REGISTERED NUMBER: 09935769 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Agsenze Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A W P Cooper

Mr M C Dobbs

Mr P A Koffman

Mr P N Ranson

Mr J C Theobald

REGISTERED OFFICE:

1-3-8 The Barracks

White Cross Business Park

South Road

Lancaster

Lancashire

LA1 4XQ

REGISTERED NUMBER:

09935769 (England and Wales)

ACCOUNTANTS:

Bullimores LLP

Chartered Accountants

Old Printers Yard

156 South Street

Dorking

Surrey

RH4 2HF

FIXED ASSETS

Intangible assets

4

-

84,404

Tangible assets

5

185,628

81,837

185,628

166,241

CURRENT ASSETS

Stocks

110,542

70,725

Debtors

6

399,601

178,698

Cash at bank

922,204

3,145,403

1,432,347

3,394,826

CREDITORS

Amounts falling due within one year

7

365,450

253,316

NET CURRENT ASSETS

1,066,897

3,141,510

TOTAL ASSETS LESS CURRENT LIABILITIES

1,252,525

3,307,751

CREDITORS

Amounts falling due after more than one year

8

135,011

118,922

NET ASSETS

1,117,514

3,188,829

CAPITAL AND RESERVES

Called up share capital

11

7

7

Share premium

5,158,793

5,158,793

Retained earnings

(4,041,286

)

(1,969,971

)

SHAREHOLDERS' FUNDS

1,117,514

3,188,829

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

Mr M C Dobbs - Director

Mr J C Theobald - Director

1.	STATUTORY INFORMATION

Agsenze Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have prepared the financial statements on a going concern basis as they anticipate funding in the form of grants and/or financial investment (in addition to that received in July 2025) will be received subsequent to the company year end; this is not a certainty but they have no reason to believe that a number of grants and other investment will not be received. The company income statement shows a loss in the year ended 31 December 2024 and is forecast to show a loss in the year ended 31 December 2025. The directors have taken steps to reduce company expenditure after the balance sheet date and believe that the additional grant income and/or investment will enable the company to meet its liabilities for a period of at least 12 months from the date of signing of these financial statements.

Turnover

Turnover arises on the sales of technology systems and support and excludes VAT. Income is recognised over the period in which the service is provided.

Turnover includes grants relating to revenue. The grants are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stock and work in progress

Stocks include items of equipment for resale. The value is at the lower of cost and net realisable value.

Work in progress primarily comprises installations not yet fully commissioned. No revenue or profit is recognised until systems are commissioned and customer handover is complete.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable or recoverable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the liability arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

168,807

AMORTISATION

At 1 January 2024

84,403

Charge for year

84,404

At 31 December 2024

168,807

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

84,404

The intangible assets comprise development costs that were amortised over their estimated useful life of 24 months.

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

6,568

80,114

17,817

104,499

Additions

1,838

157,588

12,362

171,788

Disposals

-

(21,249

)

-

(21,249

)

At 31 December 2024

8,406

216,453

30,179

255,038

DEPRECIATION

At 1 January 2024

1,220

15,897

5,545

22,662

Charge for year

1,615

51,362

6,461

59,438

Eliminated on disposal

-

(12,690

)

-

(12,690

)

At 31 December 2024

2,835

54,569

12,006

69,410

NET BOOK VALUE

At 31 December 2024

5,571

161,884

18,173

185,628

At 31 December 2023

5,348

64,217

12,272

81,837

The net book value of assets under HP and finance leases at the balance sheet date is £161,884 (2023 : £64,217).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

60,470

31,310

Other debtors

218,831

129,576

VAT

8,387

17,812

Prepayments

111,913

-

399,601

178,698

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

24,972

36,999

Hire purchase contracts (see note 9)

57,631

21,600

Trade creditors

81,696

27,335

Social security and other taxes

48,835

38,911

Other creditors

12,687

34,057

Deferred income

103,995

43,916

Accrued expenses

35,634

50,498

365,450

253,316

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

49,778

69,274

Hire purchase contracts (see note 9)

85,233

49,648

135,011

118,922

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

57,631

21,600

Between one and five years

85,233

49,648

142,864

71,248

Non-cancellable operating

leases

31.12.24

31.12.23

£

£

Within one year

14,779

-

Between one and five years

396

-

15,175

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

142,864

71,248

Bank loans

60,718

86,017

203,582

157,265

A fixed and floating charge over the assets of the company is registered to secure the bank borrowings from Oxbury Bank plc.

Hire purchase and finance lease liabilities are secured against the assets under agreement.

Property leases are payable over the following terms:

31.12.24

£

Payable within 1 year

24,082

Payable 1 - 2 years

18,971

Payable over 2 years

198

Total Property lease commitments

43,251

The leased properties are comprised of the Lancashire office, which has an annual commitment of £18,240, Lancashire work shop with an annual commitment of £2,375 and the Taunton office, with an annual commitment of £5,200 per annum. The annual commitments have been cost apportioned over the life of the lease.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

35,813

Ordinary

0.000

1

4

4

26,937

Series A Shares

0.000

1

3

3

7

7

12.	SHARE-BASED PAYMENT TRANSACTIONS

The company operates an Enterprise Management Incentive (EMI) share option scheme for eligible employees. Under the scheme, options are granted to employees to acquire ordinary shares in the company at a fixed exercise price, subject to specified vesting conditions.

During the year, 12,146 options were granted at an exercise price of £20.90 per share.The exercise period is 10 years from the date of grant subject to exercise options. At the reporting date,16,746 options remained outstanding.