79,167

229,167

The company drew down two loans in 2021. The first loan was for £500,000, at an interest rate of 1.49% plus the Bank of England base rate, to be repaid via 60 monthly repayments which commenced in July 2021. The second loan was for £250,000, at an interest rate of 2.18% plus the Bank of England base rate, to be repaid via 60 monthly repayments which commenced in February 2022. Both loans are from the same lender and are secured via a charge over the company’s assets.

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

11

Deferred tax

Movements in deferred tax in the year were as follows:

2025
 £

2024
 £

Liability at the start of the year

194,066

210,872

Charged / (credited) to profit and loss in the year

(20,221)

(16,806)

Liability at the end of the year

173,845

194,066

The deferred tax liability represents timing differences relating to:

2025
 £

2024
 £

Accelerated allowances on tangible fixed assets

38,153

35,137

Accelerated allowances on intangible fixed assets, including development expenditure

273,379

297,612

Carried forward tax losses

(136,526)

(137,039)

Other differences

(1,161)

(1,644)

173,845

194,066

12

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £0.0001 each

1,219,200

122

1,219,200

122

         
 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

13

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2025
£

2024
£

Not later than one year

65,692

65,651

Later than one year and not later than five years

42,715

108,004

108,407

173,655

14

Share-based payments

Approved share scheme

Scheme details and movements

Certain employees have been granted options over the unissued share capital of the company.

Included within administrative expenses is a share based payments expense of £3,460 (2024: £Nil).

The movements in the number of share options during the year were as follows:

2025
Number

2024
Number

Outstanding, start of period

74,300

97,300

Granted during the period

52,600

-

Forfeited during the period

-

(23,000)

Outstanding, end of period

126,900

74,300

Exercisable, end of period

126,900

74,300

The movements in the weighted average exercise price of share options during the year were as follows:

 

Third Dimension Software Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2025
£

2024
£

Outstanding, start of period

0.54

0.54

Granted during the period

0.56

-

Forfeited during the period

-

0.51

Outstanding, end of period

0.55

0.54

Exercisable, end of period

0.55

0.54

15

Audit report

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The Independent Auditor's Report was unqualified.
The senior statutory auditor who signed the audit report on 18 July 2025 was David Wright BSc FCA.
• The auditor was Corrigan Accountants Limited.