Caseware UK (AP4) 2024.0.164 2024.0.164 truefalse2024-01-01falseNo description of principal activity1818trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04959920 2024-12-31 04959920 c:Director1 2024-01-01 2024-12-31 04959920 2024-01-01 2024-12-31 04959920 2023-01-01 2023-12-31 04959920 2023-12-31 04959920 c:Director1 2024-12-31 04959920 c:Director2 2024-01-01 2024-12-31 04959920 c:Director2 2024-12-31 04959920 d:PlantMachinery 2024-01-01 2024-12-31 04959920 d:PlantMachinery 2024-12-31 04959920 d:PlantMachinery 2023-12-31 04959920 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04959920 d:FurnitureFittings 2024-01-01 2024-12-31 04959920 d:FurnitureFittings 2024-12-31 04959920 d:FurnitureFittings 2023-12-31 04959920 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04959920 d:ComputerEquipment 2024-01-01 2024-12-31 04959920 d:ComputerEquipment 2024-12-31 04959920 d:ComputerEquipment 2023-12-31 04959920 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04959920 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04959920 d:Goodwill 2024-01-01 2024-12-31 04959920 d:Goodwill 2024-12-31 04959920 d:Goodwill 2023-12-31 04959920 d:ComputerSoftware 2024-12-31 04959920 d:ComputerSoftware 2023-12-31 04959920 d:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 04959920 d:CurrentFinancialInstruments 2024-12-31 04959920 d:CurrentFinancialInstruments 2023-12-31 04959920 d:Non-currentFinancialInstruments 2024-12-31 04959920 d:Non-currentFinancialInstruments 2023-12-31 04959920 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04959920 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04959920 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 04959920 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04959920 d:ShareCapital 2024-12-31 04959920 d:ShareCapital 2023-12-31 04959920 d:SharePremium 2024-12-31 04959920 d:SharePremium 2023-12-31 04959920 d:CapitalRedemptionReserve 2024-12-31 04959920 d:CapitalRedemptionReserve 2023-12-31 04959920 d:RetainedEarningsAccumulatedLosses 2024-12-31 04959920 d:RetainedEarningsAccumulatedLosses 2023-12-31 04959920 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04959920 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04959920 c:FRS102 2024-01-01 2024-12-31 04959920 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 04959920 c:FullAccounts 2024-01-01 2024-12-31 04959920 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04959920 d:WithinOneYear 2024-12-31 04959920 d:WithinOneYear 2023-12-31 04959920 d:BetweenOneFiveYears 2024-12-31 04959920 d:BetweenOneFiveYears 2023-12-31 04959920 2 2024-01-01 2024-12-31 04959920 e:PoundSterling 2024-01-01 2024-12-31 04959920 c:Director1 2024-01-01 04959920 c:Director2 2024-01-01 04959920 c:Director2 2023-01-01 04959920 c:Director2 2023-01-01 2023-12-31 04959920 c:Director2 2023-12-31 04959920 c:Director1 2023-01-01 04959920 c:Director1 2023-01-01 2023-12-31 04959920 c:Director1 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 04959920











PERSUS LIMITED
Unaudited
Directors' Report and Financial Statements
Information for filing with the registrar
For the Year Ended 31 December 2024

















Coveney Nicholls Limited
Chartered Accountants
The Old Wheel House
31/37 Church Street
Reigate
Surrey
UK
RH2 0AD

 
PERSUS LIMITED
 
 
Directors' Report

For the Year Ended 31 December 2024

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

2024 Performance Overview

In 2024, the company achieved a significant financial turnaround, reporting an EBITDA of £80k (2023: negative £208k) and a profit after tax of £40k. Revenue grew by 34%, increasing from £2.035m in 2023 to £2.718m in 2024, driven by strong performance across core business areas and efforts to broaden the client base diversified revenue streams, lessening reliance on individual accounts and increasing the company’s resilience to any potential client losses. Recurring licence and maintenance revenue, which accounted for 19% of total revenue, provided a reliable and predictable income stream, further strengthening the company’s financial position.
Cost control measures, such as the 2023 restructuring programme and targeted cost-reduction initiatives, led to a 12% reduction in overheads, from £1.057m in 2023 to £933k in 2024. The bottom line was impacted by £36k of interest on a relatively high-cost short-term loan during the year. Its repayment, by April 25, is expected to reduce financing costs by over 80% in 2025.
Strong relationships with suppliers have allowed the company to secure favourable payment terms, further improving cash flow and financial flexibility.
Looking ahead, 2025 revenue growth is projected to reach £3.3m, including £1m from ongoing projects which will be completed in Q1 2025. With a robust operational framework, enhanced financial flexibility, and clear plans for growth, the company is well-positioned to build on this success and deliver sustained profitability and long-term value.
Financial Stability and Directors' Support
Following the client collapses in 2022 and the resulting loss of and deferral of business, the directors stepped in to provide loans, helping to stabilise the company’s finances during this challenging period. These loans now account for a significant portion of the company’s long-term liabilities (84%).
The directors have also confirmed their willingness to provide further financial support as the business develops, reflecting their confidence in the company’s resilience and their ongoing commitment to its long-term success.

