Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3134falsefalsefalse2024-01-01No description of principal activity32false 06938324 2024-01-01 2024-12-31 06938324 2023-01-01 2023-12-31 06938324 2024-12-31 06938324 2023-12-31 06938324 2023-01-01 06938324 1 2024-01-01 2024-12-31 06938324 1 2023-01-01 2023-12-31 06938324 3 2023-01-01 2023-12-31 06938324 4 2024-01-01 2024-12-31 06938324 4 2023-01-01 2023-12-31 06938324 5 2024-01-01 2024-12-31 06938324 5 2023-01-01 2023-12-31 06938324 d:CompanySecretary1 2024-01-01 2024-12-31 06938324 d:Director1 2024-01-01 2024-12-31 06938324 d:Director2 2024-01-01 2024-12-31 06938324 d:RegisteredOffice 2024-01-01 2024-12-31 06938324 e:Buildings e:LongLeaseholdAssets 2024-01-01 2024-12-31 06938324 e:Buildings e:LongLeaseholdAssets 2024-12-31 06938324 e:Buildings e:LongLeaseholdAssets 2023-12-31 06938324 e:FurnitureFittings 2024-01-01 2024-12-31 06938324 e:FurnitureFittings 2024-12-31 06938324 e:FurnitureFittings 2023-12-31 06938324 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06938324 e:OfficeEquipment 2024-01-01 2024-12-31 06938324 e:OfficeEquipment 2024-12-31 06938324 e:OfficeEquipment 2023-12-31 06938324 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06938324 e:ComputerEquipment 2024-01-01 2024-12-31 06938324 e:ComputerEquipment 2024-12-31 06938324 e:ComputerEquipment 2023-12-31 06938324 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06938324 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06938324 e:CurrentFinancialInstruments 2024-12-31 06938324 e:CurrentFinancialInstruments 2023-12-31 06938324 e:Non-currentFinancialInstruments 2024-12-31 06938324 e:Non-currentFinancialInstruments 2023-12-31 06938324 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 06938324 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 06938324 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 06938324 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 06938324 f:UnitedKingdom 2024-01-01 2024-12-31 06938324 f:UnitedKingdom 2023-01-01 2023-12-31 06938324 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 06938324 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 06938324 f:RestWorldOutsideUK 2024-01-01 2024-12-31 06938324 f:RestWorldOutsideUK 2023-01-01 2023-12-31 06938324 e:ShareCapital 2024-01-01 2024-12-31 06938324 e:ShareCapital 2024-12-31 06938324 e:ShareCapital 2023-12-31 06938324 e:ShareCapital 2023-01-01 06938324 e:OtherMiscellaneousReserve 2024-01-01 2024-12-31 06938324 e:OtherMiscellaneousReserve 2024-12-31 06938324 e:OtherMiscellaneousReserve 1 2024-01-01 2024-12-31 06938324 e:OtherMiscellaneousReserve 2023-12-31 06938324 e:OtherMiscellaneousReserve 2023-01-01 06938324 e:OtherMiscellaneousReserve 1 2023-01-01 2023-12-31 06938324 e:OtherMiscellaneousReserve 3 2023-01-01 2023-12-31 06938324 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06938324 e:RetainedEarningsAccumulatedLosses 2024-12-31 06938324 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06938324 e:RetainedEarningsAccumulatedLosses 2023-12-31 06938324 e:RetainedEarningsAccumulatedLosses 2023-01-01 06938324 e:RetainedEarningsAccumulatedLosses 3 2023-01-01 2023-12-31 06938324 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 06938324 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 06938324 e:OtherDeferredTax 2024-12-31 06938324 e:OtherDeferredTax 2023-12-31 06938324 d:OrdinaryShareClass1 2024-01-01 2024-12-31 06938324 d:OrdinaryShareClass1 2024-12-31 06938324 d:OrdinaryShareClass1 2023-12-31 06938324 d:FRS102 2024-01-01 2024-12-31 06938324 d:Audited 2024-01-01 2024-12-31 06938324 d:FullAccounts 2024-01-01 2024-12-31 06938324 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06938324 e:WithinOneYear 2024-12-31 06938324 e:WithinOneYear 2023-12-31 06938324 e:BetweenOneFiveYears 2024-12-31 06938324 e:BetweenOneFiveYears 2023-12-31 06938324 e:ShareCapital 3 2023-01-01 2023-12-31 06938324 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 06938324












DENODO TECHNOLOGIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

DENODO TECHNOLOGIES LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 5
Director's report
 
