REGISTERED NUMBER: 07443094 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

AGILE APPLICATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T Darbyshire

S R Ferry

REGISTERED OFFICE:

Queens Court

Wilmslow Road

Alderley Edge

Cheshire

SK9 7QD

REGISTERED NUMBER:

07443094 (England and Wales)

AUDITORS:

Christian Douglass Accountants Limited

Chartered Accountants

Statutory Auditor

2 Jordan Street

Knott Mill

Manchester

M15 4PY

FIXED ASSETS

Intangible assets

4

390,423

472,796

Tangible assets

5

10,343

18,696

400,766

491,492

CURRENT ASSETS

Debtors

6

1,368,940

1,194,621

Cash at bank

86,822

93,582

1,455,762

1,288,203

CREDITORS

Amounts falling due within one year

7

3,042,715

2,009,002

NET CURRENT LIABILITIES

(1,586,953

)

(720,799

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,186,187

)

(229,307

)

CREDITORS

Amounts falling due after more than one year

8

-

520,974

NET LIABILITIES

(1,186,187

)

(750,281

)

CAPITAL AND RESERVES

Called up share capital

360,599

360,599

Share premium

49,585

49,585

Capital redemption reserve

69

69

Retained earnings

(1,596,440

)

(1,160,534

)

(1,186,187

)

(750,281

)

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 30 June 2025 and were signed on its behalf by:

T Darbyshire - Director

1.	STATUTORY INFORMATION

Agile Applications Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07443094 and its registered address is Queens Court, Wilmslow Road, Alderley Edge, Cheshire, SK9 7QD.

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.

At the balance sheet date the company had net liabilities of £1,186,187 (2023: £750,281). Since the acquisition by the IEG Group, there has been significant advancement of the product offering with conseqent improvement to the forecasts. The directors are satisfied that the company can return to profitability in the short term and, together with the ongoing support of group companies, that the going concern basis of preparation of the financial statements is appropriate.

Turnover

Turnover represents the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. In respect of the latter, turnover represents a proportion of total expected contract revenue compared to actual costs incurred to the balance sheet date, calculated to represent the forecast margin expected on completion of the contract. The resultant provisions for unbilled income or income billed in advance are included in debtors and creditors respectively, as amounts recoverable on contracts and accrued expenses.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Goodwill has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Development costs

Development of products is capitalised when it meets the following conditions:

i) It is technically feasible to complete the research or development so that the product will be available for use or sale.

ii) It is intended to use or sell the product being developed.

iii) The Company is able to use or sell the product.

iv) It can be demonstrated that the product will generate probable future economic benefits.

v) Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold.

vi) Expenditure attributable to the research and development work can be reliably measured.

All other research and development expenditure is recognised as an expense in the period in which it is incurred.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

25%-33% on cost

Tangible fixed assets are stated at historical invoice cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2024

636,886

1,454,243

2,091,129

Additions

-

150,390

150,390

Disposals

-

(196,575

)

(196,575

)

At 31 December 2024

636,886

1,408,058

2,044,944

AMORTISATION

At 1 January 2024

636,886

981,447

1,618,333

Charge for year

-

232,763

232,763

Eliminated on disposal

-

(196,575

)

(196,575

)

At 31 December 2024

636,886

1,017,635

1,654,521

NET BOOK VALUE

At 31 December 2024

-

390,423

390,423

At 31 December 2023

-

472,796

472,796

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

170,339

Additions

2,357

Disposals

(93,311

)

At 31 December 2024

79,385

DEPRECIATION

At 1 January 2024

151,643

Charge for year

9,434

Eliminated on disposal

(92,035

)

At 31 December 2024

69,042

NET BOOK VALUE

At 31 December 2024

10,343

At 31 December 2023

18,696

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Trade debtors

95,234

97,004

Amounts owed by group undertakings

839,789

759,835

Amounts recoverable on contract

325,981

99,797

Other debtors

107,936

237,985

1,368,940

1,194,621

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Trade creditors

56,495

38,272

Amounts owed to group undertakings

2,179,767

503,893

Taxation and social security

79,736

85,516

Other creditors

726,717

1,381,321

3,042,715

2,009,002

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

as restated

£

£

Other creditors

-

520,974

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

as restated

£

£

Within one year

5,258

5,258

Between one and five years

3,505

8,763

8,763

14,021

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs Deborah Burton FCA (Senior Statutory Auditor)

for and on behalf of Christian Douglass Accountants Limited

11.	CONTINGENT LIABILITIES

Since 12 July 2024, the company has been party to cross guarantees in favour of ultimate parent, IEG Group Limited's, bankers and other group financiers. The cross guarantees are supported by debentures. The debt so guaranteed at the balance sheet date was £10,461,160.

12.	ULTIMATE PARENT UNDERTAKING