Filament Consultancy Group Ltd

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—5

Registered number: 10180537

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		2,534,828		1,838,851
Tangible Assets	5		17,550		28,708

			2,552,378		1,867,559
CURRENT ASSETS
Debtors		942,481		771,237
Cash at bank and in hand		632,233		1,290,883

		1,574,714		2,062,120
Creditors: Amounts Falling Due Within One Year		(619,938 )		(566,798 )

NET CURRENT ASSETS (LIABILITIES)			954,776		1,495,322

TOTAL ASSETS LESS CURRENT LIABILITIES			3,507,154		3,362,881

Creditors: Amounts Falling Due After More Than One Year			(3,889,677 )		(2,703,682 )

NET (LIABILITIES)/ASSETS			(382,523 )		659,199

CAPITAL AND RESERVES
Called up share capital	6		4,480		4,480
Share premium account			349,500		349,500
Profit and Loss Account			(736,503 )		305,219

SHAREHOLDERS' FUNDS			(382,523)		659,199

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Filament Consultancy Group Ltd

Abridged Balance Sheet (continued)

As At 31 December 2024

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

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

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

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2024 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mr Philip Westcott

Director

28 February 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Filament Consultancy Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10180537 . The registered office is 1 King Williams Street, London, EC4N 7AF.

Trading and Future prospects

During the year ended 31 December 2024 the company’s turnover reduced compared with the prior year, reflecting the first full year following the 2023 demerger, when certain customers transferred to the demerged entity.

Since the demerger, the company has transitioned from a management services model to a subscription-based SaaS model. This has resulted in an increasing level of annual recurring revenue, providing greater stability and visibility of future income.

The directors consider that the company is well placed for future growth and continues to have a strong financial position to support its operations.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised over their expected useful economic lives, which is estimated at 6 years.

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.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

33% straight line

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Filament Consultancy Group Ltd

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 35 (2023: 35)

4. Intangible Assets

	Total
	£
Cost
As at 1 January 2024	3,025,925
Additions	1,238,542

As at 31 December 2024	4,264,467

Amortisation
As at 1 January 2024	1,187,074
Provided during the period	542,565

As at 31 December 2024	1,729,639

Net Book Value
As at 31 December 2024	2,534,828

As at 1 January 2024	1,838,851

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Filament Consultancy Group Ltd

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

	Total
	£
Cost
As at 1 January 2024	75,122
Additions	4,300
Disposals	(1,399 )

As at 31 December 2024	78,023

Depreciation
As at 1 January 2024	46,414
Provided during the period	15,458
Disposals	(1,399 )

As at 31 December 2024	60,473

Net Book Value
As at 31 December 2024	17,550

As at 1 January 2024	28,708

6. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	4,480	4,480

7. Related Party Transactions

At 31 December 2024, the company was owed £132,459 (2023: £139,129) from EBMCO Ltd, this loan arose from the demerger on 14 March 2023. Interest is being charged at 5%.

At 31 December 2024, the company was owed £45,318 (2023: £40,988) from Filament Consultancy Group Canada, this loan arose from outstanding sales invoices net off against the previous year R&D claim. Interest is being charged in line with the CBILS loan which is currently 9.75%.

At 31 December 2024 the company owed £49,443 (2023: £53,043) to EBMCO Ltd, this loan arose from amount owed to EBMCO Ltd from the demerger and will be paid over to EBMCO Ltd when Filament receives the money from the trade debtors. No interest is charged.

At 31 December 2024 the company owed £3,849,616 (2023: £2,612,991) to Filament Topco, this loan is from a parent company owing 100% of the shares. No interest is charged.

8. Ultimate Controlling Party

The company's ultimate controlling party is Filament TopCo Limited by virtue of its ownership of 100% of the issued share capital in the company.

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