6
Director's responsibilities statement
 
7
Independent auditor's report
 
8 - 11
Profit and loss account
 
12
Balance sheet
 
13
Statement of changes in equity
 
14
Statement of cash flows
 
15
Notes to the financial statements
 
16 - 31


 

DENODO TECHNOLOGIES LIMITED
 
COMPANY INFORMATION


Director
A Vina Castineiras 




Company secretaries
C Patino 
Taylor Wessing Secretaries Limited



Registered number
06938324



Registered office
5 New Street Square

London

EC4A 3TW




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

DENODO TECHNOLOGIES LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The director presents the strategic report of Denodo Technologies Limited ("Denodo UK") for the year ended 31 December 2024.

Principal activity

Denodo UK is part of a global group "Denodo". Denodo is an information technology and software services group providing enterprise data integration and management solutions to customers worldwide with the group’s proprietary data virtualization software products The Denodo Platform is one logical platform for all enterprise data, enhancing decision-making, driving operational efficiency, and facilitating swift responses to evolving business and market trends. The Denodo group offers various types of licensing on the Denodo Platform under term-based license subscriptions, or hourly and yearly subscriptions, depending on the Denodo Platform edition purchased, as well as training, and support services related to the Denodo Platform.

Business review
 
Denodo UK shows organic growth of 4% in revenue in 2024 compared to 2023 excluding revenue from related parties. Overhead expenses, especially salaries and wages, which had previously risen to support growth, stabilized in 2024.
Denodo UK ended the year with cash balances of £2,157,943 (2023: £1,961,412).
In 2024, Denodo UK replaced its sublicensing agreement with the limited risk distribution model with Denodo US as a principal. This guarantees Denodo UK to receive routine returns on its distribution activity. This includes activities such as sales generation, marketing, contract negotiation, contract execution, and customer support.
On 13 September 2023, the controlling parent Denodo US, and TPG (NASDAQ: TPG), a global alternative asset management firm, signed an agreement for TPG Growth, the firm’s middle market and growth equity platform, to invest $336 million in Denodo’s Series B preferred equity. The transaction included both primary capital and a secondary sale of shares by HGGC. HGGC, which invested in Denodo’s Series A investment round in 2017, remained a significant investor.


Page 2

 

DENODO TECHNOLOGIES LIMITED

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

Future Developments

Denodo UK continues to be focused on long-term growth and to expand its market share within the U.K. northern Europe and South Africa.
Organic growth is planned for new and existing customers. Currently, data integration is utilized by approximately 65 percent of companies globally. The Database Integration industry is expected to increase at an annual growth rate of 9.20 percent to reach $20.43 billion of total revenue in 2029 from $13.16 billion in 2025. Companies are expected to invest heavily in data center infrastructure as a response to the rapid increase in data generated by devices, social media, and additional platforms. As companies invest more in data centers, they will face pressure to meet sustainability targets while controlling costs, forcing data processing and hosting services providers to enhance energy efficiency and sustainability. Furthermore, companies will increase their investment in cybersecurity due to potential rises in Distributed Denial of Services (“DDoS”) cyberattacks and other malicious activities, pushing the industry to adapt to new regulation.
In the near future, Denodo plans to operationalize marketing efforts in new countries, redefine a new subscription plan portfolio, redefine cloud product marketing promotion, participate in customer engagement programs through virtual events, introduce a worldwide marketing program for partners, and work on market intelligence support and marketing automation initiatives. To further strengthen its sales, Denodo will focus on consolidating product marketing practice, completing direct sales teams, consolidating regional structure, self-service online enablement, and education for customers, developers, and partners. The Company will also work towards defining product strategy and roadmap for version 9.0 E of the Denodo Platform, introducing new subscription plan editions and cloud marketplace editions, building services for new customers, providing services in cloud marketplaces through AWS/Azure/Google, and scaling service operation in all bases, consulting practices, human resource reorganization, and operations automation.
The Director does not anticipate, at the date of this report, any other likely significant changes to the company’s activities in 2025.

