REGISTERED NUMBER: 03766129 (England and Wales)

DEZREZ SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

Mr J H Morris

Dr I Pearce

Mr R A Liddell

Mr R D Price

Mr A T Ho

SECRETARY:

Mr J H Morris

REGISTERED OFFICE:

Ethos Building

Kings Road

Swansea

SA1 8AS

REGISTERED NUMBER:

03766129 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Intangible assets

4

2,398,254

2,701,123

Tangible assets

5

38,001

7,299

Investments

6

2

2

2,436,257

2,708,424

CURRENT ASSETS

Debtors

7

46,351

52,157

Cash at bank and in hand

99,501

53,732

145,852

105,889

CREDITORS

Amounts falling due within one year

8

1,546,414

1,297,842

NET CURRENT LIABILITIES

(1,400,562

)

(1,191,953

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,035,695

1,516,471

CREDITORS

Amounts falling due after more than one year

9

(233,334

)

(513,334

)

PROVISIONS FOR LIABILITIES

11

(588,490

)

(659,743

)

NET ASSETS

213,871

343,394

CAPITAL AND RESERVES

Called up share capital

400

400

Share Option reserve

12

8,718

8,718

Retained earnings

204,753

334,276

SHAREHOLDERS' FUNDS

213,871

343,394

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 29 August 2025 and were signed on its behalf by:

Mr J H Morris - Director

1.	STATUTORY INFORMATION

Dezrez Services 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.

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 as modified by the revaluation of certain assets.

Going Concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.The directors review the development costs incurred by the company on a regular basis to ensure the company is able to satisfy these developments plans, no costs will be incurred by the company unless the directors are confident the company can afford these costs. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Turnover includes revenue earned from the sale of (i) Software as a service, and (ii) other goods and services

(i) Software as a service

Revenue from software as a service comprises two elements - implementation and ongoing subscription. Revenue from SaaS implementation is recognised when implementation is completed. Ongoing subscriptions are recognized on a straight line basis over the contract period.

(ii) Other goods and services

Revenue from other goods and services is recognised either on a straight line basis over the period of the contract or upon provision of the good or service to the customer.

Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. The Property Management product will be amortised over 10 years from the date it is fully completed.

Product Development Costs

The costs for the Rezi product were previously expended to the profit and loss account, however from year-ended 31 May 2019, costs incurred for the Property Management product for each year have been capitalised. This decision was taken as the directors felt that the conditions required by FRS 102 to recognise internally generated intangible assets as an asset had been met.

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 - 25% straight line

Motor vehicles - 33% straight line

Computer equipment - 50% / 33% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Fixed asset investment

Fixed asset investments are included at the balance sheet date at market value at the year end, with any gain/loss being charged to the profit and loss account.

Operating lease

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Share based payments

The cost of equity-settled transactions with employees and directors are measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award.

There have been no share options granted in the year.

Employee benefits

Short term employee benefits are recognised as an expense in the period in which they are incurred.

The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. There were no amounts outstanding at 31 December 2024.

Functional and Presentation Currency

The company's functional and presentation currency is pounds sterling.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Product

Dev

£

COST

At 1 January 2024

and 31 December 2024

3,028,689

AMORTISATION

At 1 January 2024

327,566

Amortisation for year

302,869

At 31 December 2024

630,435

NET BOOK VALUE

At 31 December 2024

2,398,254

At 31 December 2023

2,701,123

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Cycle to

and

property

work

fittings

£

£

£

COST

At 1 January 2024

12,617

9,051

35,217

Additions

-

1,420

7,300

Disposals

(12,617

)

(8,623

)

(4,673

)

At 31 December 2024

-

1,848

37,844

DEPRECIATION

At 1 January 2024

12,617

3,450

35,217

Charge for year

-

-

154

Eliminated on disposal

(12,617

)

(3,450

)

(4,673

)

At 31 December 2024

-

-

30,698

NET BOOK VALUE

At 31 December 2024

-

1,848

7,146

At 31 December 2023

-

5,601

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

4,012

370,616

431,513

Additions

-

29,730

38,450

Disposals

(8,799

)

(368,705

)

(403,417

)

At 31 December 2024

(4,787

)

31,641

66,546

DEPRECIATION

At 1 January 2024

4,012

368,918

424,214

Charge for year

-

2,421

2,575

Eliminated on disposal

(8,799

)

(368,705

)

(398,244

)

At 31 December 2024

(4,787

)

2,634

28,545

NET BOOK VALUE

At 31 December 2024

-

29,007

38,001

At 31 December 2023

-

1,698

7,299

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

2

NET BOOK VALUE

At 31 December 2024

2

At 31 December 2023

2

Cost or valuation at 31 December 2024 is represented by:

Shares in

group

undertakings

£

Cost

2

Dezrez Services Limited holds 100% of share capital in Dezrez Legal Ltd.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

36,924

36,698

Other debtors

567

-

Prepayments

8,860

15,459

46,351

52,157

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other loans

280,000

342,500

Trade creditors

68,212

53,042

Amounts owed to subsidiary

227,521

145,361

Tax

137,450

-

Social security and other taxes

84,688

64,608

VAT

105,497

111,838

Other creditors

-

5,165

Deferred income

12,500

29,167

Directors' loan accounts

435,222

436,268

Accrued expenses

195,324

109,893

1,546,414

1,297,842

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans - 1-2 years

180,000

380,000

Other loans - 2-5 years

53,334

133,334

233,334

513,334

10.	SECURED DEBTS

National Westminster Bank PLC

Fixed and floating charges over the undertaking and all property and assets present and future including goodwill, bookdebts uncalled, capital buildings, fixtures, fixed plant and machinery.

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

588,490

659,743

Deferred

tax

£

Balance at 1 January 2024

659,743

Credit to Income Statement during year

(71,253

)

Balance at 31 December 2024

588,490

12.

RESERVES

Share

Option

reserve

£

At 1 January 2024

and 31 December 2024

8,718

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Dr I Pearce and Mr J H Morris

Balance outstanding at start of year

(436,268

)

(265,311

)

Amounts advanced

1,046

65,000

Amounts repaid

-

(235,957

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(435,222

)

(436,268

)

14.	SHARE-BASED PAYMENT TRANSACTIONS

The company issued no further options in the year. At the year end 89,269 options were available to be exercised by 14 individuals. Options have been granted on varying dates as shown in the table below.

No of options

No of individuals

Grant date

Exercise price

1,425 (£0.0004 shares)

5

May 2014

£1.24

2,177 (£0.0004 shares)

7

September 2015

£1.35

12,182 (£0.0004 shares)

7

October 2016

£1.37

15,576 (£0.0004 shares)

4

July 2021

£1.27

57,909 (£0.0004 shares)

9

October 2023

£0.29

Exercise options will remain in existence until the conditions that are required for them to be exercised are met.

15.	ULTIMATE CONTROL

There is no ultimate controlling party.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dezrez Services Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Dezrez Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dezrez Services Limited and state those matters that we have agreed to state to the Board of Directors of Dezrez Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dezrez Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Dezrez Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dezrez Services Limited. You consider that Dezrez Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Dezrez Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

29 August 2025