ACCOUNTS - Final Accounts

Registered number: 03230061

SIFT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

SIFT LIMITED

CHAIRMAN'S STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The chairman presents his statement for the period.

2024 saw a major reset for the company – with a single-minded focus on the accounting sector, and a simplified ‘Events+’ business model built on recurring income from events, digital and data.

The executive leadership team was re-shaped and bolstered by two new appointments. Non-executive director Louise White moved into an executive role (initially as Chief Strategy Officer, now COO); and a new CFO joined in July 2024. Subsequent appointments have also strengthened our sales, tech and events leadership.

At the end of 2023 Sift divested three non-core brands, with a consequent loss of revenue in 2024. However the sharper focus on our core market meant that overall revenues increased year-on-year – with our accounting sector activities delivering significant double-digit growth across all revenue streams.

Following the divestments the company hived up Sift Media Limited and Sift (Business) Limited to Sift Limited, and undertook an assessment of all outstanding goodwill, which resulted in a one-off impairment charge. There were also some exceptional costs in 2024 related to the restructuring of the business.

These changes enabled the company to make additional cost savings – with headcount reduced from 63 to 42 – while still allowing for investment in key products, data and resources to support the new business model.

In March 2024 our flagship Finance, Accounting and Bookkeeping event (FAB) moved to its new home at the NEC, introducing an innovative new format and experience for both vendors and visitors alike. FAB has now evolved from a stand-alone exhibition to a year-round marketplace connecting buyers and sellers through digital as well as face-to-face, and building on AccountingWEB’s first party data, high value content and connections within the accounting community.

The strategic reset has begun to bear fruit with strong re-booking rates for FAB, and our digital portfolio continuing to grow. Looking ahead, we are optimistic about the future of Sift as we continue to execute our strategy to focus on high value recurring income streams in the accounting market.

NameS Farish
Chairman

Date22 September 2025

Page 1

SIFT LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

DIRECTORS

The directors who served during the year were:

T W Dunkerley

S G Farish

B Heald

A Evans

L White

PRINCIPAL RISKS AND UNCERTAINTIES

The key operational risks and uncertainties affecting the company are related to the general economic environment and its effect on our customer base, together with competition from competitors.
The advent of AI-powered search has seen all digital publishers experience a sharp decline in search-generated traffic. However Sift has extensive first party audience data - and is therefore far less reliant on search-driven visitors. Our digital content delivery is also increasingly shifting from web to targeted newsletters as the primary engagement tool with these key audiences.
The company manages its cash and borrowing requirements in order to minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. The cash position improved during H2 2024 and has continued to strengthen.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

AUDITORS

The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 2

SIFT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.

S G Farish

Director

Date: 22 September 2025

Floor 2 Charlotte Place

Queen Charlotte Street

Bristol

BS1 4EX

Page 3

SIFT LIMITED

REGISTERED NUMBER:03230061

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		-		189,858
Tangible assets	6		8,135		37,447
			8,135		227,305
Current assets
Debtors: amounts falling due within one year	8	1,095,288		1,082,946
Cash at bank and in hand	9	79,456		1,221
		1,174,744		1,084,167
Creditors: amounts falling due within one year	10	(2,159,549)		(1,853,362)
Net current liabilities			(984,805)		(769,195)
Total assets less current liabilities			(976,670)		(541,890)
Creditors: amounts falling due after more than one year	11		(472,199)		(431,469)
Provisions for liabilities
Net liabilities			(1,448,869)		(973,359)

Capital and reserves
Called up share capital		884,388	884,452
Share premium account	12	23,854	23,854
Profit and loss account	12	(2,357,111)	(1,881,665)
		(1,448,869)	(973,359)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S G Farish

Director

Date: 22 September 2025

The notes on pages 6 to 19 form part of these financial statements.

Page 4

SIFT LIMITED

REGISTERED NUMBER:03230061

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	6		8,135		37,447
Investments	7		752,997		910,929
			761,132		948,376
Current assets
Debtors: amounts falling due within one year	8	1,095,288		2,920,762
Cash at bank and in hand	9	79,456		1,221
		1,174,744		2,921,983
Creditors: amounts falling due within one year	10	(2,912,546)		(4,720,525)
Net current liabilities			(1,737,802)		(1,798,542)
Total assets less current liabilities			(976,670)		(850,166)

Creditors: amounts falling due after more than one year	11		(472,199)		(431,469)

Net liabilities			(1,448,869)		(1,281,635)

Capital and reserves
Called up share capital			884,388		884,388
Share premium account	12		23,854		23,854
Profit and loss account brought forward		(2,189,877)		(1,431,862)
Loss for the year		(167,234)		(758,015)
Profit and loss account carried forward			(2,357,111)		(2,189,877)
			(1,448,869)		(1,281,635)

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S G Farish

Director

Date: 22 September 2025

The notes on pages 6 to 19 form part of these financial statements.