Page 3

 

DENODO TECHNOLOGIES LIMITED

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

Principal risks and uncertainties
 
Denodo UK’s activities are subject to risks and uncertainties, which may affect future financial performance. The key business risks are generally related to the UK economy, including competition, credit, and liquidity risks.
Wage inflation 
One of the risk factors for Denodo UK is wage inflation. The high demand for technology resources, along with current macro-economic conditions, has created wage inflation across the company and this is being regularly reviewed by the senior leadership team and board of directors to ensure that Denodo UK remains competitive in the current market.
Credit risk

Additionally, Denodo UK, as a distributor, bears limited market risk as well as limited credit and collections risk when selling the Group’s software product to third parties. Similarly, Denodo UK bears limited product liability and limited warranty risk for all products and services provided to third-party customers. In order to avoid liquidity risk, Denodo UK monitors regularly its projected cash flow to ensure sufficient funds to meet working capital and investment requirements.

Foreign exchange risk

Furthermore, Denodo UK bears foreign exchange risk in that it uses the British Pound as its functional currency but makes payments and issues invoices in Euros and USD. Therefore, it is subject to currency rate fluctuations. 
Liquidity risk

The company has significant cash reserves and support from its wider group and is therefore well placed to grow the business as opportunities arise.

Financial key performance indicators
 
The directors use several Financial key performance indicators to effectively measure its ongoing development and to monitor the performance of the company. They regard the following as the key performance indicators:
 
Revenue: defined as revenue from the sale of subscription licenses and the related maintenance and professional services.
Gross profit: defined as revenue less direct costs associated with producing the services provided.
EBITDA: defined as operating profit plus depreciation and amortisation.

Denodo UK’s key performance indicators during the year  were:



Year ended 31 December 2024
Year ended 31 December 2023

Revenue
£13,823,613
£12,107,818

Gross Profit
£7,446,578
£6,509,215

Gross Profit %
54%
54%

EBITDA
£332,410
(£451,197)

Page 4

 

DENODO TECHNOLOGIES LIMITED

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


This report was approved by the sole director.


A Vina Castineiras
Director

Date: 24 July 2025

Page 5

 

DENODO TECHNOLOGIES LIMITED

DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit/(loss) for the year, after taxation, amounted to £661,662 (2023: (£345,168)).

There were no dividends declared or paid in either financial year.

Director

The director who served during the year was:

A Vina Castineiras 

Matters covered in the Strategic report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to auditor

The director at the time when this director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the sole director
 





A Vina Castineiras
Director

Date: 24 July 2025

Page 6

 

DENODO TECHNOLOGIES LIMITED
 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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 company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Page 7

 

DENODO TECHNOLOGIES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENODO TECHNOLOGIES LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Denodo Technologies Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year 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 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 8

 

DENODO TECHNOLOGIES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENODO TECHNOLOGIES LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 director is 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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the director's responsibilities statement set out on page 7, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 9

 

DENODO TECHNOLOGIES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENODO TECHNOLOGIES LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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.


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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with senior management, and from our commercial knowledge and experience of the computer software sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery and employment legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.


Page 10

 

DENODO TECHNOLOGIES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENODO TECHNOLOGIES LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's responsibilities for the audit of the financial statements (continued)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 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 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 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.







Nicholas Anderson (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
25 July 2025
Page 11

 

DENODO TECHNOLOGIES LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,823,613
12,107,818

Cost of sales
  
(6,377,035)
(5,598,603)

Gross profit
  
7,446,578
6,509,215

Administrative expenses
  
(7,127,994)
(6,971,850)

Operating profit/(loss)
 5 
318,584
(462,635)

Interest receivable and similar income
 7 
2,652
-

Interest payable and similar expenses
 8 
(4,549)
(3,021)

Profit/(Loss) before taxation
  
316,687
(465,656)

Tax on profit/(loss)
 9 
344,975
120,488

Profit/(loss) for the financial year
  
661,662
(345,168)

There are no items of other comprehensive income for either the year or the prior year other than the profit/(loss) for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 12


 
REGISTERED NUMBER:06938324
DENODO TECHNOLOGIES LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
23,235
30,501

  
23,235
30,501

Current assets
  

Debtors: amounts falling due after more than one year
 11 
1,615,165
1,739,778

Debtors: amounts falling due within one year
 11 
5,237,542
6,485,074

Cash at bank and in hand
 12 
2,157,943
1,961,412

  
9,010,650
10,186,264

Creditors: amounts falling due within one year
 13 
(6,090,343)
(7,597,371)

Net current assets
  
 
 
2,920,307
 
 
2,588,893

Total assets less current liabilities
  
2,943,542
2,619,394

Creditors: amounts falling due after more than one year
 14 
(1,025,252)
(1,507,013)

  

Net assets
  
1,918,290
1,112,381


Capital and reserves
  

Called up share capital 
 16 
10
10

Other reserves
 17 
550,508
406,261

Profit and loss account
 17 
1,367,772
706,110

Total equity
  
1,918,290
1,112,381


The financial statements were approved and authorised for issue by the sole director:




A Vina Castineiras
Director

Date: 24 July 2025

The notes on pages 16 to 31 form part of these financial statements.

