Company registration number 08457399 (England and Wales)
JUXT LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
JUXT LTD.
COMPANY INFORMATION
Directors
J Pither
S Taradai
Y Gryzlov
Company number
08457399
Registered office
10 Midford Place
London
W1T 5AG
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
JUXT LTD.
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
JUXT LTD.
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the period ended 31 December 2024.

Review of the business

JUXT LTD is a software consultancy with a track record of delivering reliable and scalable systems.

 

We continue to position ourselves as a premium FinTech consultancy, bringing together relevant domain expertise and technical excellence.

 

During the period to 31 December 2024, JUXT was acquired by Grid Dynamics Holdings Inc. Grid Dynamics’ global reach and engineering excellence extend JUXT’s service offering, allowing the company to provide our clients a broader range of services and locations.

 

Owing to the acquisition, we have aligned our year end with Grid Dynamics. These accounts are for the 9 months to 31 December 2024.

 

JUXT has achieved growth during the period in turnover and gross profit on a pro-rata basis. Gross margin has increased to 27% (31 March 2024: 26%), and employee numbers have risen to an average of 61 (31 March 2024: 59).

Outlook for FY25/future developments

The general IT services market remains challenging. However, we are still growing by ensuring that our USP is still valid: being able to sell based on technical expertise, domain expertise, and our delivery track record. It does mean we have to select talent based on a stricter adherence to what the market demands.

 

Our goal is to acquire new FinTech clients and to grow within our existing large institutional clients.

 

We have won new clients by establishing our brand as a premium and renowned FinTech consultancy. Our initiatives towards this goal include continuing to invest in XTDB to demonstrate rich thought-leadership to our target-market.

Principal risks and uncertainties

We continue to manage our business risks effectively to achieve our strategic objectives and maintain our statutory accounts' integrity.

The principal risks we monitor are:

Interest rate

At the balance sheet date we had no debt or interest bearing liabilities. Therefore there was no exposure.

 

Foreign exchange risk

We have a small number of projects in EUR and US Dollars. However, the values are relatively low, and the risks are naturally hedged by the associated costs.

 

Liquidity

We maintain a strong balance sheet to ensure liquidity and we meet our obligations.

 

 

JUXT LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

Financial and non-financial key performance indicators

The Board monitors the following Key Performance Indicators:

 

 

Period ended 31 December 2024

Year ended 31 March 2024

Gross margin

27%

26%

Employee numbers

61

59

 

 

On behalf of the board

J Pither
Director
22 July 2025
JUXT LTD.
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company in the year continued to be that of IT consultancy services.

Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £700,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

M Sparks
(Resigned 26 September 2024)
J Pither
S Taradai
(Appointed 26 September 2024)
Y Gryzlov
(Appointed 26 September 2024)
Auditor

Mercer & Hole LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J Pither
Director
22 July 2025
JUXT LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JUXT LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JUXT LTD.
- 5 -
Opinion

We have audited the financial statements of JUXT Ltd. (the 'company') for the period ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

JUXT LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JUXT LTD. (CONTINUED)
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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. These included, but were not limited to, the Companies Act 2006 and tax legislation.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

 

Audit procedures performed by the engagement team included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

JUXT LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JUXT LTD. (CONTINUED)
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.

Steve Robinson FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
22 July 2025
JUXT LTD.
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
Period ended
Year ended
31 December
31 March
2024
2024
Notes
£
£
Turnover
3
17,865,394
21,512,850
Cost of sales
(13,037,395)
(15,857,088)
Gross profit
4,827,999
5,655,762
Administrative expenses
(3,403,347)
(3,288,858)
Other operating income
105,383
1,065,717
Operating profit
4
1,530,035
3,432,621
Interest receivable and similar income
8
46,148
51,718
Interest payable and similar expenses
9
(817)
-
0
Profit before taxation
1,575,366
3,484,339
Tax on profit
10
(423,842)
(736,161)
Profit for the financial period
1,151,524
2,748,178

The profit and loss account has been prepared on the basis that all operations are continuing operations.

