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# ROVA PLATFORMS LIMITED

## Company Registration Number:
13635218 (England and Wales)

## Unaudited abridged accounts for the year ended 31 December 2024

## Period of accounts

## Start date: 01 January 2024

## End date: 31 December 2024

# ROVA PLATFORMS LIMITED

## Contents of the Financial Statements

for the Period Ended 31 December 2024

Balance sheet |
Notes |

# ROVA PLATFORMS LIMITED

## Balance sheet

As at 31 December 2024

| Notes | 2024 | 15 months to 31 December 2023
--- | --- | --- | ---
|  | £ | £
Fixed assets
Intangible assets: | 3 | 31,317,651 | 30,852,806
Tangible assets: | 4 | 36,100 | 18,056
Total fixed assets: |  | 31,353,751 | 30,870,862
Current assets
Debtors: |  | 327,529 | 107,026
Total current assets: |  | 327,529 | 107,026
Creditors: amounts falling due within one year: |  | (604,661) | (35,888)
Net current assets (liabilities): |  | (277,132) | 71,138
Total assets less current liabilities: |  | 31,076,619 | 30,942,000
Creditors: amounts falling due after more than one year: | 5 | (5,318,984) | (3,280,400)
Total net assets (liabilities): |  | 25,757,635 | 27,661,600
Capital and reserves
Called up share capital: |  | 29,343,861 | 29,064,515
Other reserves: |  | 363,681
Profit and loss account: |  | (3,949,907) | (1,402,915)
Shareholders funds: |  | 25,757,635 | 27,661,600

The notes form part of these financial statements

# ROVA PLATFORMS LIMITED

## Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 16 September 2025
and signed on behalf of the board by:

Name: Balogun Ladipupo
Status: Director

The notes form part of these financial statements

# ROVA PLATFORMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

## Turnover policy

Revenue is measured at the fair value of the consideration received or receivable and is recognised when it is probable that economic benefits will flow to the company and the amount can be measured reliably. Judgment is applied in assessing the timing of recognition, particularly in determining whether income is recognised at a point in time or over time, based on the transfer of risks and rewards or satisfaction of performance obligations.

## Tangible fixed assets and depreciation policy

Depreciation is provided on a straight-line basis to allocate the cost of assets less their residual values over their estimated useful lives, as follows: Motor vehicles: 5 years Plant and Machinery: 10 years Computer Equipment: 4 years Office Equipment: 4 years Fixtures and Fittings: 4 years

## Intangible fixed assets and amortisation policy

Software is stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to the profit and loss account on a straight-line basis over the estimated useful life of 10 years. Useful lives and amortisation methods are reviewed at each reporting date.

## Other accounting policies

Foreign currency translation The functional currency of ROVA Platforms Limited is the United States Dollar (USD), and the financial statements are presented in Great Britain Pounds (GBP). Foreign currency transactions are translated into the functional currency at the exchange rate ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing exchange rate at the balance sheet date. Exchange differences arising on settlement or retranslation of monetary items are recognised in profit or loss, except where they qualify for recognition in equity as part of a qualifying cash flow hedge or net investment hedge. Non-monetary assets and liabilities measured at historical cost are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities measured at fair value are translated using the exchange rates at the date when the fair value was determined Current tax Current tax is the amount of income tax payable or receivable in respect of the taxable profit or loss for the current and prior periods. It is calculated using tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Current tax is recognised in the profit and loss account except where it relates to items recognised directly in equity, in which case it is recognised in equity. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except as required by FRS 102. Deferred tax is not recognised on goodwill, on the initial recognition of assets or liabilities that do not arise from a business combination, or on timing differences relating to investments in subsidiaries where reversal is not foreseeable. Property, plant and equipment (PPE) Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure directly attributable to bringing the asset into working condition for its intended use. Assets under construction are included at cost and are not depreciated until available for use. Borrowing costs are capitalised on qualifying assets Intangible assets Expenditure on internally developed software is capitalised when the company can demonstrate the technical feasibility and intention to complete the asset, that it will generate probable future economic benefits, and that costs can be measured reliably. Capitalised costs include directly attributable development expenditure and employee costs. Financial instruments Financial assets and liabilities are initially recognised on the trade date, i.e., the date the company becomes a party to the contractual provisions of the instrument. Financial instruments are initially measured at fair value, which includes transaction costs, except for those classified at fair value through profit or loss. Provisions Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount. Where the effect is material, provisions are discounted to present value using a pre-tax discount rate. Onerous contracts and restructuring provisions are recognised when the relevant criteria are met.

# ROVA PLATFORMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 2. Employees

| 2024 | 15 months to 31 December 2023
--- | --- | ---
Average number of employees during the period | 1 | 1

# ROVA PLATFORMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 3. Intangible Assets

| Total
--- | ---
Cost | £
At 01 January 2024 | 30,852,806
Additions | 464,845
At 31 December 2024 | 31,317,651
Amortisation |
At 01 January 2024 | 0
At 31 December 2024 | 0
Net book value |
At 31 December 2024 | 31,317,651
At 31 December 2023 | 30,852,806

# ROVA PLATFORMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 4. Tangible Assets

| Total
--- | ---
Cost | £
At 01 January 2024 | 18,731
Additions | 25,782
At 31 December 2024 | 44,513
Depreciation |
At 01 January 2024 | 675
Charge for year | 7,738
At 31 December 2024 | 8,413
Net book value |
At 31 December 2024 | 36,100
At 31 December 2023 | 18,056

# ROVA PLATFORMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 5. Creditors: amounts falling due after more than one year note

This represents a revolving loan facility extended to ROVA by FCMB Group. The reported amount reflects the portion of the facility that has been drawn down .

# ROVA PLATFORMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 6. Changes in presentation and prior period adjustments

Prior Period Restatement The Company has restated its comparative figures for the year ended 31 December 2023 to correct material errors and omissions identified in the current year, in accordance with FRS 102 Section 10 (Accounting Policies, Estimates and Errors). The restatement is applied retrospectively, with prior period amounts amended and the cumulative effect reflected in the opening balances of the earliest period presented. Nature of Prior Period Errors The following material prior period errors and omissions were identified and corrected: i) Omitted shareholder-funded investments: In the prior year, certain expenses and investments paid directly by the Company’s major shareholder on its behalf were not correctly recognised in the books. These items, which represent valid contributions made toward the Company’s operations and capital development, have now been recognised as “Deposit for Shares” pending the formal issuance of equity instruments. Notably, these shareholder contributions directly funded the internally developed software referenced below i) Unrecognised internally developed software: The shareholder contributions and borrowings were used to fund the development of core technology assets in the prior year. These internally generated intangible assets, totalling £3,265,865, were not previously recognised. They have now been recognised as intangible assets in accordance with FRS 102 Section 18. ii) Borrowings: Borrowings were understated by £1,439,331 due to previously unrecognised obligations. These have now been recognised. The funding for the development activities described above was partially financed through borrowings that were not recognised in the prior year. As these borrowings, totalling £1,439,331, directly relate to the capitalised software development, their omission resulted in the understatement of both assets and liabilities in the prior financial statements Other corrections - A prepaid card balance of £4,503 was omitted and has now been recognised under “Other assets”. - Adjustments to administrative expenses, depreciation, and Cost of sales have resulted in a net reduction in expense of £57,574.