OvationData Group Holdings Limited - Limited company accounts 25.1

REGISTERED NUMBER: 04317843 (England and Wales)

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

OVATIONDATA GROUP HOLDINGS LIMITED

Page

Company Information

1

Report of the Director

2

Statement of Director's Responsibilities

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Notes to the Consolidated Financial Statements

11

DIRECTOR:

Gregory G Servos

SECRETARY:

Ms S McCarrick

REGISTERED OFFICE:

Unit 10

Crayfields Industrial Park

Main Road

Orpington

Kent

BR5 3HP

REGISTERED NUMBER:

04317843 (England and Wales)

AUDITORS:

Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

DIRECTORS

Gregory G Servos has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

M A Wildig - resigned 19 June 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Sargeant Partnership Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Gregory G Servos - Director

30 September 2025

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of OvationData Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws.

-We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors. We corroborated our inquiries through our review of board minutes and papers provided to the audit engagement team.

-We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates;

d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and

e) Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

30 September 2025

TURNOVER

4,592,141

5,698,098

Cost of sales

2,232,901

3,812,080

GROSS PROFIT

2,359,240

1,886,018

Administrative expenses

1,779,310

3,487,309

OPERATING PROFIT/(LOSS)

4

579,930

(1,601,291

)

Interest payable and similar expenses

194,559

44,433

PROFIT/(LOSS) BEFORE TAXATION

385,371

(1,645,724

)

Tax on profit/(loss)

5

(13,916

)

60,954

PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

399,287

(1,706,678

)

Profit/(loss) attributable to:

Owners of the parent

399,287

(1,706,678

)

FIXED ASSETS

Tangible assets

7

429,008

431,719

Investments

8

-

429,008

431,719

CURRENT ASSETS

Stocks

56,406

43,734

Debtors

9

7,125,198

6,869,818

Cash at bank and in hand

408,967

503,807

7,590,571

7,417,359

CREDITORS

Amounts falling due within one year

10

1,226,767

1,159,570

NET CURRENT ASSETS

6,363,804

6,257,789

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,792,812

6,689,508

CREDITORS

Amounts falling due after more than one
year

11

(200,765

)

(474,420

)

PROVISIONS FOR LIABILITIES

(8,590

)

(30,918

)

NET ASSETS

6,583,457

6,184,170

CAPITAL AND RESERVES

Called up share capital

12

10,000

Other reserves

13

538,019

Retained earnings

13

6,035,438

5,636,151

SHAREHOLDERS' FUNDS

6,583,457

6,184,170

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

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Gregory G Servos - Director

FIXED ASSETS

Tangible assets

7

-

Investments

8

310,934

CREDITORS

Amounts falling due within one year

10

202,022

NET CURRENT LIABILITIES

(202,022

)

(202,022

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

108,912

CAPITAL AND RESERVES

Called up share capital

12

10,000

Retained earnings

13

98,912

SHAREHOLDERS' FUNDS

108,912

Company's profit for the financial year

-

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

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Gregory G Servos - Director

1.	STATUTORY INFORMATION

OvationData Group Holdings 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 General 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.

The financial statements are prepared in sterling, which is the functional currency of the group.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Changes in accounting policies

Effective from 1 January 2024, the company has early adopted FRS 20: Leases, in advance of its mandatory effective date of 1 January 2026. This standard replaces the previous accounting requirements for leases under FRS 102 Section 20, which distinguished between operating leases and finance leases.

Under the new standard, the Company recognises a right-of-use asset and a lease liability for most leases previously classified as operating leases. This represents a significant change in accounting policy.

Comparative information has not been restated accordingly.

Full details of the accounting policy under the new standard are set out in the accounting policy Lease accounting.

The company has early adopted this accounting policy to align with group reporting of the parent in the U.S where the standard was made effective from 1 January 2019.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when invoices are raised. Turnover represents the service of transcription and specialist pre-processing of oil and gas exploration data, the development of transcription techniques and technology transfer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

Over the primary term of lease

Fixtures and fittings

-

20% per annum on cost

Computer equipment

-

20% per annum on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Lease accounting

The company has early adopted amendments to FRS 102 relating to lease accounting, which are aligned with the principles of IFRS 16 'Leases'. Under these amendments, the company recognises a right-of-use asset and a lease liability for all leases.

