Company registration number 01661312 (England and Wales)
GRAITEC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GRAITEC LIMITED
COMPANY INFORMATION
Directors
GF Innovation Limited
Mr A Micallef
Ms V F Davenport
Secretary
Ms I Bouyenval
Company number
01661312
Registered office
Hounsdown House, Hounsdown Business Park
Bulls Copse Road
Totton
Southampton
Hampshire
United Kingdom
SO40 9LR
Auditor
Azets Audit Services
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
GRAITEC LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
GRAITEC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Business performance and market position

Despite market challenges, the business performed strongly against key performance indicators (KPIs). Cash generation remains positive, reinforcing the company’s financial health. Our continued market share growth with Autodesk allows us to expand into new markets and acquire subscribers ahead of competitors.

 

Autodesk’s shift from a buy-sell to an Agent model, while not materially impacting 2024 revenues, will change our 2025 income structure to a commission-based model. However, this shift will not reduce profit per transaction. Instead, the new agency approach has identified operational efficiencies and opportunities to improve margins.

 

Our proprietary Graitec software continues to gain momentum. With new BIM (Building Information Modelling) and Cloud product launches, we anticipate sustained growth.

 

Both our Autodesk business lines, and internally developed software demonstrate consistent expansion.

 

The company's key performance indicators are:

 

Turnover growth: 15.9% (2023 - 6.4%)

Gross profit margin: 55.3% (2023 - 49.6%)

Profit before tax margin: 28.8% (2023 - 13.2%)

Market trends and growth drivers

The markets we serve continue to expand, driven by government mandates accelerating BIM adoption in construction and infrastructure projects. Our Autodesk-driven expansion into construction unlocks further subscriber growth, while our manufacturing division benefits from increased customer investment aimed at global competitiveness.

 

Professional Services revenue continues to scale alongside software sales, aligning with our goal of delivering high-value solutions that support our clients' digital transformation and business objectives.

Principal risks and uncertainties

Competitive risks:

Macro-economic risks:

Going concern

We have modelled out the next few years, we have recurring revenue by nature, so we see a small net effect on revenue, but we continue to monitor costs so that the net effect will be a increase in bottom line performance as more and more of our revenues become predictable. We have seen an increased appetite for leasing from our customers and we see this continuing, thus helping further our cash flows as well.

GRAITEC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr A Micallef
Director
27 March 2025
GRAITEC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company in the year ender review was that of a computer aided system editor and reseller incorporating training, CAD bureau and programming services and the hire of computer software and hardware.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,190,000. The directors do not recommend payment of a final dividend.

Directors

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

GF Innovation Limited
Mr A Micallef
Ms V F Davenport
Future developments

Graitec continues to grow market share, performing strongly against key performance indicators as we expand into new markets, deepen our footprint with existing customers, and acquire subscribers ahead of competitors. Our momentum in Cloud solutions remains strong, with particularly high growth in the Design and Manufacturing segments - recognised by Autodesk, which awarded Graitec UK the title of fastest-growing Platinum Partner in Northern Europe.

 

Autodesk’s transition from a buy-sell to an Agency model, while not materially impacting 2024 revenues, will reshape our 2025 income structure into a commission-based model. This shift presents opportunities to improve margins through operational efficiencies while increasing revenue from our proprietary solutions and Professional Services.

 

Our Graitec software portfolio continues to accelerate, particularly with new BIM and Cloud product launches. In 2024, our software solutions business saw exponential growth, and we anticipate similar momentum in 2025 and beyond.

 

Professional Services revenue continues to scale alongside software sales, reinforcing our commitment to delivering high-value solutions that support clients' digital transformation and business objectives. In 2024, we achieved solid double-digit growth in our consulting business across BIM, Manufacturing, and business process optimisation.

 

Looking ahead, all three pillars of our business - Graitec Software, Professional Services, and Autodesk solutions - are set for continued expansion over the next three years. As we move into 2025 and beyond, our focus remains on innovation, strategic partnerships, and delivering cutting-edge solutions that drive customer success.

Auditor

The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

 

 

 

 

 

 

 

 

GRAITEC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Energy and carbon report

The Company is complying with the requirements of the Streamlined Energy and Carbon Reporting (SECR) by declaring emissions, as detailed below, for the period 1st January 2024 to 31st December 2024, corresponding with the Company's financial period.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
12,788
29,478
- Electricity purchased
72,974
77,505
- Fuel consumed for transport
99,210
146,820
184,972
253,803
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
2.34
5.39
- Fuel consumed for owned transport
5.81
12.92
8.15
18.31
Scope 2 - indirect emissions
- Electricity purchased
15.11
16.05
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
19.26
24.06
Total gross emissions
42.52
58.42
Intensity ratio
Tonnes CO2e per revenue £m
2.45
3.78
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines.