Directors

The directors who served during the year were:

J Choy 
J Telfer 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 12 August 2025 and signed on its behalf.
 





J Choy
Director

Page 1

 
PERSUS LIMITED
Registered number:04959920

Statement of Financial Position
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
15,862
18,996

  
15,862
18,996

Current assets
  

Stocks
  
60,934
58,468

Debtors: amounts falling due within one year
 6 
820,310
652,206

Cash at bank and in hand
  
135,784
73,931

  
1,017,028
784,605

Creditors: amounts falling due within one year
 7 
(1,174,643)
(905,459)

Net current liabilities
  
 
 
(157,615)
 
 
(120,854)

Total assets less current liabilities
  
(141,753)
(101,858)

Creditors: amounts falling due after more than one year
  
(152,111)
(232,076)

  

Net liabilities
  
(293,864)
(333,934)


Capital and reserves
  

Called up share capital 
  
300
300

Share premium account
  
59,063
59,063

Capital redemption reserve
  
53
53

Profit and loss account
  
(353,280)
(393,350)

  
(293,864)
(333,934)


Page 2

 
PERSUS LIMITED
Registered number:04959920
    
Statement of Financial Position (continued)
As at 31 December 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2025.




J Choy
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
PERSUS LIMITED
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit G04, Blackfriars Foundry Annexe, 65 Glasshill Street, London, SE1 0QR England.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have deemed that the going concern basis is appropriate based on the explanations outlined on page 1

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

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

 
2.5

Interest income

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

Page 4

 
PERSUS LIMITED
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.6

Finance costs

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

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

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

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

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

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 5

 
PERSUS LIMITED
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years
Intangible assets
-
5
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
PERSUS LIMITED
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 18).

Page 7

 
PERSUS LIMITED
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2024

4.


Intangible assets




Intangible assets
Goodwill
Total

£
£
£



Cost


At 1 January 2024
62,226
70,000
132,226



At 31 December 2024

62,226
70,000
132,226



Amortisation


At 1 January 2024
62,226
70,000
132,226



At 31 December 2024

62,226
70,000
132,226



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
-
-
-



Page 8

 
PERSUS LIMITED
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
3,686
12,598
81,211
97,495


Additions
-
-
2,693
2,693


Disposals
-
-
(839)
(839)



At 31 December 2024

3,686
12,598
83,065
99,349



Depreciation


At 1 January 2024
3,491
12,100
62,908
78,499


Charge for the year on owned assets
175
50
4,932
5,157


Disposals
-
-
(169)
(169)



At 31 December 2024

3,666
12,150
67,671
83,487



Net book value



At 31 December 2024
20
448
15,394
15,862



At 31 December 2023
195
498
18,303
18,996


6.


Debtors

2024
2023
£
£


Trade debtors
483,837
421,344

Other debtors
26,579
28,281

Prepayments and accrued income
306,920
199,607

Deferred taxation
2,974
2,974

820,310
652,206


Page 9

 
PERSUS LIMITED
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
89,200
68,635

Trade creditors
476,833
413,044

Other taxation and social security
259,797
230,397

Other creditors
4,813
7,078

Accruals and deferred income
344,000
186,305

1,174,643
905,459



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
115,001

Other loans
127,025
117,075

Other creditors
25,086
-

152,111
232,076



9.
Director's advances, credits and guarantees


2024

Balance brought forward 
Advances/(credits) to the directors
Amounts repaid
Balance outstanding

£
£
£
£

J Choy
(58,537)
-
(4,975)
(63,512)

J Telfer
(58,538)
-
(4,975)
(63,513)

2023

Balance brought forward 
Advances/(credits) to the directors
Amounts repaid
Balance outstanding

£
£
£
£

J Choy
(6,829)
-
(51,708)
(58,537)

J Telfer
(12,246)
-
(46,292)
(58,538)




Page 10

 
PERSUS LIMITED
 
 
Notes to the Financial Statements

For the Year Ended 31 December 2024

10.


Deferred taxation




2024


£






At beginning of year
2,974



At end of year
2,974

2024
2023
£
£


Accelerated capital allowances
2,974
2,974

2,974
2,974


11.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
11,807
26,400

Later than 1 year and not later than 5 years
-
11,807

11,807
38,207


12.


Related party transactions

Aside from the balances with directors disclosed in note 9, there are no related party transactions which require disclosure. The loans advanced by the directors have no formal terms, but are provided interest free and considered repayable when the company is able to do so, currently extending beyond one year. 

 
Page 11