Company registration number 11050813 (England and Wales)
WAYMAP LIMITED
Unaudited financial statements
For the year ended 31 December 2024
Pages for filing with registrar
WAYMAP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 11
WAYMAP LIMITED
BALANCE SHEET
As at 31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,650,132
4,349,383
Tangible assets
5
18,754
18,686
Investments
6
1
1
5,668,887
4,368,070
Current assets
Debtors
8
907,842
313,616
Cash at bank and in hand
506,714
757,230
1,414,556
1,070,846
Creditors: amounts falling due within one year
9
(383,772)
(149,724)
Net current assets
1,030,784
921,122
Total assets less current liabilities
6,699,671
5,289,192
Creditors: amounts falling due after more than one year
10
(992,910)
(510,869)
Provisions for liabilities
(160,285)
-
0
Net assets
5,546,476
4,778,323
Capital and reserves
Called up share capital
12
368
333
Share premium account
8,261,729
6,610,052
Profit and loss reserves
(2,715,621)
(1,832,062)
Total equity
5,546,476
4,778,323
WAYMAP LIMITED
BALANCE SHEET (CONTINUED)
As at 31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 13 August 2025 and are signed on its behalf by:
Mr Celso Zuccollo
Director
Company registration number 11050813 (England and Wales)
WAYMAP LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
291
4,682,865
(993,726)
3,689,430
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(838,336)
(838,336)
Issue of share capital
12
32
1,927,187
-
1,927,219
Conversion of loan to shares
12
10
-
0
-
10
Balance at 31 December 2023
333
6,610,052
(1,832,062)
4,778,323
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(883,559)
(883,559)
Issue of share capital
12
35
1,651,677
-
1,651,712
Balance at 31 December 2024
368
8,261,729
(2,715,621)
5,546,476
WAYMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
- 4 -
1
Accounting policies
Company information

Waymap Limited is a private company limited by shares incorporated in England and Wales. The registered office is 60 Cannon Street, London, EC4N 6NP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.2
Going concern

The Company continues to advance the development and commercialisation of its proprietary navigation technology in alignment with its strategic objectives. While the Company remains reliant on external funding to meet its obligations as and when they fall due, significant progress has been made towards the widescale commercialisation of the Company’s navigation technology to reduce the extent of this reliance in future periods.

During FY24, the Company maintained a robust and diverse commercial sales pipeline, reflecting growing demand from both public and private sector clients, with some commercial sales completed during the year. In H1 2025, this pipeline has begun to convert more meaningfully into executed contracts, including agreements with transit authorities and high-profile private venues. Many of these opportunities were actively developed during FY24 and reflect the company’s long-term business development efforts. However, as these contracts were signed after the balance sheet date, they are considered non-adjusting post-balance sheet events and are not reflected in the FY24 financial results. Waymap’s robust pipeline and successful conversions highlight the feasibility of its business model and reinforce its ability to generate revenue, obtain additional financing, and continue as a going concern.

Following the end of FY24, the Company raised further equity funding in Q1 2025, which, together with earlier FY24 fundraising, extends its financial runway through at least Q2 2026. This funding provides the Company with a solid platform to execute on its commercial contracts, continue product development, and expand operations.

The Directors have assessed the Company’s financial position and forecasted cash flows for at least twelve months from the date of approval of the FY24 financial statements. This assessment includes projected expenditure and anticipated revenue from signed and pipeline contracts, as well as confirmed access to funding. Based on this review, the Directors have a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future and therefore consider it appropriate to prepare the financial statements on a going concern basis.

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.

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.

WAYMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Research and development expenditure

In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits. Accordingly, all expenditure incurred during this phase is recognised as an expense when it is incurred.

Intangible assets arising from development activities are recognised only when all of the following conditions are met:

During the financial year ended 31 December 2024, the Company continued to invest significantly in research and development activities related to its core localisation technology and user interface platform. These activities included algorithmic enhancements to its positioning system, improvements in instruction delivery and user experience, and development work to support deployment across new customer environments.

Where the above criteria were met, certain development costs incurred during the year have been capitalised as intangible assets. These costs are subsequently amortised on a straight-line basis over their estimated useful lives, commencing from the point at which the assets are available for use in their intended form.