 

The GHG Protocol Corporate Accounting and Reporting Standard methodology has been used to compile this report. The standard covers the accounting and reporting of seven greenhouse gases covered by the Kyoto Protocol – carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PCFs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3). It was updated in 2015 with the Scope 2 Guidance, which allows companies to credibly measure and report emissions from purchased or acquired electricity, steam, heat, and cooling.

 

The GHG Protocol Corporate Standard focuses only on the accounting and reporting of emissions and has been designed to be program or policy neutral. However, many existing GHG programs use it for their own accounting and reporting requirements, and it is compatible with most of them. Major Scope 1 and 2 emissions have been quantified and, in line with Good Practice, Scope 3 emissions have also been quantified where practicable, where deemed to be material and/or where required for mandatory inclusion under SECR requirements.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per revenue £m, the recommended ratio for the sector.

GRAITEC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Measures taken to improve energy efficiency

During the SECR reporting period the company did not implement any carbon offset projects to help reduce their carbon footprint.

 

No “green” electricity tariffs or other market-based instruments were used in 2024 in the form of certified or uncertified carbon offsets. These may be considered in the future. However, the focus in on delivering true emission reduction.

Disclosures in the strategic report

The directors have elected to include within the Strategic Report a review of the business and information relating to the company's strategy and management of financial and business risk exposure.

Statement of disclosure to auditor

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

On behalf of the board
Mr A Micallef
Director
27 March 2025
GRAITEC LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

GRAITEC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRAITEC LIMITED
- 7 -
Opinion

We have audited the financial statements of Graitec Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

GRAITEC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GRAITEC LIMITED
- 8 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

GRAITEC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GRAITEC LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Jon Brand FCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
31 March 2025
Chartered Accountants
Statutory Auditor
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
GRAITEC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
17,898,078
15,443,435
Cost of sales
(7,993,421)
(7,787,676)
Gross profit
9,904,657
7,655,759
Administrative expenses
(4,454,505)
(5,262,830)
Other operating income
-
0
55,095
Operating profit
4
5,450,152
2,448,024
Interest receivable and similar income
8
222,678
40,904
Interest payable and similar expenses
9
(512,716)
(446,018)
Profit before taxation
5,160,114
2,042,910
Tax on profit
10
(1,454,669)
(852,407)
Profit for the financial year
3,705,445
1,190,503
GRAITEC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
407,826
539,891
Other intangible assets
13
1,590,018
1,988,853
Total intangible assets
1,997,844
2,528,744
Tangible assets
14
100,565
128,149
2,098,409
2,656,893
Current assets
Debtors
17
40,155,501
23,563,137
Cash at bank and in hand
1,434,783
4,620,600
41,590,284
28,183,737
Creditors: amounts falling due within one year
18
(34,528,713)
(24,191,443)
Net current assets
7,061,571
3,992,294
Total assets less current liabilities
9,159,980
6,649,187
Creditors: amounts falling due after more than one year
19
(5,058,065)
(5,058,065)
Provisions for liabilities
Deferred tax liability
20
3,922
8,574
(3,922)
(8,574)
Net assets
4,097,993
1,582,548
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
4,097,893
1,582,448
Total equity
4,097,993
1,582,548
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr A  Micallef
Director
Company Registration No. 01661312
GRAITEC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
3,791,945
3,792,045
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,190,503
1,190,503
Dividends
11
-
(3,400,000)
(3,400,000)
Balance at 31 December 2023
100
1,582,448
1,582,548
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
3,705,445
3,705,445
Dividends
11
-
(1,190,000)
(1,190,000)
Balance at 31 December 2024
100
4,097,893
4,097,993
GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Graitec Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hounsdown House, Hounsdown Business Park, Bulls Copse Road, Totton, Southampton, Hampshire, United Kingdom, SO40 9LR.

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.

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

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

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

 

 

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.

 

Graitec Limited is a wholly owned subsidiary of Graitec Innovations SAS and the results of Graitec Limited are included in the consolidated financial statements of Graitec Innovations SAS which are available from 17 Burospace, 91572, Bievres, France.

The company has taken exmpetion from disclosing key management personnel compensation, as permitted by FRS 102 paragraph 33.7A, as they are the same as the Directors.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have considered the impact of the current economic conditions on the business and a detailed review of this covered within the Strategic Report. The directors, at both UK and group level, have undertaken modelling to review multiple scenarios to consider the funding requirements of the business, and they consider the reserves and facilities in place are sufficient to enable it to continue trading both profitably and effectively as a going concern.

