Tracer Management Systems Limited Company accounts

COMPANY REGISTRATION NUMBER: 03611671

Tracer Management Systems Limited

Financial Statements

31 December 2024

Tracer Management Systems Limited

Financial Statements

Year ended 31 December 2024

Contents	Pages

Officers and professional advisers	1

Strategic report	2

Directors' report	3 to 4

Independent auditor's report to the member	5 to 8

Statement of income and retained earnings	9

Statement of financial position	10

Notes to the financial statements	11 to 18

Tracer Management Systems Limited

Officers and Professional Advisers

The board of directors	J M Whatmore
	Y I Moolla
	J Sones

Registered office	Unit 305, Zellig Building
	Gibb Street
	Birmingham
	B9 4AA

Auditor	Muras Baker Jones Limited
	Chartered accountants & statutory auditor
	Regent House
	Bath Avenue
	Wolverhampton
	West Midlands
	WV1 4EG

Bankers	Barclays Bank PLC
	15 Colmore Row
	Birmingham

Tracer Management Systems Limited

Strategic Report

Year ended 31 December 2024

Review of business, development and performance

The financial year has seen the company achieve further growth with turnover increasing by 39% to £14.2m. Significant investments in staff and software development costs in the year, together with a change in the method of revenue recognition, have however, resulted in a loss of £4.8m being incurred. The company has made further acquisitions during the year and the directors continue to look for further opportunities to grow the business in this manner. The directors believe the continued strategy for growth of the customer base and expansion through acquisition will enable the company to improve its profitability and business value going forward.

Principal risks and uncertainties

Risks are monitored by senior management who are closely involved on a day to day basis with the running of the company. The principal risks and uncertainties faced by the company relate to recoverability of trade debtors and the ongoing competition from other software providers. The company has a large spread of customers within the market it operates and is therefore able to minimise the risk of being over-reliant on a few major customers. The company seeks to manage the risk of losing customers to competitors by the provision of quality guaranteed product, providing a strong customer support service, dealing promptly with customer queries and by maintaining strong relationships with customers. The marketing strategy continues to be reviewed in order to seek to further expand the customer base. The cash reserves of the company also help mitigate any risks that may arise. The company is constantly seeking to develop new products and make continuing improvements to its existing products in order to ensure it remains at the forefront in the provision of field service management software.

This report was approved by the board of directors on 22 September 2025 and signed on behalf of the board by:

J Sones

Director

Tracer Management Systems Limited

Directors' Report

Year ended 31 December 2024

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

Principal activities

The company's principal activity is the development and supply of computer software.

Directors

The directors who served the company during the year were as follows:

J M Whatmore
Y I Moolla
J Sones

Dividends

The directors do not recommend the payment of a dividend.

Disclosure of information in the strategic report

The directors have prepared a strategic report in accordance with the requirements of schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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 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 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 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 22 September 2025 and signed on behalf of the board by:

J Sones

Director

Tracer Management Systems Limited

Independent Auditor's Report to the Member of Tracer Management Systems Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Tracer Management Systems Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 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; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor’s 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 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: In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management. We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. After consideration of the above risks we then carried out audit procedures including the following: - specific tests in relation to material amounts and disclosures in the financial statements considered to be of high risk; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of management meetings; - reviewing correspondence with H M Revenue & Customs; - inquiring of management and reviewing any correspondence with legal advisors concerning actual and potential litigation and claims; - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There are inherent limitations in our audit procedures described above. The more removed that the laws and regulations are from financial transactions the less likely it is that we would be aware on non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 auditor’s report. Use of our report

This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

Oliver Ross BSc(Hons) FCA

(Senior Statutory Auditor)

For and on behalf of

Muras Baker Jones Limited

Chartered accountants & statutory auditor

Regent House

Bath Avenue

Wolverhampton

West Midlands

WV1 4EG

22 September 2025

Tracer Management Systems Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
			(restated)
Note		£	£
Turnover	4	14,225,371	10,223,267

Cost of sales	3,246,092	2,430,121
	-------------	-------------
Gross profit	10,979,279	7,793,146

Administrative expenses		14,611,394	9,850,025
Other operating income	5	33,340	51,664
		-------------	------------
Operating loss	6	( 3,598,775)	( 2,005,215)

Other interest receivable and similar income	9	2,047	19,595
Interest payable and similar expenses	10	1,206,945	335,875
		-------------	------------
Loss before taxation		( 4,803,673)	( 2,321,495)

Tax on loss	11	( 760,700)	( 121,963)
		------------	------------
Loss for the financial year and total comprehensive income		( 4,042,973)	( 2,199,532)
		------------	------------

Retained earnings at the start of the year (as previously reported)	2,196,348	2,136,059
Prior period adjustments	(6,351,656)	(4,091,835)
	------------	------------
Retained losses at the start of the year (restated)	( 4,155,308)	( 1,955,776)
	------------	------------
Retained losses at the end of the year	( 8,198,281)	( 4,155,308)
	------------	------------

All the activities of the company are from continuing operations.

