Acorah Software Products - Accounts Production 16.4.675 false true true 31 March 2024 1 April 2023 false 1 April 2024 31 March 2025 31 March 2025 07986624 P J Mussenden E R Carrell M A Evans K Hitchner G P Penney A D Wolfson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07986624 2024-03-31 07986624 2025-03-31 07986624 2024-04-01 2025-03-31 07986624 frs-core:CurrentFinancialInstruments 2025-03-31 07986624 frs-core:Non-currentFinancialInstruments 2025-03-31 07986624 frs-core:ComputerEquipment 2025-03-31 07986624 frs-core:ComputerEquipment 2024-04-01 2025-03-31 07986624 frs-core:ComputerEquipment 2024-03-31 07986624 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 07986624 frs-core:FurnitureFittings 2025-03-31 07986624 frs-core:FurnitureFittings 2024-04-01 2025-03-31 07986624 frs-core:FurnitureFittings 2024-03-31 07986624 frs-core:MotorVehicles 2025-03-31 07986624 frs-core:MotorVehicles 2024-04-01 2025-03-31 07986624 frs-core:MotorVehicles 2024-03-31 07986624 frs-core:OtherResidualIntangibleAssets 2025-03-31 07986624 frs-core:OtherResidualIntangibleAssets 2024-04-01 2025-03-31 07986624 frs-core:OtherResidualIntangibleAssets 2024-03-31 07986624 frs-core:PlantMachinery 2025-03-31 07986624 frs-core:PlantMachinery 2024-04-01 2025-03-31 07986624 frs-core:PlantMachinery 2024-03-31 07986624 frs-core:WithinOneYear 2025-03-31 07986624 frs-core:OtherReservesSubtotal 2025-03-31 07986624 frs-core:SharePremium 2025-03-31 07986624 frs-core:ShareCapital 2025-03-31 07986624 frs-core:RetainedEarningsAccumulatedLosses 2025-03-31 07986624 frs-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 07986624 frs-bus:FilletedAccounts 2024-04-01 2025-03-31 07986624 frs-bus:SmallEntities 2024-04-01 2025-03-31 07986624 frs-bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 07986624 frs-bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 07986624 frs-bus:OrdinaryShareClass1 2024-04-01 2025-03-31 07986624 frs-bus:OrdinaryShareClass1 2025-03-31 07986624 frs-bus:OrdinaryShareClass2 2024-04-01 2025-03-31 07986624 frs-bus:OrdinaryShareClass2 2025-03-31 07986624 frs-bus:OrdinaryShareClass3 2024-04-01 2025-03-31 07986624 frs-bus:OrdinaryShareClass3 2025-03-31 07986624 frs-bus:PreferenceShareClass1 2024-04-01 2025-03-31 07986624 frs-bus:PreferenceShareClass1 2025-03-31 07986624 frs-core:CostValuation 2024-03-31 07986624 frs-core:CostValuation 2025-03-31 07986624 frs-core:ProvisionsForImpairmentInvestments 2024-03-31 07986624 frs-core:ProvisionsForImpairmentInvestments 2025-03-31 07986624 frs-bus:Director1 2024-04-01 2025-03-31 07986624 frs-bus:Director2 2024-04-01 2025-03-31 07986624 frs-bus:Director3 2024-04-01 2025-03-31 07986624 frs-bus:Director4 2024-04-01 2025-03-31 07986624 frs-bus:Director5 2024-04-01 2025-03-31 07986624 frs-bus:Director6 2024-04-01 2025-03-31 07986624 frs-countries:EnglandWales 2024-04-01 2025-03-31 07986624 2023-03-31 07986624 2024-03-31 07986624 2023-04-01 2024-03-31 07986624 frs-core:CurrentFinancialInstruments 2024-03-31 07986624 frs-core:Non-currentFinancialInstruments 2024-03-31 07986624 frs-core:WithinOneYear 2024-03-31 07986624 frs-core:OtherReservesSubtotal 2024-03-31 07986624 frs-core:SharePremium 2024-03-31 07986624 frs-core:ShareCapital 2024-03-31 07986624 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07986624 frs-bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07986624 frs-bus:OrdinaryShareClass2 2023-04-01 2024-03-31 07986624 frs-bus:OrdinaryShareClass3 2023-04-01 2024-03-31 07986624 frs-bus:PreferenceShareClass1 2023-04-01 2024-03-31
Registered number: 07986624
Cydar Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 07986624
2025 2024
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 40,443 34,975
Tangible Assets 5 91,781 147,829
Investments 6 33,591 33,591
165,815 216,395
CURRENT ASSETS
Debtors 7 4,344,246 4,151,808
Cash at bank and in hand 147,209 3,907,741
4,491,455 8,059,549
Creditors: Amounts Falling Due Within One Year 8 (683,834 ) (863,286 )
NET CURRENT ASSETS (LIABILITIES) 3,807,621 7,196,263
TOTAL ASSETS LESS CURRENT LIABILITIES 3,973,436 7,412,658
Creditors: Amounts Falling Due After More Than One Year 9 (3,610,828 ) (3,143,605 )
NET ASSETS 362,608 4,269,053
CAPITAL AND RESERVES
Called up share capital 10 88 77
Share premium account 31,130,965 31,000,928
Other reserves 251,787 705,873