1.3
Turnover
GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Turnover represents the value of goods for internal related products, earnback in relation to third party products and services supplied, net of discounts and excluding value added tax.

 

Income in respect of goods is recognised in full once the company has met all necessary obligations to the purchaser for those goods. Income in respect of services, where these are maintenance contracts or other time related services, is spread over the time period to which the service relates. Income from commissions is recognised once the goods to be sold have been purchased from the supplier of the commission.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of 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.

1.5
Intangible fixed assets other than goodwill

Intangible assets, being the amount paid in connection with the acquisition of customer bases/business are being amortised evenly over their estimated useful life of ten years.

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:

Improvements to property
25% on cost
Office furniture & equipment
20% on cost
Computer equipment
20 - 33% on cost
Motor vehicles
25% on cost

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.

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

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

 

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

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

1.8
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

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.

1.12
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.

1.13
Retirement benefits

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

1.14
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.

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Intangible assets

Acquired goodwill is required to be reviewed and separable, identifiable, intangible assets re-classified accordingly. The directors have reviewed prior acquisitions and consider that goodwill previously recognised is materially comprised of customer databases and related information. The existing period of amortisation is still considered to be valid.

Leases

Determination of whether leases entered into by the company as lessee are operating or finance leases. These decisions depend on whether the risks and rewards of ownership have been transferred to the company, on a lease by lease basis. The leases in place have all been recognised as operating leases based on this method.

Revenue recognition

Revenue is recognised in full when the company has undertaken all the work necessary for the significant risks and rewards of products or services to pass to the client. In making that judgement regard is given to factors such as the nature and timing of the services, the obligations of the company and the commercial terms of the sales contract. Where income is deferred, consideration is given to the term of the contract and the expected pattern of costs for the services being provided.

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives, taking into account their expected residual values at the end of those lives. The actual lives and residual values may vary depending on a number of factors and are considered annually. In assessing asset lives factors such as maintenance programmes, technological advances and product life cycles are taken into account. In assessing residual values such as market conditions and disposal values are considered.

 

Determination of whether there are indicators of impairment of tangible and intangible assets take into account the future economic viability of the assets, expected future returns, and current carrying values.

Intangible assets

Intangible assets are amortised over their useful lives. The useful life is considered to be the period of time that the intangible asset will generate income for the business. The useful life is reviewed annually.

Bad debt provision

Bad debt provision is recognised based on the assumptions of management as to whether customers are able to pay, this is subject to asymmetric information and thus there is inherent uncertainty in management's estimate.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods - internal products
4,665,592
2,234,300
Sale of goods - 3rd party products
7,855,811
6,939,038
Sale of services
5,376,675
6,270,097
17,898,078
15,443,435
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,399,444
12,774,465
Europe
3,468,374
2,591,800
Rest of world
30,260
77,170
17,898,078
15,443,435
2024
2023
£
£
Other revenue
Interest income
222,678
40,904
GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
12,053
10,629
Depreciation of owned tangible fixed assets
61,971
54,246
(Profit)/loss on disposal of tangible fixed assets
-
11,817
Amortisation of intangible assets
530,900
647,533
Impairment of intangible assets
-
0
956,839
Operating lease charges
187,100
186,904
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
48,784
52,034
6
Employees

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

2024
2023
Number
Number
Management
2
2
Direct
69
72
Admin
7
8
Total
78
82

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,149,853
4,929,052
Social security costs
636,894
610,546
Pension costs
83,366
83,586
5,870,113
5,623,184
GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
523,907
310,035
Company pension contributions to defined contribution schemes
6,210
1,980
530,117
312,015
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
304,672
182,103
Company pension contributions to defined contribution schemes
4,706
990
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
222,678
37,926
Other interest income
-
0
2,978
Total income
222,678
40,904
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
222,678
37,926
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
479,799
446,018
Other finance costs:
Other interest
32,917
-
0
512,716
446,018
GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,464,585
876,257
Adjustments in respect of prior periods
(1,963)
(43,092)
Total current tax
1,462,622
833,165
Deferred tax
Origination and reversal of timing differences
(7,953)
19,242
Total tax charge
1,454,669
852,407

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

2024
2023
£
£
Profit before taxation
5,160,114
2,042,910
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,290,029
480,084
Tax effect of expenses that are not deductible in determining taxable profit
25,089
31,403
Effect of change in corporation tax rate
-
0
820
Depreciation on assets not qualifying for tax allowances
5,004
6,183
Amortisation on assets not qualifying for tax allowances
136,510
377,009
Under/(over) provided in prior years
(1,963)
(43,092)
Taxation charge for the year
1,454,669
852,407
11
Dividends
2024
2023
£
£
Interim paid
1,190,000
3,400,000
GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Goodwill
13
-
0
956,839
Recognised in:
Administrative expenses
-
956,839
13
Intangible fixed assets
Goodwill
Customer base
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1,760,860
5,120,603
6,881,463
Amortisation and impairment
At 1 January 2024
1,220,969
3,131,750
4,352,719
Amortisation charged for the year
132,065
398,835
530,900
At 31 December 2024
1,353,034
3,530,585
4,883,619
Carrying amount
At 31 December 2024
407,826
1,590,018
1,997,844
At 31 December 2023
539,891
1,988,853
2,528,744

More information on impairment movements in the year is given in note 12.