Page 13

 

DENODO TECHNOLOGIES LIMITED

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
10
303,874
1,024,583
1,328,467


Comprehensive income for the year

Loss for the financial year
-
-
(345,168)
(345,168)


Contributions by and distributions to owners

Equity-settled share-based payment expense
-
129,082
-
129,082

Share options exercised in the year
-
(26,695)
26,695
-



At 31 December 2023 and 1 January 2024
10
406,261
706,110
1,112,381


Comprehensive income for the year

Profit for the financial year
-
-
661,662
661,662
Total comprehensive income for the finacial year
-
-
661,662
661,662


Contributions by and distributions to owners

Equity-settled share-based payment expense
-
144,247
-
144,247


Total transactions with owners
-
144,247
-
144,247


At 31 December 2024
10
550,508
1,367,772
1,918,290


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 

DENODO TECHNOLOGIES LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
661,662
(345,168)

Adjustments for:

Depreciation of tangible assets
13,826
11,438

Loss on disposal of tangible assets
-
2,202

Interest payable and similar expenses
4,549
3,021

Interest receivable and similar income
(2,652)
-

Taxation charge
(344,975)
(120,488)

Decrease in debtors
1,717,120
574,425

(Decrease)/increase in creditors
(1,929,570)
506,756

Decrease in amounts owed to groups
(90,469)
(1,292,114)

Corporation tax received/(paid)
31,250
(31,250)

Share option reserve
144,247
129,082

Net cash generated from/(used in) operating activities

204,988
(562,096)


Cash flows from investing activities

Purchase of tangible fixed assets
(6,560)
(30,460)

Net cash used in investing activities

(6,560)
(30,460)

Cash flows from financing activities

Interest paid
(1,897)
(3,021)

Net cash used in financing activities
(1,897)
(3,021)

Net increase/(decrease) in cash and cash equivalents
196,531
(595,577)

Cash and cash equivalents at beginning of year
1,961,412
2,556,989

Cash and cash equivalents at the end of year
2,157,943
1,961,412


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,157,943
1,961,412


Page 15

 

DENODO TECHNOLOGIES LIMITED

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

1.


General information

Denodo Technologies Limited is an information technology and software services company providing enterprise data integration and management solutions with the group's proprietary data virtualization software products.

The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is 5 New Street Square, London, EC4A 3TW. The company's principal place of business is First Floor 10 Eastbourne Terrace, London, W2 6LG. 
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

 
2.2

Going concern

Having considered post year end trading and financial results, cash reserves and group support, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Turnover

Revenue represents amounts receivable from customers (net of VAT and sales taxes). The company derives revenue from the licensing of its software and related services, which include implementation and integration services, technical services, training and consulting.
The company recognises revenue where all of the following conditions have been satisfied:

persuasive evidence of an arrangement exists;
physical delivery has occurred or services have been rendered;
the price to the customer is fixed or determinable; and
collectability is reasonably assured and there are no material conditions or contingencies attaching to the receipt of monies due.
 
Revenue from software license sales is recognised based on the contractual terms agreed with the customer, and physical delivery and acceptance of the amounts due by the customer.
Maintenance revenues associated with license sales are deferred and recognised rateably over the period in which the services are provided in accordance with the terms of the contract. Maintenance and support services that are sold as a bundle in an agreement are unbundled and recognised over the contract term.  
 
Page 16

 

DENODO TECHNOLOGIES LIMITED

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

2.Accounting policies (continued)


2.3
Turnover (continued)

The incremental costs of obtaining licence contracts are recognised immediately. The incremental costs of obtaining maintenance contracts are recognised over the period of the expected life of the product. 
Professional services revenue is recognised in the period in which the services are provided in accordance with the revenue recognition criteria within FRS 102 Section 23. Professional services include consulting services and training courses.
Deferred revenue represents revenue from product and service elements received in advance that does not yet qualify for revenue recognition under the company's revenue recognition policy. 

 
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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
25%
Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-
33%

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

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 17

 

DENODO TECHNOLOGIES LIMITED

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

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling £.

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.

All foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

  
2.7

Financial Instrument

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.