The company has applied the transition provisions using the modified retrospective approach, recognising the cumulative effect of initially applying the new requirements at the date of initial application, with no restatement of comparatives.

This has resulted in an increase in fixed assets and liabilities, and has affected profit due to the recognition of depreciation and interest instead of lease expense. The overall impact on retained earnings at transition is £NIL.

Further disclosures relating to right-of-use assets and lease liabilities are provided in notes 6, 8 and 9.

Pension costs and other post-retirement benefits

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

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.

Employee benefits

Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to personal pension schemes are recognised as an expense in the period in which they are incurred.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 36 ) .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024

2023

£

Depreciation - owned assets

164,408

261,088

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2024

2023

£

Current tax:

Overseas taxation

8,412

99,770

Prior period corporation tax

-

(36,604

)

Total current tax

8,412

63,166

Deferred tax

(22,328

)

(2,212

)

Tax on profit/(loss)

(13,916

)

60,954

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	TANGIBLE FIXED ASSETS

Group

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

COST

At 1 January 2024

20,342

-

634,122

4,166,504

4,820,968

Additions

-

29,225

Disposals

-

(4,275

)

(4,275

)

Reclassification/transfer

474,182

20,720

-

127,940

622,842

At 31 December 2024

494,524

20,720

634,122

4,319,394

5,468,760

DEPRECIATION

At 1 January 2024

20,342

-

632,834

3,736,073

4,389,249

Charge for year

160,391

6,264

462

178,631

345,748

Eliminated on disposal

-

(1,005

)

(1,005

)

Reclassification/transfer

191,811

693

-

113,256

305,760

At 31 December 2024

372,544

6,957

633,296

4,026,955

5,039,752

NET BOOK VALUE

At 31 December 2024

121,980

13,763

826

292,439

429,008

At 31 December 2023

-

1,288

430,431

431,719

Fixed assets, included in the above, which are held as a right of use assets are as follows:

Leasehold
land and
buildings

Computer
equipment

Plant and
machinery

Totals

£

COST

474,182

201,362

20,720

696,264

At 31 December 2024

474,182

201,362

20,720

696,264

DEPRECIATION

Reclassification / transfer

191,811

143,624

693

336,127

Charge for year

160,391

14,684

6,264

181,340

At 31 December 2024

352,202

158,308

6,957

517,467

NET BOOK VALUE

At 31 December 2024

121,980

43,054

13,763

178,797

8.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

310,934

NET BOOK VALUE

At 31 December 2024

310,934

At 31 December 2023

310,934

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

OvationData Limited

Registered office: Unit 10, Crayfields Industrial Park, Main Road, Orpington, Kent, BR53HP

Nature of business: Pre Processing of Information

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

6,306,444

5,907,157

Profit/(loss) for the year

399,287

(1,706,678

)

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

2024

2023

£

Trade debtors

1,489,476

1,123,855

Other debtors

5,635,722

5,745,963

7,125,198

6,869,818

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2024

2023

2024

2023

£

Trade creditors

116,392

168,832

-

Amounts owed to group undertakings

-

202,022

Taxation and social security

46,555

201,557

-

Other creditors

1,063,820

789,181

-

1,226,767

1,159,570

202,022

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group

2024

2023

£

Bank loans

8,951

-

Other creditors

191,814

474,420

200,765

474,420

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

10,000

Ordinary

£1

10,000

13.

RESERVES

Group

Retained

Other

earnings

reserves

Totals

£

At 1 January 2024

5,636,151

538,019

6,174,170

Profit for the year

399,287

At 31 December 2024

6,035,438

538,019

6,573,457

Company

Retained

earnings

£

At 1 January 2024

98,912

Profit for the year

-

At 31 December 2024

98,912