REGISTERED NUMBER: 06551670 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LOGRHYTHM LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

Mr N P Daviou

MR C T O'Malley

REGISTERED OFFICE:

Clarion House

Norreys Drive

Maidenhead

Berkshire

SL6 4FL

REGISTERED NUMBER:

06551670 (England and Wales)

AUDITORS:

Richardson Jones

Chartered Accountants &

Registered Auditors

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

The directors present their strategic report for the year ended 31 December 2024.

COMPANY OBJECTIVES

LogRhythm Limited (the Company) is a wholly owned subsidiary of LogRhythm, Inc., a USA based company. Our mission is to provide unified security intelligence and analytics solutions, empower the world's organisations to automate the detection, prioritisation and neutralisation of cyber-threats that have penetrated the enterprise perimeter or originated from within. Our software platform is designed to significantly reduce the time required to detect and respond to threats, enabling organisations to neutralise these threats before they case a damaging cyber-incident or data breach.

BUSINESS REVIEW AND FUTURE DEVELOPMENTS

The principal activity of the Company is the marketing and sale of LogRhythm, Inc.'s SIEM products on behalf of the parent undertaking through an Intercompany Cost Plus agreement.

During the year the Company generated: Turnover £11.9m (2023: £11.1m) and Operating profit £360k (2023:327k). Both turnover and operating profit were in line with expectations.

Staff costs reduced slightly in 2024 to 2023: £7.0m (2023: £7.3m). The average monthly number of employees to 53 increased in 2024 to 61 (2023: 56). The increase in headcount was mainly in sales and marketing roles roles.

The directors are committed to develop the business and are projecting strong growth. Net assets at the end of 2024 were £10.3m (2023: £10.1m).

PRINCIPAL RISKS AND UNCERTAINTIES

Our ability to attract and retain some of the best talent in the industry, along with a strong culture supported by our core company values, is evident in our high ratings of customer and employee satisfaction.

We have received assurances from our parent company that it intends for the foreseeable future to undertake to provide sufficient funds to ensure the company is able to meet normal trading liabilities as they fall due.

FINANCIAL KEY PERFORMANCE INDICATORS

Given the nature of the Company's relationship with the parent company, the directors are of the opinion that additional Financial KPIs are not necessary for an understanding of the development and performance of the business.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Given the nature of the Company's relationship with the parent company, our financial risks are born by the parent. The parent company is the principal debtor.

RECRUITMENT AND EMPLOYEE RELATIONS

Recruitment policies are designed to ensure equal opportunity of employment regardless of age, race or sex. Appropriate consideration is given to disabled applicants.

Employee satisfaction is key to our success and we have a proven record of high employee satisfaction and retention. We are proud of our culture and core values and our employees believe passionately in our mission and understand that each play a critical role in its execution.

COMPANY STRATEGY

Our parent company strategy is to continue to grow our market share through the delivery of our innovative integrated solution and our strong relationships with partners and customers. The company will continue to provide excellent sales, marketing, support and professional services to UK customers on behalf of the parent company.

ON BEHALF OF THE BOARD:

Mr N P Daviou - Director

16 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr N P Daviou

MR C T O'Malley

Other changes in directors holding office are as follows:

Mr B T Capoot ceased to be a director after 31 December 2024 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the year, £10,975 (2023: £3,296) of charitable donations were made, £nil of which were to political parties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Richardson Jones, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr N P Daviou - Director

16 September 2025

Opinion

We have audited the financial statements of Logrhythm Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to LogRhythm Limited and the cybersecurity industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Sarbanes-Oxley Act, the Companies Act 2006 and UK tax legislation. Our procedures included:

- agreeing the financial statement disclosures to underlying supporting documentation

- enquiries with management

- understanding of management's internal controls designed to prevent and detect irregularities