 
Page 18

 

DENODO TECHNOLOGIES LIMITED

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

2.Accounting policies (continued)

Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertakings 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Page 19

 

DENODO TECHNOLOGIES LIMITED

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

2.Accounting policies (continued)

 
2.8

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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

  
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

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 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.

Page 20

 

DENODO TECHNOLOGIES LIMITED

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

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 21

 

DENODO TECHNOLOGIES LIMITED

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and estimations that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
Judgements in applying accounting policies
Unbundling revenue 
Maintenance revenues associated with license sales are deferred and recognised rateably over the period in which the services are provided in accordance with the terms of the contract. Maintenance and support services that are sold as a bundle in an agreement are unbundled and recognised over the contract term. There is judgement involved in respect of unbundling services and the revenue recognised over time. The company follows its group's post contract maintenance and support policy based on standalone selling price. 
Key sources of estimation uncertainty
Deferred tax assets 
The company has estimated unrelieved tax losses of £1,829,401 (2023: £2,045,000) available for carry forward against future trading profits. At 31 December 2024 the company has a potential deferred tax asset in respect of these losses of £457,350 (2023: £511,000) which has been fully recognised due to the certainty of the timing of the recovery of the deferred tax asset (2023: only £250,000 was recognised due to the uncertainty of the timing of the recovery of the deferred tax asset). 
The company also has an unvested share option reserve of £550,508 (2023: £406,261) which has given rise to a deferred tax asset recognised of £137,627 (2023: £101,565). Assessments as to whether or not to recognise deferred tax assets involve forecasts of future taxable profits. These forecasts involve a series of complex judgements about future events and can rely heavily on estimates and assumptions. Actual outcomes could be different to the estimates and assumptions used in determining the forecasts. 

Page 22

 

DENODO TECHNOLOGIES LIMITED

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

4.


Turnover

The whole of the turnover is attributable to the principal activity of the company. 

2024
2023
£
£

United Kingdom
5,027,880
4,480,903

Rest of Europe
3,927,601
4,072,176

Rest of the world
4,868,132
3,554,739

13,823,613
12,107,818



5.


Operating profit/(loss)

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

2024
2023
£
£

Defined contribution pension costs
159,094
135,821

Foreign exchange losses/(gains)
73,317
86,653

Operating lease rentals
262,744
261,867

Share-based payment expense
144,247
129,082

Audit fees payable to the company's auditor
30,450
29,000

Non-audit fees payable to the company's auditor
14,580
8,500

Depreciation of tangible fixed assets
13,826
11,438

Loss on disposal of tangible assets
-
2,202

Page 23

 

DENODO TECHNOLOGIES LIMITED

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

6.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,648,798
4,455,258

Social security costs
478,154
655,297

Cost of defined contribution scheme
159,094
135,821

5,286,046
5,246,376


The comparative figures for staff costs have been restated for comparability to include the charge relating to share-based payment expense and costs for subcontractors who are considered employees which were previously classified in other administrative expenses.
The director received no remuneration during the year ended 31 December 2024 or the year ended 31 December 2023.

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


        2024
        2023
            No.
            No.







Management
3
3



Sales and administration
31
29

34
32


7.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
2,652
-


8.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
4,549
3,021

Page 24

 

DENODO TECHNOLOGIES LIMITED

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

9.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(344,975)
(120,488)

Total deferred tax
(344,975)
(120,488)


Tax on profit/(loss)
(344,975)
(120,488)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the effective rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit/(loss) before taxation
316,687
(465,656)


Profit/(loss) multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
79,172
(109,429)

Effects of:


Expenses not deductible for tax purposes
2,595
37,477

Capital allowances for year (greater than)/less than depreciation
1,432
(3,016)

Deferred tax not previously recognised
(370,353)
-

Changes in provisions leading to a (decrease)/increase in the tax charge
-
(1,670)

Tax deduction arising from exercise of employee share based payments
-
(356,063)

Unrelieved tax losses carried forward
-
341,351

Deferred tax not recognised
(57,821)
-

Change in rate of tax
-
(29,138)

Total tax charge for the year
(344,975)
(120,488)


Factors that may affect future tax charges

At the balance sheet date, there were tax losses in the company of £1,829,401 (2023: £2,045,000) available to be set off against future taxable profits. At 31 December 2023 the company has a potential deferred tax asset in respect of these losses of £457,350 (2023: £511,000) that has been fully recognised (2023: £250,000).