Amortisation of intangible fixed assets is included in administration expenses.

 

 

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
14
Tangible fixed assets
Improvements to property
Office furniture & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
115,654
67,864
439,430
29,301
652,249
Additions
10,699
1,841
21,847
-
0
34,387
Disposals
(42,531)
(16,575)
(65,426)
(11,358)
(135,890)
At 31 December 2024
83,822
53,130
395,851
17,943
550,746
Depreciation and impairment
At 1 January 2024
53,917
61,363
379,519
29,301
524,100
Depreciation charged in the year
21,691
1,849
38,431
-
0
61,971
Eliminated in respect of disposals
(42,531)
(16,575)
(65,426)
(11,358)
(135,890)
At 31 December 2024
33,077
46,637
352,524
17,943
450,181
Carrying amount
At 31 December 2024
50,745
6,493
43,327
-
0
100,565
At 31 December 2023
61,737
6,501
59,911
-
0
128,149
15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
-
-
GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 25 -

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

 

Adris (2014) Limited

Registered office: Riverside House, Brunel Road, Totton, Southampton, Hampshire, SO40 3WX

Nature of business: Dormant

%

Class of shares:                        holding

Ordinary                            100.00

 

This company dissolved on 31 October 2023.

 

Cadpoint Limited

Registered office: 34 Wellington Business Park, Dukes Ride, Crowthorne, Berkshire, RG45 6LS

Nature of business: Software reseller

     %

Class of shares:                        holding

Ordinary                            100.00

 

This company dissolved on 2 January 2024.

 

Strucsoft Solutions UK Limited

Registered office: Liverpool Science Park, 131 Mount Pleasant, Suite 21, Liverpool, Merseyside, L3 5TF

Nature of business: Software developer

     %

Class of shares:                        holding

Ordinary                            100.00

 

This company dissolved on 3 September 2024.

 

 

 

 

 

 

 

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Shares in subsidiairies
£
Cost or valuation
At 1 January 2024
222
Disposals
(2)
At 31 December 2024
220
Impairment
At 1 January 2024
222
Disposals
(2)
At 31 December 2024
220
Carrying amount
At 31 December 2024
-
At 31 December 2023
-
16
Financial instruments

There are no financial assets or financial liabilities at fair value through profit and loss.

17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,839,077
7,540,995
Amounts owed by group undertakings
9,162,443
2,378,685
Other debtors
23,301
83,823
Prepayments and accrued income
26,130,680
13,559,634
40,155,501
23,563,137
18
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,158,965
6,529,222
Amounts owed to group undertakings
-
0
15
Corporation tax
(177,146)
342,249
Other taxation and social security
316,712
987,738
Other creditors
24,972
134,027
Accruals and deferred income
33,205,210
16,198,192
34,528,713
24,191,443
GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
19
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
5,058,065
5,058,065

Amounts owed to group undertakings are unsecured and repayable in full in 2027. Interest is charged at market rate.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
5,058,065
5,058,065
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
6,684
10,469
Retirement benefit obligations
(2,762)
(1,895)
3,922
8,574
2024
Movements in the year:
£
Liability at 1 January 2024
8,574
Credit to profit or loss
(4,652)
Liability at 31 December 2024
3,922

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
83,366
83,586

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

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

Share capital represents the nominal value of shares that have been issued.

The holders of the ordinary shares are entitled to receive dividends declared from time to time and are entitled to one vote per share at meetings of the company.

23
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
236,352
292,368
Between two and five years
380,040
627,366
616,392
919,734
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities with control, joint control or significant influence over the entity
190,112
177,278

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Ireland' not to disclosure related party transactions with wholly owned subsidiaries within the group.

GRAITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
25
Ultimate controlling party

The ultimate Parent Company is Seven2 Funds, a company incorporated in France. The smallest and largest group of undertakings of which the company is a member and that draws up group financial statements is that of Grailink SAS.

 

Copies of the company's financial statements which incorporate the accounts of Graitec Limited may be obtained from:

 

Grailink SAS

20 rue de Provence

75009

Paris

France

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