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Porter (Senior Statutory Auditor)

for and on behalf of Richardson Jones

Chartered Accountants &

Registered Auditors

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

16 September 2025

TURNOVER

4

11,878,269

11,136,568

Administrative expenses

11,523,952

10,812,139

OPERATING PROFIT

6

354,317

324,429

Interest receivable and similar income

5,552

2,769

PROFIT BEFORE TAXATION

359,869

327,198

Tax on profit

7

448,480

83,635

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(88,611

)

243,563

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(88,611

)

243,563

FIXED ASSETS

Tangible assets

9

149,665

307,596

CURRENT ASSETS

Debtors

10

11,307,808

10,244,465

Cash at bank

238,144

312,368

11,545,952

10,556,833

CREDITORS

Amounts falling due within one year

11

1,340,161

731,915

NET CURRENT ASSETS

10,205,791

9,824,918

TOTAL ASSETS LESS CURRENT LIABILITIES

10,355,456

10,132,514

PROVISIONS FOR LIABILITIES

13

37,416

76,899

NET ASSETS

10,318,040

10,055,615

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

15

10,317,940

10,055,515

SHAREHOLDERS' FUNDS

10,318,040

10,055,615

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

Mr N P Daviou - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

9,632,219

9,632,319

Changes in equity

Total comprehensive income

-

243,563

243,563

Credit to equity for equity

settled share-based payments

-

179,733

179,733

Balance at 31 December 2023

100

10,055,515

10,055,615

Changes in equity

Total comprehensive income

-

(88,611

)

(88,611

)

Credit to equity for equity

settled share-based payments

-

351,036

351,036

Balance at 31 December 2024

100

10,317,940

10,318,040

1.	STATUTORY INFORMATION

Logrhythm Limited is a private company limited by shares incorporated and registered in England and Wales. The registered office and principal place of business is Clarion House, Norreys Drive, Maidenhead, Berkshire, England, SL6 4FL.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £1.

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

The company is a qualifying entity for the purposes of FRS102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

o

Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

o

Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values;

o

Section 26 'Share-based Payment' - Reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

o

Section 33 'Related Party Disclosures' - Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of LogRhythm Inc. The consolidated financial statements of LogRhythm Inc. are available from 385 Interlocken Crescent, Suite 1050, Broomfield, CO 80021, USA.

Going concern

The financial statements have been prepared on the going concern basis as the company is reliant on its parent, LogRhythm Inc., for its continuing working capital and funding. The company's parent company, has provided written confirmation of their willingness to provide continued financial support to the company for the foreseeable future, defined as at least 12 months from the date of signing the LogRhythm Limited financial statements for the year ended 31 December 2024. LogRhythm Inc. has prepared group forecasts covering a period of at least 12 months from the date of approval of these financial statements. These forecasts indicate that the group has sufficient funding and resources available to it to enable the group to meet its forecasted operating expenditure for at least 12 months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare these financial statements on the going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

The turnover shown in the income statement represents amounts receivable from the ultimate parent company undertaking during the year, for the provision of sales and marketing support functions, exclusive of Value Added Tax.

Turnover in respect of services provided to the ultimate parent undertaking is calculated as attributable costs plus in accordance with a transfer pricing agreement between the company and the ultimate parent undertaking.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

in accordance with the lease

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

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.

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 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 other debtors, amounts owed by group undertakings 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

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 trade and other creditors, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Foreign currencies

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight-line basis over the term of the relevant lease.

Pension costs and other post-retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Share-based payments

The company participates in a group share-based payment plan, which recognises and measures its share-based payment expense on the basis of a reasonable allocation of the expense recognised for the group. The allocation is based on the number of employees benefitting from the share-based payment plan employed by each group entity.

