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Registration number: 08790960

Above Surveying Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Above Surveying Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 9

Above Surveying Limited

Company Information

Directors | W J Hitchcock P H Fraser J M Elden S J McClintock

Registered office | Block G, Knowledge Gateway Nesfield Road Colchester Essex CO4 3ZL

Auditors | Thomas Alexander & Co Limited 590 Green Lanes Palmers Green London N13 5RY

Above Surveying Limited

(Registration number: 08790960)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 4 | 30,780 | 56,189
Tangible assets | 5 | 176,947 | 178,371
|  | 207,727 | 234,560
Current assets |  |  |
Debtors | 6 | 1,060,250 | 870,628
Cash at bank and in hand |  | 691,102 | 886,754
|  | 1,751,352 | 1,757,382
Creditors: Amounts falling due within one year | 7 | (953,577) | (869,271)
Net current assets |  | 797,775 | 888,111
Total assets less current liabilities |  | 1,005,502 | 1,122,671
Creditors: Amounts falling due after more than one year | 7 | (33,195) | (15,114)
Net assets |  | 972,307 | 1,107,557
Capital and reserves |  |  |
Called up share capital | 8 | 420,938 | 364,811
Share premium reserve |  | 6,986,736 | 4,810,974
Retained earnings |  | (6,435,367) | (4,068,228)
Shareholders' funds |  | 972,307 | 1,107,557

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2025 and signed on its behalf by:

......................................... P H Fraser Director

Above Surveying Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Block G, Knowledge Gateway
Nesfield Road
Colchester
Essex
CO4 3ZL

These financial statements were authorised for issue by the Board on 2 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis notwithstanding that the company has reported a loss before tax for the year of £2,433,886 (2023: £2,241,260). In spite of this, the directors have concluded that the company is a going concern due to the fact post year end the company secured additional investment funding totalling £1.2m in the form of convertible loan notes which will provide the business with sufficient financial resources to continue in operational existence for the period of at least 12 months from the date of approval of the financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 September 2025 was A Odysseos, who signed for and on behalf of Thomas Alexander & Co Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Above Surveying Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Government grants

Government and other grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are recognised as income over the periods when the expenditure is charged to profit and loss to match against the related costs which they are intended to compensate, on a systematic basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | 33% straight line
Office equipment | 33% straight line
Plant & machinery | 33% straight line
Surveying equipment | 33% straight line

Above Surveying Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Patents | 20% straight line
Software development | 20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Above Surveying Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 76 (2023 - 77).

Above Surveying Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4 | Intangible assets

| Trademarks, patents and licenses £ | Internally generated software development costs £ | Total £
Cost or valuation
At 1 January 2024 | 34,686 | 411,129 | 445,815
Additions internally developed | - | 6,007 | 6,007
Disposals | (4,033) | - | (4,033)
At 31 December 2024 | 30,653 | 417,136 | 447,789
Amortisation
At 1 January 2024 | 19,100 | 370,526 | 389,626
Amortisation charge | 6,518 | 24,868 | 31,386
Amortisation eliminated on disposals | (4,003) | - | (4,003)
At 31 December 2024 | 21,615 | 395,394 | 417,009
Carrying amount
At 31 December 2024 | 9,038 | 21,742 | 30,780
At 31 December 2023 | 15,586 | 40,603 | 56,189

5 | Tangible assets

| Other tangible assets £ | Total £
Cost or valuation
At 1 January 2024 | 509,422 | 509,422
Additions | 135,698 | 135,698
At 31 December 2024 | 645,120 | 645,120
Depreciation
At 1 January 2024 | 331,051 | 331,051
Charge for the year | 137,122 | 137,122
At 31 December 2024 | 468,173 | 468,173
Carrying amount
At 31 December 2024 | 176,947 | 176,947
At 31 December 2023 | 178,371 | 178,371

Above Surveying Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6 | Debtors

| Note | 2024 £ | 2023 £
Trade debtors |  | 424,099 | 517,890
Other debtors |  | 211,864 | 3,581
Prepayments & accrued income |  | 299,161 | 204,552
Corporation tax receivable |  | 125,126 | 144,605
|  | 1,060,250 | 870,628

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 9 | 70,518 | 10,648
Trade creditors |  | 188,781 | 230,255
Taxation and social security |  | 107,703 | 170,347
Accruals and deferred income |  | 576,317 | 448,798
Other creditors |  | 10,258 | 9,223
|  | 953,577 | 869,271

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 9 | 33,195 | 15,114

8 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary A shares of £1 each | 143,846 | 143,846 | 143,846 | 143,846
Ordinary B shares of £1 each | 81,371 | 81,371 | 81,371 | 81,371
Ordinary C1 shares of £1 each | 82,974 | 82,974 | 82,974 | 82,974
Ordinary C2 shares of £1 each | 112,747 | 112,747 | 56,620 | 56,620
| 420,938 | 420,938 | 364,811 | 364,811

The Ordinary C1 & C2 shares carry certain preference rights on a liquidation and on an exit event as outlined in the Company's Articles of Association.

Above Surveying Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9 | Loans and borrowings

Non-current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 4,997 | 15,114
Hire purchase contracts | 28,198 | -
| 33,195 | 15,114

Current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 10,648 | 10,648
Bank overdrafts | 39,270 | -
Hire purchase contracts | 20,600 | -
| 70,518 | 10,648

Bank overdrafts represents an invoice finance liability which is secured by way of fixed and floating charge over the assets of the company.

10 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2024 £ | 2023 £
Not later than one year | 86,404 | 86,404
Later than one year and not later than five years | 345,618 | 345,618
Later than five years | 194,411 | 280,815
| 626,433 | 712,837

The amount of non-cancellable operating lease payments recognised as an expense during the year was £86,405 (2023 - £71,194).

11 | Non adjusting events after the financial period

The company secured additional investment funding post year end totalling £1.2m in the form of Convertible Loan Notes.

12 | APB Ethical Standards relevant circumstances

In common with many businesses of our size and nature we use our auditors to prepare and submit tax returns to the tax authorities and to assist with the preparation of the statutory financial statements.