Company registration number 05066228 (England and Wales)
EFLOW LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EFLOW LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
EFLOW LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,559
1,559
Current assets
Debtors
6
1,276,640
691,035
Cash at bank and in hand
1,757,290
3,605,368
3,033,930
4,296,403
Creditors: amounts falling due within one year
7
(2,952,545)
(3,083,914)
Net current assets
81,385
1,212,489
Total assets less current liabilities
82,944
1,214,048
Creditors: amounts falling due after more than one year
8
(962,508)
(1,262,403)
Provisions for liabilities
(390)
(390)
Net liabilities
(879,954)
(48,745)
Capital and reserves
Called up share capital
189
189
Share premium account
660,701
660,701
Profit and loss reserves
(1,540,844)
(709,635)
Total equity
(879,954)
(48,745)
EFLOW LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
Mr B J Parker
Director
Company registration number 05066228 (England and Wales)
EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Eflow Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Davidson House, The Forbury, Reading, RG1 3EU.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Restatement of Comparatives

Comparatives have been restated to present borrowings from the books of parent company in accordance with loan agreement. As a result of this restatement, creditors have increased by £368,689 while debtors have increased by £179,655. Loss for the year has increased by £189,034.

 

Borrowing which were previously stated as long term creditors of £451,598 have been restated to short term creditors in accordance with the nature of this arrangement.

 

Comparatives have also been restated to present R&D tax credit due to £135,531 within debtors instead of being netted off within creditors.

1.3
Going concern

These financial statements have been prepared on a going concern basis notwithstanding that the company had net liabilities of £879,954 (2023: net liabilities as restated £48,745) at the year end. The directors have considered the company's current position and future prospects which indicate that the company is able to operate within the level of its current facility. The parent company has provided the company within an undertaking that it will not seek repayment of amounts £1,274,217 (2023: as restated £1,369,066), until such time as the company has sufficient resources to do so. After making enquiries and considering the circumstances, the directors have a reasonable expectation that the company will have adequate resources to continue operating on a going concern basis.true

1.4
Turnover

Turnover represents amount receivable for services net of VAT and discounts.

 

Rendering of services

Revenue from rendering of services is recognised over the course of the contract.

EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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:

Computers
33% on reducing balance

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.

1.7
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.

EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

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.

1.8
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.

1.9
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.

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.

EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.10
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.

1.11
Taxation

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

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.

EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

2
Employees

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

2024
2023
Number
Number
Total
52
40
EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
242,642
197,630
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
120,000
103,719
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
90,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
90,000
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
55,845
Depreciation and impairment
At 1 January 2024 and 31 December 2024
54,286
Carrying amount
At 31 December 2024
1,559
At 31 December 2023
1,559
EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
as restated
Trade debtors
615,815
368,311
Corporation tax recoverable
229,908
135,931
Amounts owed by group undertakings
302,847
48,094
Other debtors
128,070
138,699
1,276,640
691,035

Comparatives have been restated to present R&D tax credit due within debtors instead of being netted off within creditors.

7
Creditors: amounts falling due within one year
2024
2023
£
£
as restated
Bank loans
895,824
1,126,431
Trade creditors
163,087
330,558
Amounts owed to group undertakings
1,274,217
1,369,066
Taxation and social security
174,976
96,982
Other creditors
444,441
160,877
2,952,545
3,083,914

Borrowing which was previously presented as long term creditors has been presented within short term creditors in accordance with the nature of the arrangement.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
as restated
Bank loans
542,508
842,403
Other creditors
420,000
420,000
962,508
1,262,403

Comparatives have been restated to recognised a borrowing which was previously presented in the books of the parent company.

EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
9
Audit report information

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

The auditor's report was unqualified.

Senior Statutory Auditor:
Rachel Chim
Statutory Auditor:
UHY Hacker Young
Date of audit report:
23 July 2025
10
Operating lease commitments
Lessee

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

2024
2023
£
£
154,907
153,052
11
Security

The company has a loan facility in which security has been provided by way of fixed and floating charge on the assets of the company.

12
Related party transactions
Transactions with related parties

At the year end, the company was owed £34,567 (2023: £34,567) by the directors.

13
Parent company

The company is a wholly owned subsidiary of Eflow Topco Ltd, a company incorporated in England and Wales. The financial statements of the company is incorporated within the consolidated financial statements of Eflow Topco Ltd which can be obtained from Davidson House, The Forbury, Reading, RG1 3EU.

 

 

14
Prior period adjustment
EFLOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Prior period adjustment
(Continued)
- 11 -
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Borrowings prevoiusly in parent company books
-
(189,034)
Equity as previously reported
-
140,289
Equity as adjusted
-
(48,745)
Analysis of the effect upon equity
Profit and loss reserves
-
(189,034)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Borrowings prevoiusly in parent company books
(189,034)
Loss as previously reported
(191,144)
Loss as adjusted
(380,178)
Notes to reconciliation

Refer to Note 1.2 for further information.

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