3.	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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Provision of services

11,878,269

11,136,568

11,878,269

11,136,568

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United States of America

11,878,269

11,136,568

11,878,269

11,136,568

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

5,976,253

6,233,334

Social security costs

733,126

812,830

Other pension costs

264,920

279,678

6,974,299

7,325,842

The average number of employees during the year was as follows:

31.12.24

31.12.23

Administrative

5

3

Support

19

21

Sales

17

18

PS

9

9

Marketing

3

5

53

56

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

63,315

63,315

Depreciation - owned assets

192,649

202,969

Profit on disposal of fixed assets

(2,498

)

-

Auditors' remuneration

11,500

11,500

Foreign exchange differences

594

(63

)

Share-based payments

351,036

179,733

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

226,411

155,570

Overprovision of tax in

previous periods

637

264

Total current tax

227,048

155,834

Deferred tax

221,432

(72,199

)

Tax on profit

448,480

83,635

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

359,869

327,198

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

89,967

81,800

Effects of:

Expenses not deductible for tax purposes

95,412

52,382

Depreciation in excess of capital allowances

41,032

31,318

Adjustments to tax charge in respect of previous periods

637

264

Adjustment to deferred tax

221,432

(72,199

)

Adjustment for mid-year tax rate charge

-

(9,930

)

Total tax charge

448,480

83,635

8.	SHARE-BASED PAYMENTS

The company operates an equity settled share option plan whereby some employees are granted shares in the parent company, Logrhythm Inc.

All options granted will be eligible to be exercised as long as the following vesting conditions are satisfied.

The share options may not be exercised 90 days beyond the date which the optionee no longer holds employment and with any member of the group or has given notice or termination of their employment with any member of the group.

All options will lapse within 10 years of grant.

The cumulative value of share-based payments amounted to £892K on unexercised share options. Following the merger with Exabeam Inc., the unexercised options have been cancelled on 2nd July 2024, but this has no effect on the reserves

A summary of the incentive units granted, vested, forfeited and unvested outstanding as of, and changes made during, the year ended 31 December 2023 and 31 December 2024 can be found on the group accounts of Excalibur CombineCo, LP Consolidated Financial Statements in Foster City, California.

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

188,582

177,920

1,177,596

1,544,098

Additions

-

-

30,072

30,072

Disposals

-

-

(455,095

)

(455,095

)

Transfer to ownership

-

-

7,044

7,044

Reclassification/transfer

-

-

(2,946

)

(2,946

)

At 31 December 2024

188,582

177,920

756,671

1,123,173

DEPRECIATION

At 1 January 2024

179,734

177,837

878,931

1,236,502

Charge for year

2,092

83

190,474

192,649

Eliminated on disposal

-

-

(455,095

)

(455,095

)

Transfer to ownership

-

-

2,070

2,070

Reclassification/transfer

-

-

(2,618

)

(2,618

)

At 31 December 2024

181,826

177,920

613,762

973,508

NET BOOK VALUE

At 31 December 2024

6,756

-

142,909

149,665

At 31 December 2023

8,848

83

298,665

307,596

10.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

10,865,887

9,515,831

Deferred tax asset

-

260,915

VAT

52,980

47,814

Prepayments and accrued income

288,731

287,942

11,207,598

10,112,502

Amounts falling due after more than one year:

Other debtors

100,210

131,963

Aggregate amounts

11,307,808

10,244,465

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

125,853

9,364

Corporation tax

175,410

116,570

Social security and other taxes

245,659

200,940

Other creditors

60,709

44,662

Accrued expenses

732,530

360,379

1,340,161

731,915

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

26,381

63,315

Between one and five years

-

26,381

26,381

89,696

As at the balance sheet date, there was no new leases signed. Subsequently, the office lease was renewed at £113,819 per annum for 4 years and a new London office lease was entered into at £82,500 per annum for a year.

Please refer to Note 17 for more details.

13.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

37,416

76,899

Deferred

tax

£

Balance at 1 January 2024

76,899

Credit to Statement of Comprehensive Income during year

(39,483

)

Balance at 31 December 2024

37,416

Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities

Liabilities

Assets

Assets

31.12.24

31.12.24

31.12.24

31.12.23

£

£

£

£

Balances:

Accelerated capital allowances

37,416

76,899

Share based payments

-

260,915

37,416

76,899

-

260,915

Movements in the year:

31.12.24

£

Liability/(Asset) at 1 January 2024

(184,016

)

Charge to profit or loss

221,432

Asset at 31 December 2024

37,416

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

1

100

100