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Registered number:
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
The Directors present their group strategic report for the period ended 31 December 2024.
The Group achieved a satisfactory operating performance during the year, in line with the Directors' expectations.
Following a successful equity raise in the latter part of 2024, the Group is in a strong position to deliver on its further growth and development strategy.
The Data Science team at Vortexa has solved many challenging problems at the core of our business, which has allowed us to offer an unprecedented view of the markets to our clients. Among them we highlight the following:
∙Anywhere Freight Pricing Model
∙LNG Boil-Off Gas Estimation
∙Ship-to-Ship Transfer Detection Model
∙Anywhere Everything Forecasting
∙AIS Signals Normalisation
∙Generative AI Approaches to Maritime Data Parsing.
However, in common with most businesses the Group is exposed to geopolitical and general economic risks. The Board has a policy of continuous identification and review of key business risks and uncertainties. It oversees the development of processes to ensure that these risks are managed appropriately, and operational management is delegated with the task of implementing these processes and reporting to the Board on their outcomes.
Performance is monitored by reference to internal forecasts, cashflows and industry statistics across each of its operational areas. These indicators are considered sufficient to provide an overview of business performance relative to expectations and market trends.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
The Directors of Vortexa Ltd consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company and the Group for the benefit of the shareholders as a whole.
This has been achieved through strong systemic controls; investment in our staff through training and incentives; and a focus on high standards of customer service. All share classes have had representation at Board level and the Board is committed to a strategy that will drive long term value for the equity holders in the business.
This report was approved by the Board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the 11 months ended 31 December 2024.
The Directors who served during the 11 months were:
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the 11 months, after taxation, amounted to $16,241,727 (2024 - loss $13,798,050).
The loss for the year will be added to the accumulated deficit on reserves.
The Board intends to continue to focus the Group on the transition from its developmental stage to revenue generation and anticipates achieving recurring profitability in the medium term.
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DIRECTORS' REPORT (CONTINUED)
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
In June 2025, the Group finalised a further $15.425 million financing round, strengthening its working capital resource.
There have been no other significant events affecting the Group since the year end.
The auditors, Warrener Stewart, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VORTEXA LTD
We have audited the financial statements of Vortexa Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the 11 months ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VORTEXA LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial 11 months for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
To identify risks of material misstatement associated with fraud we assessed events or conditions that could indicate incentive or pressure to commit fraud. The company has controls in place including:
∙a high level of review of key performance and similar indicators;
∙a high level of informed individuals within senior and finance management; and
∙a strong control environment across the financial and operational functions.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VORTEXA LTD (CONTINUED)
Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:
∙enquiries made with key management;
∙a review of policies and procedures in respect of fraud prevention and detection;
∙a high-level analytical review of financial data; and
∙a review of ledgers and adjustments for any indications of fraud or management override.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered accountants
statutory auditors
Harwood House
43 Harwood Road
SW6 4QP
Date:
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
Vortexa Limited is a limited company incorporated and domiciled in England and Wales. The Company's registered office is Tower 42, 25 Old Broad Street, London, England, EC2N 1HQ.
The Company's principal activity is to develop a product that will provide analysis and information about the energy industry, primarily targeting companies in the sector as well as investment/financial institutions.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 January 2017.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company remains in the developmental stage of operations and continues to make planned losses. The Company has net assets and enjoys considerable shareholder support.
Forward projections demonstrate that revenues should increase over the next twelve months. However in the mean time, the Company: Received significant commercial finance in September 2024 and finalised a substantial equity investment in October 2023. The combination of the above should be sufficient to enable the Company to meet its debts as they fall due for a period of at least twelve months from the date of these financial statements. Accordingly the Directors consider the Company will remain in existence for the foreseeable future and the going concern basis is applicable for the preparation of the financial statements.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The value of options granted in each reporting period, as adjusted for the matters described above, is charged as an expense in the Consolidated Statement of Comprehensive Income and transferred to a Share Based Payment Reserve.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 Group after the deduction of all its liabilities.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow Group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Equity instruments are recorded at the fair value of consideration received on the date of issuance and are not subsequently remeasured.
Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of revision and future years if the revision affects both current and future years. Management considers the key estimates and judgements made in the financial statements to be related to:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
The value of outstanding options is a key area of judgement and can be affected by many variables including the valuation model adopted, current interest rates and external economic matters that might influence the eventual value of the Company's shares.
The risk associated with the above judgement is mitigated by engaging external experts who advise on the most appropriate valuation model and apply that model to the Company's option pool.
The Company's Series C shares have certain conversion rights attached to to them. In determining the most appropriate classification of the Series C shares, management has made the judgement that, due to the number of ordinary shares delivered on conversion of the Series C shares only varying with the passage of time, they should be wholly classified as equity within the financial statements.
At any given time, the Company can calculate the number of ordinary shares required to be delivered on an immediate conversion and therefore management has determined the Company does not have a contractual obligation to deliver a variable number of equity instruments. Management has therefore determined that the equity classification of the instrument most appropriately reflects the substance of the shares.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
The group has tax losses of approximately $34.8 million available to carry forward against future trading profits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
Page 31
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
Interest is charged on the loan at 4% over the Term Secured Overnight Financing Rate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
Page 34
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
Page 35
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED 31 DECEMBER 2024
Share premium account
Foreign exchange reserve
Share based payment reserve
Profit and loss account
The prior year adjustment at 31 January 2024 arose on accounting for share based payments and foreign currency differences on certain financial instruments. There was no prior year adjustment at December 2024.
The Group operates defined contribution pension schemes for its employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to $312,640 (Jan 2024: $257,962).
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