Company registration number 05802151 (England and Wales)
AQUARIUM SOFTWARE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AQUARIUM SOFTWARE LTD
COMPANY INFORMATION
Directors
Mr A Bearman
A Sherwin
J Turner
Mr S Wheeler
Company number
05802151
Registered office
First Floor
Charter House
2 Woodlands Road
Altrincham
Greater Manchester
England
WA14 1HF
Auditor
Hammond McNulty LLP
Bank House
Market Square
Congleton
Cheshire
United Kingdom
CW12 1ET
AQUARIUM SOFTWARE LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
AQUARIUM SOFTWARE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

The Company’s principle activities during the year continued to be the development and implementation of pet insurance software across the UK, Europe and the United States of America.

The key financial and other performance indicators during the year were as follows:

2024
2023
Change
£
£
%
Turnover
13,593,276
14,064,874
(3)
Operating Profit
892,554
945,025
(6)
Profit after Tax
673,960
726,124
(7)
Equity Shareholders Funds
4,162,226
3,488,266
19
Average number of employees
71
76
(7)

The decrease in overall Turnover, Operating Profit and Profit after tax during the year was due to the sunsetting of our legacy platform, this was anticipated by the Directors and aligns with the business strategy.

Our administrative costs remained consistent with the prior year. We saw a decrease in Cost of Sales of 51% which is due to the decrease in turnover.

The turnover from our legacy platform will decrease again in 2025, however we anticipate turnover for our latest technology platform to increase by 1% which aligns with our Transfer Pricing Sales increase during the year. Expenditure for costs associated with the legacy platform will also decrease so there will be minimal effect to the profits going forward.

Shareholders funds increased by 19% due to retained earnings, no dividends were drawn in the year, we anticipate that retained earnings will continue to increase in the coming years.

The total average number of employees decreased by 7% during the year to 71, this was primarily due to staff movement across various departments, and efficiencies within the Company.

Principal risks and uncertainties

Competitive Risks – These are deemed to be low for the following reasons –

 

Legislative Risks – The Company mitigates legislative risks by –

 

Financial Instrument Risks – The Company has a risk and financial management framework in place to protect itself from events that may negatively impact its objectives.

 

Use of derivatives - The majority of our non UK customer contracts are agreed in GBP to reduce the exposure to the variability of foreign exchange rates.

 

Exposure to Price, credit, liquidity and cash flow risk – The Company currently has no bank lending and a positive cash flow; this position is expected to remain unchanged for the foreseeable future. As detailed above, the Company has little or no exposure to competitive pricing due to the strategic position it has taken in relation to non-group clients. The Company has agreed commercial terms in place with its main suppliers.

AQUARIUM SOFTWARE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance

Looking ahead, the Board remains optimistic about the company’s prospects. Our strategic priorities remain focused on sustainable growth, operational efficiency, and long-term value for all shareholders.

The business continues to monitor any changes to market conditions and customer expectations. We are actively investing in process improvements to strengthen our competitive position and enhance customer experience.

In the coming year, we expect to:

The Board will continue to monitor developments closely and adjust strategic plans as needed to safeguard long-term value for shareholders.

On behalf of the board

A Sherwin
J Turner
Director
Director
4 August 2025
4 August 2025
AQUARIUM SOFTWARE LTD
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 continued to be that of Software Development.

Results and dividends

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

No ordinary dividends were paid. 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:

Mr A Bearman
A Sherwin
J Turner
Mr S Wheeler
Statement of directors' responsibilities

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

AQUARIUM SOFTWARE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
A Sherwin
J Turner
Director
Director
4 August 2025
AQUARIUM SOFTWARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AQUARIUM SOFTWARE LTD
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

AQUARIUM SOFTWARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AQUARIUM SOFTWARE LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, and employment legislation.

 

We enquired of the directors, reviewed correspondence with HMRC and reviewed legal fees for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

 

We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.

 

The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas:

 

Related party transactions, revenue recognition and management override.

AQUARIUM SOFTWARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AQUARIUM SOFTWARE LTD (CONTINUED)
- 7 -

We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

 

We enquired of the directors about actual and potential litigation and claims.

 

We performed analytical procedures at the planning stage to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

 

In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries; and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Marie Ann Shenton FCCA (Senior Statutory Auditor)
For and on behalf of Hammond McNulty LLP, Statutory Auditor
Chartered Certified Accountants
Bank House
Market Square
Congleton
Cheshire
CW12 1ET
United Kingdom
4 August 2025
AQUARIUM SOFTWARE LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,593,276
14,064,874
Cost of sales
(852,992)
(1,735,264)
Gross profit
12,740,284
12,329,610
Administrative expenses
(11,847,730)
(11,384,585)
Operating profit
4
892,554
945,025
Interest receivable and similar income
7
8,518
7,546
Profit before taxation
901,072
952,571
Tax on profit
8
(227,112)
(226,447)
Profit for the financial year
673,960
726,124

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

AQUARIUM SOFTWARE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
673,960
726,124
Other comprehensive income
-
-
Total comprehensive income for the year
673,960
726,124
AQUARIUM SOFTWARE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
61,502
87,856
Current assets
Debtors
10
3,133,500
3,242,333
Cash at bank and in hand
2,288,967
1,575,736
5,422,467
4,818,069
Creditors: amounts falling due within one year
11
(1,321,743)
(1,417,659)
Net current assets
4,100,724
3,400,410
Net assets
4,162,226
3,488,266
Capital and reserves
Called up share capital
14
211
211
Share premium account
499,690
499,690
Capital redemption reserve
15
15
Profit and loss reserves
3,662,310
2,988,350
Total equity
4,162,226
3,488,266

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

The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
A Sherwin
J Turner
Director
Director
Company registration number 05802151 (England and Wales)
AQUARIUM SOFTWARE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
211
499,690
15
2,262,226
2,762,142
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
726,124
726,124
Balance at 31 December 2023
211
499,690
15
2,988,350
3,488,266
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
673,960
673,960
Balance at 31 December 2024
211
499,690
15
3,662,310
4,162,226
AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Aquarium Software Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Charter House, 2 Woodlands Road, Altrincham, Greater Manchester, England, WA14 1HF.