Page 5

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Sift Limited is a company limited by shares incorporated in the United Kingdom. The registered office is Floor 2 Charlotte Place, Queen Charlotte Street, Bristol, United Kingdom, BS1 4EX.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

GROUP REORGANISATION (HIVE UP OF TRADE)

The trading activities of Sift Media Limited and Sift (Business) Limited were hived up to Sift Limited on 1 January 2024. The consideration for the transfer was less than the book value of the related assets and liabilities. However, rather than a record a loss on the transaction, and to reflect the substance of the group reorganisation, the difference as been presented as investment income in Sift Limited, the parent company.

Page 6

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.4

GOING CONCERN

Notwithstanding that during the year ended 31 December 2024, the group incurred a net loss of £475,446 and as at the year end date, the group's current liabilities exceeded its current assets by £984,805 and the company's net current liabilities exceeded its current assets by £1,737,802, the financial statements have been prepared on the going concern basis which the directors believe to be appropriate for the following reasons:

The directors have considered the cash flow projections for the company for a period of at least 12 months from the date of approval of the financial statements. These projections consider reasonably possible downsides and show the company will have sufficient funding through its overdraft facility or via its shareholders to meet its liabilities as they fall due for the foreseeable future subject to the comments below.

The existing overdraft facility was renewed in May 2025, and the directors are confident that the company will continue trading within the available facility. Forecasts prepared by the directors are dependent on continued improvement to the underlying business performance. The company has a long-standing relationship with the bank and there are no reasons for the directors to believe that, should it be needed, the current facility will not continue to be available after the next renewal date in May 2026.

There is more focus on building high-value income from the simplified ‘Events+' business model building on recurring income from events, digital & data, and stringent cost management. The company has already secured a good proportion of the sales for 2026 by way of its forward order book. The forecasts suggest that the company maintains sufficient cash headroom and will not required to use the overdraft facility currently in place and will look to repay the shareholder loans in the foreseeable future.

The company has a letter of support from one of its major shareholders who the directors believe will continue to support the company financially for a period of at least 12 months from the signing of the financial statements.

The trading activities of Sift Media Limited and Sift Business Limited have been hived up to Sift Limited as part of a group re-organisation and strategy reset of the group.

Based on the above, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, the above matters represent a material uncertainty that may cast a significant doubt on the company’s ability to continue as a going concern and therefore to continue to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Page 7

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Income and Retained Earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Software development costs

years straight line

Page 8

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the Consolidated statement of comprehensive income.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computers, fixtures & fittings

3 - 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.9

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Page 9

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income statement within 'administrative expenses'.

2.15

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 10

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.16

PENSIONS

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

2.17

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.18

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 42 (2023: 63).

Page 11

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	INTANGIBLE ASSETS
	Group

	Software develop't	Goodwill	Total
	£	£	£
COST
At 1 January 2024	763,869	1,429,260	2,193,129
At 31 December 2024	763,869	1,429,260	2,193,129
AMORTISATION
At 1 January 2024	763,869	1,239,402	2,003,271
Impairment charge	-	189,858	189,858
At 31 December 2024	763,869	1,429,260	2,193,129
NET BOOK VALUE
At 31 December 2024	-	-	-
At 31 December 2023	-	189,858	189,858

The trading activities of Sift Media Limited and Sift (Business) Limited were hived up to Sift Limited on 1 January 2024. Following this group re-organisation and the strategic reset on the group, the directors determined that the above goodwill should be impaired in full.

Page 12

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.INTANGIBLE ASSETS (CONTINUED)

	Company

		Software develop't
		£
	COST
	At 1 January 2024	763,869
	At 31 December 2024	763,869
	AMORTISATION
	At 1 January 2024	763,869
	At 31 December 2024	763,869
	NET BOOK VALUE
	At 31 December 2024	-
	At 31 December 2023	-

5.	PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £167,234 (2023: loss £758,015).

Page 13

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	TANGIBLE FIXED ASSETS
	Group and Company

		Computers, fixtures and fittings
		£
	COST
	At 1 January 2024	744,638
	Additions	849
	At 31 December 2024	745,487
	DEPRECIATION
	At 1 January 2024	707,191
	Charge for the year on owned assets	30,161
	At 31 December 2024	737,352
	NET BOOK VALUE
	At 31 December 2024	8,135
	At 31 December 2023	37,447