In cases where it was not possible to clearly distinguish between the research and development phases of internal projects, the entire expenditure was treated as research and recognised in the profit and loss account.

Amortisation of capitalised development costs will commence in FY25, once the related assets are brought into use, and will be recognised over their useful economic lives, which are reviewed annually.

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:

Plant and equipment
33% straight-line
Computers
33% 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
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WAYMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 6 -
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.

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.

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

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.

WAYMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 7 -
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.

1.11
Retirement benefits

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

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised as income when the relevant performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

1.13
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.

WAYMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 8 -
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.

Recognition of internally developed intangible assets

 

As laid out in the accounting policies the Company recognises an intangible asset when the relevant recognition criteria are considered to have been met.

 

In determining whether such criteria are met, the Directors consider that significant judgement is exercised. This judgement applies to the following areas:

Identification of development costs

 

As laid out by Section 18 of FRS 102, it is only appropriate to recognise costs that are directly attributable to development of an asset. The Directors consider the nature of the costs incurred and the extent to which they are directly attributable to the design, construction and testing of our Android and iOS indoor navigation apps and associated technological and manufactured accessories (which is considered developmental in nature because it represents the core commercial product of the Company and is expected to generate future economic benefit in excess of its carrying value).

Technical feasibility

 

The Directors acknowledge that judgement is required in assessing the technical feasibility of its development, which is a prerequisite of recognition of an intangible asset. In making this judgement, the Directors consider the Company's progress towards commercialisation.

Future economic benefit

 

The Directors are mindful that, given the stage of the Company's and the project’s development, there is no guarantee they will generate future economic benefit in excess of its carrying value. The Directors therefore exercise judgement and make estimates as to its future value generation at the time the relevant cost is capitalised to determine whether future economic benefit can be considered probable.

 

In making this assessment, reference is made to future sales forecasts, independently conducted market research, strategic reviews carried out by the Company, the ability of the Company to raise equity and

grant funding, and the implied valuation of the Company at which equity funding has been raised.

 

These factors are also considered when the Directors assess the Company's ability to access working capital to allow it to complete development.

WAYMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 9 -
3
Employees

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

2024
2023
Number
Number
Total
23
23
4
Intangible fixed assets
Other
£
Cost
At 1 January 2024
4,349,383
Additions
1,300,749
At 31 December 2024
5,650,132
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
5,650,132
At 31 December 2023
4,349,383
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
27,501
Additions
10,678
At 31 December 2024
38,179
Depreciation and impairment
At 1 January 2024
8,815
Depreciation charged in the year
10,610
At 31 December 2024
19,425
Carrying amount
At 31 December 2024
18,754
At 31 December 2023
18,686
WAYMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 10 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
7
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Waymap Corp
401 9th St. Washington DC, 2004
Ordinary
100
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
75,231
Corporation tax recoverable
671,563
-
0
Amounts owed by group undertakings
201,535
45,960
Other debtors
34,744
17,158
907,842
138,349
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
175,267
Total debtors
907,842
313,616
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,263
5,263
Trade creditors
20,000
59,410
Taxation and social security
274,835
77,430
Other creditors
83,674
7,621
383,772
149,724
WAYMAP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2024
- 11 -
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
35,183
39,190
Other creditors
957,727
471,679
992,910
510,869

The Company received a £50,000 government guaranteed Bounce-Back loan in December 2020. The interest for the first 12 months of the year was paid by the government and capital repayments commenced in July 2022, as such an element of the loan is recognised as a current liability. The loan is to be repaid in full by December 2030.

 

The Company has drawn down on a loan of £985,821 as at December 2024. 50% of the interest accrues and it is added to the outstanding principal amount of the loan with the remaining 50% of the interest being paid. Capital and interest repayments commence in full by September 2025, as such the loan is recognised as a non-current liability. The loan is to be repaid in full by March 2029.

11
Deferred taxation

The provision for deferred tax is made up as follows:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
1,340,319
-
-
(1,021,351)
Tax losses
(1,180,034)
-
-
1,196,618
160,285
-
-
175,267
2024
Movements in the year:
£
Asset at 1 January 2024
(175,267)
Charge to profit or loss
335,552
Liability at 31 December 2024
160,285
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
369,180
333,560
368
333
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