Tracer Management Systems Limited

Statement of Financial Position

31 December 2024

	2024		2023
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	12	40,339	27,388
Investments	13	19,279,661	11,074,428
		-------------	-------------
		19,320,000	11,101,816

Current assets

Debtors	14	7,377,166	6,430,158
Cash at bank and in hand		282,451	849,266
		------------	------------
		7,659,617	7,279,424

Creditors: amounts falling due within one year	15	30,787,025		17,995,061
		-------------		-------------
Net current liabilities			23,127,408	10,715,637
			-------------	-------------
Total assets less current liabilities			( 3,807,408)	386,179

Creditors: amounts falling due after more than one year	16	4,315,873	4,466,487
		------------	------------
Net liabilities		( 8,123,281)	( 4,080,308)
		------------	------------

Capital and reserves

Called up share capital	19	75,000	75,000
Profit and loss account		( 8,198,281)	( 4,155,308)
		------------	------------
Shareholder deficit		( 8,123,281)	( 4,080,308)
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 22 September 2025 , and are signed on behalf of the board by:

J Sones

Director

Company registration number: 03611671

Tracer Management Systems Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 305, Zellig Building, Gibb Street, Birmingham, B9 4AA.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The company has net liabilities at the balance sheet date. Management have undertaken a going concern review and have concluded that the financial statements should continue to be prepared on a going concern basis. This conclusion is based that the fact that the company's significant liabilities are long term loan finance, inter group loans and deferred income, none of these impact the ability of the company to meet its current liabilities as and when they fall due. The directors consider that the current financial position of the company is consistent with the longer term growth strategy of the group overall.

(c) Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Shelby Topco Limited which can be obtained from the registered office of the company or from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

(d) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(e) Revenue recognition

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

(f) Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(g) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

(h) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(i) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	4-5 Years Straight line
Equipment	-	3 Years Straight line

(j) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

(k) Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

(l) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(m) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2024	2023
		(restated)
	£	£
Rendering of services	14,225,371	10,223,267
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
		(restated)
	£	£
Management charges	33,340	51,664
	--------	--------

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2024	2023
		(restated)
	£	£
Depreciation of tangible assets	18,060	6,605
Impairment of trade debtors	145,527	48,416
Foreign exchange differences	( 5,969)	( 14)
	---------	--------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Administrative staff	108	75
Management staff	3	3
Software development - Vietnam staff	105	99
	----	----
	216	177
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
		(restated)
	£	£
Wages and salaries	8,818,582	6,125,329
Social security costs	724,119	434,151
Other pension costs	555,143	272,182
	-------------	------------
	10,097,844	6,831,662
	-------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
		(restated)
	£	£
Remuneration	582,797	461,472
Company contributions to defined contribution pension plans	53,370	38,544
	---------	---------
	636,167	500,016
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
		(restated)
	No.	No.
Defined contribution plans	3	3
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
		(restated)
	£	£
Aggregate remuneration	198,550	180,864
Company contributions to defined contribution pension plans	19,983	15,072
	---------	---------
	218,533	195,936
	---------	---------

9. Other interest receivable and similar income

	2024	2023
		(restated)
	£	£
Interest on cash and cash equivalents	1,635	19,357
Interest received on corporation tax	412	238
	-------	--------
	2,047	19,595
	-------	--------

10. Interest payable and similar expenses

	2024	2023
		(restated)
	£	£
Interest on banks loans and overdrafts	1,057,559	269,388
Interest payable on directors loan accounts	149,386	66,487
	------------	---------
	1,206,945	335,875
	------------	---------

Included within interest payable on bank loans and overdrafts is £784,318 (2023 - £145,232) paid in respect of a bank loan relating to Shelby Bidco Limited (a fellow group undertaking).

11. Tax on loss

Major components of tax income

	2024	2023
		(restated)
	£	£

Current tax:

UK current tax income	( 760,700)	–
Adjustments in respect of prior periods	–	( 121,963)
	---------	---------
Total current tax	( 760,700)	( 121,963)
	---------	---------
	---------	---------
Tax on loss	( 760,700)	( 121,963)
	---------	---------

The corporation tax credit for the year relates to group relief surrendered to a subsidiary undertaking.