Page 25

 

DENODO TECHNOLOGIES LIMITED

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

10.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 January 2024
14,950
26,625
2,208
67,326
111,109


Additions
-
-
-
6,560
6,560



At 31 December 2024

14,950
26,625
2,208
73,886
117,669



Depreciation


At 1 January 2024
3,271
26,625
2,208
48,504
80,608


Charge for the year
3,350
-
-
10,476
13,826



At 31 December 2024

6,621
26,625
2,208
58,980
94,434



Net book value



At 31 December 2024
8,329
-
-
14,906
23,235



At 31 December 2023
11,679
-
-
18,822
30,501

Page 26

 

DENODO TECHNOLOGIES LIMITED

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

11.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
90,923
90,923

Prepayments and accrued income
1,524,242
1,648,855

1,615,165
1,739,778


2024
2023
£
£

Due within one year

Trade debtors
2,173,345
1,760,130

Other debtors
31,160
42,616

Prepayments and accrued income
2,438,062
4,401,078

Tax recoverable
-
31,250

Deferred taxation
594,975
250,000

5,237,542
6,485,074



12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,157,943
1,961,412



13.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
70,782
143,497

Amounts owed to group undertakings
2,124,256
2,214,725

Other taxation and social security
433,951
1,100,146

Other creditors
23,205
18,719

Accruals and deferred income
3,438,149
4,120,284

6,090,343
7,597,371


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand. 

Page 27

 

DENODO TECHNOLOGIES LIMITED

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

14.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
1,025,252
1,507,013



15.


Deferred taxation




2024


£






At beginning of year
250,000


Charged to profit or loss
398,986


Utilised in year
(54,011)



At end of year
594,975

The deferred tax asset is made up as follows:

2024
2023
£
£


Tax losses carried forward
457,348
149,970

Share options
137,627
100,030

594,975
250,000

The deferred tax asset in respect of corporation tax losses carried forward expected to be utilised in the following period is aproximately £121,000 (2024: £149,970).
The deferred tax asset in respect of share options will reverse when the options are exercised.


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £0.001 each
10
10


Page 28

 

DENODO TECHNOLOGIES LIMITED

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

17.


Reserves

Other reserves

The reserve comprises the share based payment expense for share awards granted and not yet exercised.

Profit and loss account

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

18.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,961,412

196,531

2,157,943


Page 29

 

DENODO TECHNOLOGIES LIMITED

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

19.


Equity-settled share-based payments

The ultimate parent company, Denodo Technologies Inc., has a share option scheme for eligible employees. Options are exercisable at a price range between $2.01 and $4.84 per share. The vesting period is 4 years, with options either vesting 1/48th every month or 25% vesting after one year and 1/48th vesting each month thereafter. Options are forfeited if the employee leaves the company before the options vest.

Weighted average exercise price (GBP)
2024
Number
2024
Weighted average exercise   price (GBP)
2023
Number
2023

Outstanding at the beginning of the year

2.28

598,712

1.75
 
535,000
 
Granted during the year

0

-

3.90
 
197,000
 
Forfeited during the year

3.51

(51,688)

3.61
 
(3,500)
 
Exercised during the year

0.74

(32,212)

0.39
 
(129,788)
 
Expired during the year

3.78

(250)

 
-
 
Outstanding at the end of the year
2.81

514,562

2.28
 
598,712
 

2024
2023

Option pricing model used


Black-Scholes

Black-Scholes
 
Weighted average exercise price (GBP)


2.81

2.28
 
Weighted average contractual life (days)


1,460

1,460
 
Expected volatility


55

55
 
Risk-free interest rate


3.53

3.53
 

2024
2023
£
£


Equity-settled schemes - share option reserve
550,508
406,261


20.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
227,306
303,075

Later than 1 year and not later than 5 years
530,381
757,688

757,687
1,060,763

Page 30

 

DENODO TECHNOLOGIES LIMITED

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

21.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 Section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of a group.

Key management personnel comprise senior management. Compensation costs for the year amounted to £386,390 (2023: £377,693).

22.


Controlling party

The smallest group for which consolidated financial statements are drawn up is headed by Denodo S.L., the immediate parent, whose registered office is Edificio Marineda Business Center, Estrada Baños de Arteixo, Nº43, 1ª Planta, Portal D, 15008, A Coruña, Spain. Copies of these group financial statements are not available to the public. 
The smallest group for which consolidated financial statements are drawn up is headed by Denodo Technologies Inc., the ultimate parent company, incorporated in the United States.
In the opinion of the directors there is no ultimate controlling party.

 
Page 31