Page 14

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2024	910,929
	At 31 December 2024	910,929
	IMPAIRMENT
	Charge for the period	157,932
	At 31 December 2024	157,932
	NET BOOK VALUE
	At 31 December 2024	752,997
	At 31 December 2023	910,929

SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Sift Media Limited	Online publishing	Ordinary	100%
PracticeWEB Limited	Dormant	Ordinary	100%
UK Directories Limited	Dormant	Ordinary	100%
Sift Media (US)	Online publishing	Ordinary	100%
Sift (Business) Limited	Online publishing	Ordinary	100%
AccountingWEB Limited	Dormant	Ordinary	100%

The trades of Sift Media Limited and Sift (Business) Limited were transferred to Sift Limited during the year and therefore these subsidiaries were effectively dormant at the year end. The impairment charge for £157,932 (2023: £Nil) follows that group reorganisation.

Page 15

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

DEBTORS

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	746,823	619,140	746,823	470
Amounts owed by group undertakings	-	-	-	2,800,729
Other debtors	36,110	149,818	36,110	46,779
Prepayments and accrued income	312,355	313,988	312,355	72,784
	1,095,288	1,082,946	1,095,288	2,920,762

9.	CASH AND CASH EQUIVALENTS
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	79,456	1,221	79,456	1,221
Less: bank overdrafts	-	(113,130)	-	(113,130)
	79,456	(111,909)	79,456	(111,909)

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank overdrafts	-	113,130	-	113,130
Trade creditors	137,112	645,136	137,112	343,013
Amounts owed to group undertakings	-	-	752,997	4,043,236
Other taxation and social security	387,733	68,069	387,733	68,070
Other creditors	192,928	81,299	192,928	81,299
Accruals and deferred income	1,441,776	945,728	1,441,776	71,777
	2,159,549	1,853,362	2,912,546	4,720,525

The bank overdraft is secured by way of a debenture in favour of Barclays Bank Plc, personal guarantees provided by directors and certain shareholders, and cross guarantees with Sift Media Limited, a group company.

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SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Debentures loans	27,272	27,272	27,272	27,272
Other creditors	444,927	404,197	444,927	404,197
	472,199	431,469	472,199	431,469

Included within other creditors are shareholder loans amounting to £438,038 (2023: £387,663).

12.

RESERVES

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior period retained profits and losses. All are available for distribution.

13.	GROUP RECONSTRUCTION

	SIFT MEDIA LIMITED RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES HIVED UP
					Book value
					£

	CURRENT ASSETS
	Debtors	3,078,303
	TOTAL ASSETS	3,078,303
	CREDITORS
	Due within one year	(2,339,145)
	TOTAL IDENTIFIABLE NET ASSETS	739,158


	TOTAL PURCHASE CONSIDERATION	739,158

Page 17

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.GROUP RECONSTRUCTION (CONTINUED)

	CONSIDERATION
					£


	Satisfied via intercompany	739,158
	TOTAL PURCHASE CONSIDERATION	739,158

	SIFT BUSINESS LIMITED RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES HIVED UP
					Book value
					£

	CURRENT ASSETS
	Debtors	69,191
	TOTAL ASSETS	69,191
	CREDITORS
	Due within one year	(69,190)
	TOTAL IDENTIFIABLE NET ASSETS	1


	TOTAL PURCHASE CONSIDERATION	1

	CONSIDERATION
					£


	Satisfied via intercompany	1
	TOTAL PURCHASE CONSIDERATION	1

Page 18

SIFT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	COMMITMENTS UNDER OPERATING LEASES
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	32,902	32,902	32,902	32,902
Within 2 to 5 years	263,212	-	263,212	-
	296,114	32,902	296,114	32,902

15.

RELATED PARTY TRANSACTIONS

The Group has taken advantage of the exemption allowed under FRS102 section 33.1A not to disclose related party transactions with wholly owned group undertakings.
At the year end the Group owed £444,927 made up of the loan in note 14 (2023: £404,197) to a Director and Shareholder of the Group. During the year interest of £42,086 (2023: £25,465) was payable on these loans.
During the year, consultancy services amounting to £21,000 were provided to Sift Limited by a company in which one of the directors of Sift Limited is also a director .There was no outstanding balance payable to the related company at the year end.

16.	CONTROLLING PARTY

There is no ultimate controlling party.

17.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw your attention to note 2.4 in the financial statements, which discloses that the company is reliant on the willingness and ability of shareholders to continue to provide the financial support which this company requires. The company’s forecasts also assume the continuing availability of its bank overdraft facility. As stated in note 2.4, these events or conditions, along with other matters set forth in note 2.4, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. 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.

The audit report was signed on 29 September 2025 by Stuart Crisp BSc FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.

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