JUXT LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Period ended
Year ended
31 December
31 March
2024
2024
£
£
Profit for the period
1,151,524
2,748,178
Other comprehensive income
-
-
Total comprehensive income for the period
1,151,524
2,748,178
JUXT LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
-
0
8,084
Tangible assets
13
157,264
183,328
157,264
191,412
Current assets
Debtors
14
5,115,505
6,220,470
Cash at bank and in hand
4,764,242
2,985,577
9,879,747
9,206,047
Creditors: amounts falling due within one year
15
(2,576,060)
(2,377,422)
Net current assets
7,303,687
6,828,625
Total assets less current liabilities
7,460,951
7,020,037
Provisions for liabilities
Deferred tax liability
16
25,983
36,593
(25,983)
(36,593)
Net assets
7,434,968
6,983,444
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
7,434,967
6,983,443
Total equity
7,434,968
6,983,444

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
J Pither
Director
Company registration number 08457399 (England and Wales)
JUXT LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
1
5,235,265
5,235,266
Year ended 31 March 2024:
Profit and total comprehensive income
-
2,748,178
2,748,178
Dividends
11
-
(1,000,000)
(1,000,000)
Balance at 31 March 2024
1
6,983,443
6,983,444
Period ended 31 December 2024:
Profit and total comprehensive income
-
1,151,524
1,151,524
Dividends
11
-
(700,000)
(700,000)
Balance at 31 December 2024
1
7,434,967
7,434,968
JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

JUXT Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 10 Midford Place, London, W1T 5AG.

1.1
Reporting period

The company shortened its period end to 31 December 2024 to be in line with its ultimate holding company Grid Dynamics Holdings, Inc. The comparative amounts presented in the financial statements are therefore not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Grid Dynamics Holdings Inc. These consolidated financial statements are available from its registered office at 5000 Executive Parkway, Suite 520, San Ramon, CA USA 94583.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the directors have reviewed the trading and cash flow forecasts of the company to March 2027 and concluded that based on the forecast results the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Domain name
5 year straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% straight line
Office equipment
25% straight line
Computers
33% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

3
Turnover and other revenue
Period ended
Year ended
31 December
31 March
2024
2024
£
£
Turnover analysed by geographical market
Uinted Kingdom
17,488,033
20,894,317
United States of America
184,158
264,095
European Union
29,031
265,675
Rest of the world
164,172
88,763
17,865,394
21,512,850
Period ended
Year ended
31 December
31 March
2024
2024
£
£
Other revenue
Interest income
46,148
51,718
JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 18 -
4
Operating profit
Period ended
Year ended
31 December
31 March
2024
2024
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses
10,880
29,068
Depreciation of owned tangible fixed assets
68,302
80,571
(Profit)/loss on disposal of tangible fixed assets
(2,190)
209
Amortisation of intangible assets
1,871
4,491
Operating lease charges
57,047
73,698
5
Auditor's remuneration
Period ended
Year ended
31 December
31 March
2024
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,500
31,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

Period ended
Year ended
31 December
31 March
2024
2024
Number
Number
Directors
2
2
Employees
59
57
Total
61
59

Their aggregate remuneration comprised:

Period ended
Year ended
31 December
31 March
2024
2024
£
£
Wages and salaries
4,584,196
4,671,423
Social security costs
522,157
576,735
Pension costs
277,981
341,569
5,384,334
5,589,727
JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 19 -
7
Directors' remuneration
Period ended
Year ended
31 December
31 March
2024
2024
£
£
Remuneration for qualifying services
208,455
300,000
Company pension contributions to defined contribution schemes
12,500
30,000
220,955
330,000
Remuneration disclosed above include the following amounts paid to the highest paid director:
Period ended
Year ended
31 December
31 March
2024
2024
£
£
Remuneration for qualifying services
117,500
150,000
Company pension contributions to defined contribution schemes
7,500
20,000
8
Interest receivable and similar income
Period ended
Year ended
31 December
31 March
2024
2024
£
£
Interest income
Interest on bank deposits
46,148
51,718
9
Interest payable and similar expenses
2024
2024
£
£
Interest on bank overdrafts and loans
817
-
10
Taxation
Period ended
Year ended
31 December
31 March
2024
2024
£
£
Current tax
UK corporation tax on profits for the current period
434,452
741,687
Deferred tax
Origination and reversal of timing differences
(10,610)
(5,526)
Total tax charge
423,842
736,161
JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 20 -

