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Company No: 10651231 (England and Wales)

ALBORA TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

ALBORA TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

ALBORA TECHNOLOGIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2025
ALBORA TECHNOLOGIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025
DIRECTORS Anselm Marc Adams
David Hugh Clayton
Steven Andrew Cliffe
REGISTERED OFFICE Treviot House
186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 10651231 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
ALBORA TECHNOLOGIES LIMITED

BALANCE SHEET

As at 31 March 2025
ALBORA TECHNOLOGIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 4 6,603 16,465
Tangible assets 5 5,228 9,754
Investments 6 1,699,125 2,000,222
1,710,956 2,026,441
Current assets
Debtors 7 13,911 29,382
Cash at bank and in hand 149,735 7,422
163,646 36,804
Creditors: amounts falling due within one year 8 ( 164,804) ( 195,862)
Net current liabilities (1,158) (159,058)
Total assets less current liabilities 1,709,798 1,867,383
Net assets 1,709,798 1,867,383
Capital and reserves
Called-up share capital 3 1
Share premium account 3,250,815 2,701,588
Other reserves 1,308,914 1,950,293
Profit and loss account ( 2,849,934 ) ( 2,784,499 )
Total shareholders' funds 1,709,798 1,867,383

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Albora Technologies Limited (registered number: 10651231) were approved and authorised for issue by the Board of Directors on 22 July 2025. They were signed on its behalf by:

Anselm Marc Adams
Director
ALBORA TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
ALBORA TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Albora Technologies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House, 186-192 High Road, Ilford, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the [appropriate pricing] model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance
4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Research and Development

Expenditure on research and development is written off in the year in which it is incurred.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Share-based payments

Equity-settled share-based payment schemes

The company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The options are granted with a fixed exercise price determined at the grant of the option. Majority of the options vest 50% over a period of up to 4 years following the date of the grant, with the remaining 50% vesting on an exit event. In 2023, some share options granted vested over a period of 15 months following the date of the grant, with a cliff of 1 year. The options are exercisable until up to the 10th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company.

The company also operates multiple Unapproved Share Option Schemes. The options are granted with a fixed exercise price determined at the grant of the option. The options either vest 50% over a period of up to 4 years following the date of the grant with the remaining 50% vesting on an exit event, or options vest over a period of up to 5 years following the date of the grant and are only exercisable on exit. The options are exercisable until up to the 10th anniversary from the date of grant.

Details of the share options outstanding during the financial year are as follows:

2025 2024
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 3,570,744 0.00004 3,584,680 0.00004
Granted during the period 429,256 0 51,200 0
Forfeited during the period 0 0 ( 65,136) 0.00020
Outstanding at the end of the period 4,000,000 0 3,570,744 0.00004
Exercisable at the end of the period 1,151,732 0 1,100,532 0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised a credit of £200,682 related to equity-settled share-based payment transactions in 2025. In 2024 the Company recognised a charge £181,527.

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2024 49,309 49,309
At 31 March 2025 49,309 49,309
Accumulated amortisation
At 01 April 2024 32,844 32,844
Charge for the financial year 9,862 9,862
At 31 March 2025 42,706 42,706
Net book value
At 31 March 2025 6,603 6,603
At 31 March 2024 16,465 16,465

5. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2024 141,119 141,119
At 31 March 2025 141,119 141,119
Accumulated depreciation
At 01 April 2024 131,365 131,365
Charge for the financial year 4,526 4,526
At 31 March 2025 135,891 135,891
Net book value
At 31 March 2025 5,228 5,228
At 31 March 2024 9,754 9,754

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2024 2,000,222 2,000,222
At 31 March 2025 2,000,222 2,000,222
Provisions for impairment
At 01 April 2024 0 0
Impairment 301,097 301,097
At 31 March 2025 301,097 301,097
Carrying value at 31 March 2025 1,699,125 1,699,125
Carrying value at 31 March 2024 2,000,222 2,000,222

7. Debtors

2025 2024
£ £
Other debtors 13,911 29,382

8. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 2,400 18,321
Amounts owed to own subsidiaries 147,005 41,232
Other taxation and social security 2,203 2,770
Other creditors 13,196 133,539
164,804 195,862