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 financial statements of the company are consolidated in the financial statements of Trupanion Inc. These consolidated financial statements are available from its registered office, 6100 4th Avenue, South Suite 200, Scattle, WA 98108, United States.

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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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

1.4
Research and development expenditure

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

1.5
Tangible fixed assets

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

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

Leasehold improvements
20% straight line
Plant and equipment
33% straight line
Fixtures and fittings
20% straight line

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

1.6
Impairment of fixed assets

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

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

 

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

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

1.7
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.

AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
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.

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.

AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

Derecognition of financial liabilities

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

1.9
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.

1.10
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.

AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11
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.

1.12
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Software sales
1,438,072
2,033,818
Transfer pricing turnover
12,155,204
12,031,056
13,593,276
14,064,874
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
880,552
1,451,727
Ireland
40,372
40,490
Canada
201,869
200,004
Australia
234,559
241,206
United States
12,235,924
12,131,447
13,593,276
14,064,874
2024
2023
£
£
Other revenue
Interest income
8,518
7,546
AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
5,759
1,188
Research and development costs
166,747
147,513
Fees payable to the company's auditor for the audit of the company's financial statements
5,000
4,410
Depreciation of owned tangible fixed assets
33,433
49,224
(Profit)/loss on disposal of tangible fixed assets
(158)
9,966
5
Employees

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

2024
2023
Number
Number
Application Support
13
13
Compliance
1
1
Development
35
39
HR/Marketing
2
2
Information Security
1
3
Infrastructure Support
3
5
International
5
8
IT Support
7
1
Finance
3
3
Operations
1
1
Total
71
76

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,997,625
6,116,643
Social security costs
931,804
913,246
Pension costs
200,246
202,387
7,129,675
7,232,276
AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,094,492
793,696
Company pension contributions to defined contribution schemes
21,227
20,037
1,115,719
813,733

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
263,423
264,592

The highest paid director has exercised share options during the year.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
914
259
Other interest income
7,604
7,287
Total income
8,518
7,546
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
237,466
231,665
Deferred tax
Origination and reversal of timing differences
(10,795)
(5,618)
Foreign exchange differences
441
400
Total deferred tax
(10,354)
(5,218)
Total tax charge
227,112
226,447
AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 19 -

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
901,072
952,571
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
225,268
224,045
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,839
Depreciation on assets not qualifying for tax allowances
1,403
163
Foreign exchange differences
441
400
Taxation charge for the year
227,112
226,447
9
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
53,097
162,110
7,977
223,184
Additions
642
5,655
782
7,079
Disposals
-
0
(117,019)
(3,040)
(120,059)
At 31 December 2024
53,739
50,746
5,719
110,204
Depreciation and impairment
At 1 January 2024
1,868
130,268
3,192
135,328
Depreciation charged in the year
10,726
21,266
1,441
33,433
Eliminated in respect of disposals
-
0
(117,019)
(3,040)
(120,059)
At 31 December 2024
12,594
34,515
1,593
48,702
Carrying amount
At 31 December 2024
41,145
16,231
4,126
61,502
At 31 December 2023
51,229
31,842
4,785
87,856
AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
135,707
155,930
Other debtors
2,896,250
2,994,329
Prepayments and accrued income
65,573
66,899
3,097,530
3,217,158
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 12)
35,970
25,175
Total debtors
3,133,500
3,242,333
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
545,849
599,124
Corporation tax
120,626
109,391
Other taxation and social security
202,431
222,425
Other creditors
51,010
56,077
Accruals and deferred income
401,827
430,642
1,321,743
1,417,659
12
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
(9,975)
25,175
Sabbatical accrual
45,945
-
35,970
25,175
AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Deferred taxation
(Continued)
- 21 -
2024
Movements in the year:
£
Asset at 1 January 2024
(25,175)
Charge to profit or loss
25,175
Other
(35,970)
Asset at 31 December 2024
(35,970)
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,227
20,037

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.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
3,121
3,121
31
31
B Ordinary shares of 1p each
10,948
10,948
109
109
C Ordinary shares of 1p each
3,580
3,580
36
36
E Ordinary shares of 1p each
3,488
3,488
35
35
21,137
21,137
211
211
15
Operating lease commitments

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
60,101
55,983
Between two and five years
187,445
247,546
247,546
303,529
16
Related party transactions
Transactions with related parties

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

AQUARIUM SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Related party transactions
(Continued)
- 22 -
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
12,155,207
12,031,056
1,381,863
12,033
Management charge
2024
2023
£
£
Entities with control, joint control or significant influence over the company
1,876,694
1,384,546

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
2,775,624
2,854,988
17
Ultimate controlling party

The ultimate controlling party is Trupanion Inc who controls 100% of the shares of Aquarium Software Ltd.

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