Profit and Loss Account (31,020,232 ) (27,437,825 )
SHAREHOLDERS' FUNDS 362,608 4,269,053
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
P J Mussenden
Director
24/07/2025
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cydar Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07986624 . The registered office is 20 Station Road, Cambridge, CB1 2JD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Restatement of Comparatives
The company's comparative balance sheet has been restated. Fixed assets have increased by £105,241 and stock has decreased by £105,241. Other debtors have decreased by £545,146 and non-current liabilities have decreased by £1,312,020 for recognition of share premium issued in the year, share premium has accordingly increased by £828,029, accruals and deferred income have decreased by £17,530 and the profit and loss account has decreased by £43,625.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. In making this assessment the directors have considered the adequancy of the company's financial resources at the time of approving the financial statements, noting the cash held and the cost base of the company.  
The company incurred a net loss after tax of £3,582,407 (2024 - £5,705,372) and had net assets of £362,608 (2024 - £4,269,053).  
The trading losses reported to date are consistent with the company's business plan as it progresses its research and development activities.  
Whilst the current fundraising environment is difficult, based on the investment terms offered to the company and indications of interest to invest received by the company from certain existing investors in the company, the directors are satisfied that, with the continuing support of its shareholders and investors, the company will continue to have sufficient resources to meet its liabilities as they fall due. Accordingly, the directors remain comfortable with their assessment of going concern.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: 
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
  • the amount of turnover can be measured reliably;
  • it is probable that the company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recognised at cost.  After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life.  If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following basis:
Patents - 33% straight line
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2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Installation Equipment 33% straight line
Office Equipment 33% straight line
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.6. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Foreign Currencies
Functional and presentational currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.  Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within finance income or costs.  All other foreign exchange gains and losses are presented in profit or loss within other operating income.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Research and Development Costs
Expenditure on research and development is written off against profits in the year in which it is incurred.
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2.11. 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 and 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 balance sheet 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 company 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.
2.12. Additional Accounting Policies
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Debtors
Short-term debtors are measured at transaction price, less any impairment.  Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and Cash Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.  Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price.  Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Convertible Debt
The proceeds received on issue of the company's convertible debt are allocated into their liability and equity components and presented separately in the balance sheet.
The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.
The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited directly to equity and is not subsequently remeasured.  On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.
Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2024: 48)
39 48
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4. Intangible Assets
Patents
£
Cost
As at 1 April 2024 414,523
Additions 24,369
As at 31 March 2025 438,892
Amortisation
As at 1 April 2024 379,548
Provided during the period 18,901
As at 31 March 2025 398,449
Net Book Value
As at 31 March 2025 40,443
As at 1 April 2024 34,975
5. Tangible Assets
Installation Equipment Office Equipment Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 105,241 38,083 78,948 336,752 559,024
Additions 12,535 - - - 12,535
As at 31 March 2025 117,776 38,083 78,948 336,752 571,559
Depreciation
As at 1 April 2024 - 38,070 78,948 294,177 411,195
Provided during the period 39,008 13 - 29,562 68,583
As at 31 March 2025 39,008 38,083 78,948 323,739 479,778
Net Book Value
As at 31 March 2025 78,768 - - 13,013 91,781
As at 1 April 2024 105,241 13 - 42,575 147,829
6. Investments
Subsidiaries
£
Cost
As at 1 April 2024 33,591
As at 31 March 2025 33,591
Provision
As at 1 April 2024 -
As at 31 March 2025 -
Net Book Value
As at 31 March 2025 33,591
As at 1 April 2024 33,591
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7. Debtors
2025 2024
as restated
£ £
Due within one year
Trade debtors 60,073 117,872
Prepayments and accrued income 107,057 118,961
Other debtors 249,784 487,196
VAT 58,404 23,083
475,318 747,112
Due after more than one year
Amounts owed by group undertakings 3,868,928 3,404,696
4,344,246 4,151,808
8. Creditors: Amounts Falling Due Within One Year
2025 2024
as restated
£ £
Trade creditors 182,886 73,895
Other taxes and social security 44,904 139,682
Other creditors 22,535 22,506
Accruals and deferred income 433,509 627,203
683,834 863,286
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
as restated
£ £
Other loans 3,610,828 3,143,605
10. Share Capital
2025 2024
as restated
Allotted, called up and fully paid £ £
718,346 Ordinary shares of £ 0.0001 each 71 71
25,555 Hurdle shares of £ 0.0001 each 3 3
28,428 Hurdle A shares of £ 0.0001 each 3 3
77 77
Preference Shares
2025 2024
as restated
Allotted, called up and fully paid £ £
110,880 Preference Shares of £ 0.0001 each 11 -
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
as restated
£ £
Not later than one year 153,680 -
153,680 -
12. Pension Commitments
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £11,598 (2024: £22,506) were due to the fund. They are included in other creditors.
13. Share Based Payments
Cydar Limited has a Share Option Plan (the 'Option Plan'). Under the Option Plan, the maximum amount of options that the company may issue is 15% of the company's issued share capital from time to time. Options are exerciseable at a price specified by the directors at date of grant and the vesting period varies depending on the nature of the option.
The company issues approved EMI options to its UK employees. The exercise price of the EMI options is subject to approval by HMRC. The vesting period is 3 years and these options vest in equal tranches on an annual basis. EMI options may only be exercised in specific conditions and are settled in equity once exercised. The Board of Directors also has the power to allow employees deemed to be 'good leavers' to exercise their options as they leave the company. Otherwise, any unvested options lapse upon the employee leaving the company. Vested options are subject to lapse and cease to be exerciseable, to the extent not exercised, at the end of the relevant period defined by the Option Plan.
The company issues unapproved options to the US staff employed by Cydar Inc, the wholly owned US subsidiary. Apart from the exercise price which is set at the same of which ordinary shares are issued, all other conditions are the same as the EMI options.
The company can also issue unapproved options to other parties. The exercise price and vesting conditions are determined by the directors.
Details of the number and weighted average exercise prices (WAEP) of share options during the period are as follows:
Outstanding at the beginning of the year: 50,436; WAEP (pence): 499
Outstanding at the end of the year: 100,890; WAEP (pence): 386
Exerciseable at the end of the year: 44,499; WAEP (pence): 564
The company has assessed the fair value of the options at grant date using the Black Scholes valuation model, which is considered to be the most appropriate generally accepted method of measuring fair value. The associated expense is recognised over the vesting period, with a corresponding credit to equity. During the year, a credit of £454,085 (2024 - charge of £45,261) was recognised in the profit and loss account in respect of the share option scheme.
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