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
		(restated)
	£	£
Loss on ordinary activities before taxation	( 4,803,673)	( 2,321,495)
	------------	------------
Loss on ordinary activities by rate of tax	( 1,200,918)	( 1,603,333)
Adjustment to tax charge in respect of prior periods	–	( 121,963)
Effect of expenses not deductible for tax purposes	3,646	( 35,901)
Effect of capital allowances and depreciation	1,197,272	1,633,611
Effect of amounts group relieved	( 760,700)	5,623
	------------	------------
Tax on loss	( 760,700)	( 121,963)
	------------	------------

12. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2024 (as restated)	30,287	48,213	78,500
Additions	1,142	29,869	31,011
	--------	--------	---------
At 31 December 2024	31,429	78,082	109,511
	--------	--------	---------
Depreciation
At 1 January 2024	30,287	20,825	51,112
Charge for the year	276	17,784	18,060
	--------	--------	---------
At 31 December 2024	30,563	38,609	69,172
	--------	--------	---------
Carrying amount
At 31 December 2024	866	39,473	40,339
	--------	--------	---------
At 31 December 2023	–	27,388	27,388
	--------	--------	---------

13. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 as restated	11,074,428
Additions	8,205,233
	-------------
At 31 December 2024	19,279,661
	-------------
Impairment
At 1 January 2024 as restated and 31 December 2024	–
	-------------

Carrying amount
At 31 December 2024	19,279,661
	-------------
At 31 December 2023	11,074,428
	-------------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Protean Software Limited	Ordinary shares and preference shares	100
Joblogic Pakistan (Private) Limited	Ordinary shares	99.97
Clik Holdings Limited	Ordinary shares	100

With effect from 17 July 2024 the company acquired the entire share capital of Clik Holdings Limited, a company registered in England and Wales.

14. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	7,144,715	4,861,017
Amounts owed by group undertakings	81,092	1,312,840
Prepayments and accrued income	107,208	90,187
Other debtors	44,151	166,114
	------------	------------
	7,377,166	6,430,158
	------------	------------

15. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	4,561	21,286
Trade creditors	292,444	432,924
Amounts owed to group undertakings	19,471,802	10,057,599
Accruals and deferred income	9,644,720	6,706,240
Social security and other taxes	773,728	683,161
Amounts owed to related undertakings	–	14,100
Other creditors	599,770	79,751
	-------------	-------------
	30,787,025	17,995,061
	-------------	-------------

16. Creditors: amounts falling due after more than one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	2,100,000	2,400,000
Director loan accounts	2,215,873	2,066,487
	------------	------------
	4,315,873	4,466,487
	------------	------------

17. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 501,773 (2023: £ 233,638 ).

18. Prior period errors

The company has revised its accounting policy in respect of income recognition. Previously, sales of software services and licences were recognised at the commencement of the agreement. This policy has now been revised and income from such sales is now recognised on a straight line basis over the period of the agreement. The impact of this change in policy has been to increase deferred income by £9,154,304 at 31 December 2024 and by £6,396,241 at 31 December 2023.

19. Called up share capital

Issued, called up and fully paid

	2024		2023
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	75,000	75,000	75,000	75,000
	--------	--------	--------	--------

20. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
		(restated)
	£	£
Not later than 1 year	110,338	35,070
Later than 1 year and not later than 5 years	38,373	53,981
	---------	--------
	148,711	89,051
	---------	--------

21. Secured liabilities

The bank loan facilities provided by Canadian Imperial Bank of Commerce are secured by fixed and floating charges, dated 13 July 2023, 18 July 2024 and 24 February 2025 over the assets of the company and other companies within the group.

22. Contingencies

The company has provided security, in the form of a fixed and floating charge over its assets, to Canadian Imperial Bank of Commerce in respect of the borrowings of other group companies. At 31 December 2024 these borrowings amounted to £12,500,000 (2023 - £5,500,000).

23. Related party transactions

During the year ended 31 December 2023 two of the directors of the company, J M Whatmore and Y I Moolla , each made an unsecured loan of £1m to the company. The loans are repayable on or before July 2033 and carry interest at a rate of 7% which is capitalised and added to the principal amount of the loan. For the year ended 31 December 2024, interest of £74,693 (2023 - £33,243) each has been credited to the loans. The balances outstanding on each of the loans at the year end was £1,107,936 (2023 - - £1,033,243). The company has taken advantage of the exemption available under FRS 102 to not disclose related party transactions with its parent company and other wholly owned subsidiaries within the group.

24. Controlling party

The immediate parent company is Joblogic Limited, a company registered in England and Wales . The ultimate parent company is Shelby Topco Limited, a company registered in England and Wales at Unit 305 Zellig Building, Gibb Street, Birmingham, B9 4AA .