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Period ended
Year ended
31 December
31 March
2024
2024
£
£
Profit before taxation
1,575,366
3,484,339
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (31 March 2024: 25.00%)
393,842
871,085
Tax effect of expenses that are not deductible in determining taxable profit
27,594
29,742
Permanent capital allowances in excess of depreciation
2,406
2,790
Research and development tax credit
-
0
(167,456)
Taxation charge for the period
423,842
736,161
11
Dividends
Period ended
Year ended
31 December
31 March
2024
2024
£
£
Interim paid
700,000
1,000,000

After the year end, a further interim dividend of £80,000 was approved in July 2025.

JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 21 -
12
Intangible fixed assets
Domain name
£
Cost
At 1 April 2024
22,458
Disposals
(22,458)
At 31 December 2024
-
0
Amortisation and impairment
At 1 April 2024
14,374
Amortisation charged for the period
1,871
Eliminated in respect of disposals
(16,245)
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 March 2024
8,084
13
Tangible fixed assets
Leasehold improvements
Office equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
-
0
98,742
174,254
121,680
394,676
Additions
-
0
-
0
52,006
-
0
52,006
Disposals
-
0
(2,262)
(40,428)
-
0
(42,690)
Transfers
2,653
(7,693)
5,040
-
0
-
0
At 31 December 2024
2,653
88,787
190,872
121,680
403,992
Depreciation and impairment
At 1 April 2024
-
0
55,733
124,035
31,580
211,348
Depreciation charged in the period
758
16,405
32,887
18,252
68,302
Eliminated in respect of disposals
-
0
(2,135)
(30,787)
-
0
(32,922)
Transfers
1,327
(6,367)
5,040
-
0
-
0
At 31 December 2024
2,085
63,636
131,175
49,832
246,728
Carrying amount
At 31 December 2024
568
25,151
59,697
71,848
157,264
At 31 March 2024
-
0
43,009
50,219
90,100
183,328
JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 22 -
14
Debtors
31 December
31 March
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
4,769,609
5,013,812
Corporation tax recoverable
-
0
604,649
Other debtors
52,134
53,054
Prepayments and accrued income
293,762
548,955
5,115,505
6,220,470
15
Creditors: amounts falling due within one year
31 December
31 March
2024
2024
£
£
Trade creditors
563,796
640,925
Corporation tax
4,713
-
0
Other taxation and social security
959,063
727,718
Other creditors
1,648
2,288
Accruals and deferred income
1,046,840
1,006,491
2,576,060
2,377,422
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
31 December
31 March
2024
2024
Balances:
£
£
Accelerated capital allowances
25,983
36,593
31 December
2024
Movements in the period:
£
Liability at 1 April 2024
36,593
Credit to profit or loss
(10,610)
Liability at 31 December 2024
25,983
JUXT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 23 -
17
Retirement benefit schemes
Period ended
Year ended
31 December
31 March
2024
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
277,981
341,569

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
100
100
1
1
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

31 December
31 March
2024
2024
£
£
Within one year
13,235
65,423
20
Events after the reporting date

After the balance sheet date, interim ordinary dividends for the year ended 31 December 2025 of £80,000 were declared in July 2025. These are expected to be paid during the same financial year.

21
Ultimate controlling party

At the period end, the company's immediate parent companies were Congreve Computing Limited and Headrunner Limited, each holding 50% shareholding in JUXT Ltd.

 

The largest group of undertakings for which group accounts are drawn up and of which the company is a member is the group headed by Grid Dynamics Holdings Inc., a company incorporated in the United Statements of America. Copies of Grid Dynamics Holdings Inc.'s consolidated financial statements can be obtained from the company's registered office at 5000 Executive Parkway, Suite 520, San Ramon, CA USA 94583.

 

The ultimate holding company is Grid Dynamics Holdings Inc.

 

There is no single ultimate controlling party.

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