Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truetruetruetruetrue2024-01-01falseThe principal activity of the Comapny during the year was that of information technology consultancy activities.143120falsefalse 08143537 2024-01-01 2024-12-31 08143537 2023-01-01 2023-12-31 08143537 2024-12-31 08143537 2023-12-31 08143537 2023-01-01 08143537 c:Director1 2024-01-01 2024-12-31 08143537 c:Director2 2024-01-01 2024-12-31 08143537 c:Director3 2024-01-01 2024-12-31 08143537 c:RegisteredOffice 2024-01-01 2024-12-31 08143537 d:FurnitureFittings 2024-01-01 2024-12-31 08143537 d:FurnitureFittings 2024-12-31 08143537 d:FurnitureFittings 2023-12-31 08143537 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08143537 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 08143537 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 08143537 d:CurrentFinancialInstruments 2024-12-31 08143537 d:CurrentFinancialInstruments 2023-12-31 08143537 d:Non-currentFinancialInstruments 2024-12-31 08143537 d:Non-currentFinancialInstruments 2023-12-31 08143537 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08143537 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08143537 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 08143537 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08143537 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 08143537 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 08143537 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 08143537 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 08143537 e:UnitedKingdom 2024-01-01 2024-12-31 08143537 e:UnitedKingdom 2023-01-01 2023-12-31 08143537 e:RestEuropeOutsideUK 2024-01-01 2024-12-31 08143537 e:RestEuropeOutsideUK 2023-01-01 2023-12-31 08143537 e:RestWorldOutsideUK 2024-01-01 2024-12-31 08143537 e:RestWorldOutsideUK 2023-01-01 2023-12-31 08143537 d:UKTax 2024-01-01 2024-12-31 08143537 d:UKTax 2023-01-01 2023-12-31 08143537 d:ShareCapital 2024-12-31 08143537 d:ShareCapital 2023-12-31 08143537 d:ShareCapital 2023-01-01 08143537 d:RevaluationReserve 2024-12-31 08143537 d:RevaluationReserve 2023-01-01 2023-12-31 08143537 d:RevaluationReserve 2023-12-31 08143537 d:RevaluationReserve 2023-01-01 08143537 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08143537 d:RetainedEarningsAccumulatedLosses 2024-12-31 08143537 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08143537 d:RetainedEarningsAccumulatedLosses 2023-12-31 08143537 d:RetainedEarningsAccumulatedLosses 2023-01-01 08143537 c:OrdinaryShareClass1 2024-01-01 2024-12-31 08143537 c:OrdinaryShareClass1 2024-12-31 08143537 c:OrdinaryShareClass1 2023-12-31 08143537 c:OrdinaryShareClass2 2024-01-01 2024-12-31 08143537 c:OrdinaryShareClass2 2024-12-31 08143537 c:OrdinaryShareClass2 2023-12-31 08143537 c:FRS102 2024-01-01 2024-12-31 08143537 c:Audited 2024-01-01 2024-12-31 08143537 c:FullAccounts 2024-01-01 2024-12-31 08143537 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08143537 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-12-31 08143537 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 08143537 2 2024-01-01 2024-12-31 08143537 5 2024-01-01 2024-12-31 08143537 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 08143537 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08143537










NAMOS SOLUTIONS LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
NAMOS SOLUTIONS LTD
 
 
COMPANY INFORMATION


Directors
R J Eltham 
C Mason 
R J Mason 




Registered number
08143537



Registered office
2 London Wall Place

London

England

EC2Y 5AU
       

     

Independent auditors
Wright Vigar Limited

Statutory Auditors & Chartered Accountants and Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG




Accountants
MHA
Chartered Accountants

11 Merus Court

Meridian Business Park

Leicester  LE19 1RJ





 
NAMOS SOLUTIONS LTD
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 4
Independent Auditors' Report
 
5 - 8
Profit and Loss Account
 
9
Balance Sheet
 
10 - 11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 27

 
NAMOS SOLUTIONS LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The board present their report with the financial statements of the Company for the year ending 31 December 2024.

Business review
 
Namos Solutions Ltd are a specialist Oracle consultancy providing implementation and managed services across applications and technology across a wide range of industries and geographies.
A small loss was recorded, reflecting continued investment in technical capability and organisational structure to support long-term growth and business continuity. The Board considers this investment essential to the delivery of the Company’s strategy and is confident in the outlook for 2025 and beyond. 
In the fourth quarter of the year, the Company secured record levels of new sales across infrastructure, product, and managed services. These contracts have established a strong pipeline of annuity based revenue, providing greater predictability of income and supporting business continuity.

Principal risks and uncertainties
 
The Company’s business plan is based on the expansion and diversification of its client base. This is supported by investment in people, management and infrastructure. The Board monitors risks closely and has measures in place to mitigate them. Continued investment has strengthened existing service offerings and supported the development of new industry-focused solutions.

Financial key performance indicators
 
The Board monitors a range of key performance indicators on a monthly basis to assess financial and operational performance. Focus remains on controlled expansion, maintaining high-quality service delivery and efficient use of resources.


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



................................................
C Mason
Director

Date: 30 September 2025
Page 1

 
NAMOS SOLUTIONS LTD
 
 
 
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' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

Results and dividends

The loss for the year, after taxation, amounted to £251,309 (2023 - profit £143,562).

During the year, dividends were voted amounting to £261,800 (2023: £113,138).

Directors

The directors who served during the year were:

R J Eltham 
C Mason 
R J Mason 

Future developments

The Company will remain focussed solely on Oracle, but expect growth on both the applications and technology side of the business and expansion into new geographies.

Page 2

 
NAMOS SOLUTIONS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial instruments

Financial risk management objectives and policies 
The Company's principal financial instruments comprise of cash and liquid investments, the main purpose of which is to provide finance for its normal trading operations and for future investment. The Company has various other financial instruments such as trade debtors and creditors that arise directly from its trading operations. The main risks arising from the Company's financial instruments are liquidity and credit risks. The Company has clear policies for managing each of these risks, as summarised below.
Liquidity risk 
The Company aims to mitigate liquidity risk by managing cash generation by its operations and applying debtor collection targets. 
Credit risk 
The risk of financial loss due to a counterparty's failure to honour its obligations arises principally in relation to transactions where the Company provides goods or services on deferred credit terms. Company policies are aimed at minimising such losses, and require that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to credit limits to ensure that the Company's exposure to bad debts is not significant.

Research and development activities

The Company specialises in technological enhancements to complement Oracle functionality, and we conduct a number of research and development activities to bring new products into the market. We have a high success rate of converting these research and development activities into products for our clients. 

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWright Vigar Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
NAMOS SOLUTIONS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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





................................................
C Mason
Director

Date: 30 September 2025

2 London Wall Place
London
England
Page 4

 
NAMOS SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAMOS SOLUTIONS LTD
 

Opinion


We have audited the financial statements of Namos Solutions Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2024 and of its loss 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
NAMOS SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAMOS SOLUTIONS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine is 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 directors are responsible for assessing the 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
NAMOS SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAMOS SOLUTIONS LTD (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•  Enquiry of management and those charged with governance around actual, potential or suspected                litigation, claims, non-compliance with applicable laws and regulations and fraud;
•  Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with         laws and regulations;
•  Performing audit work over the risk of management override, including testing of journal entries and other   adjustments for appropriateness, evaluating the business rationale of significant transactions outside the     normal course of business and reviewing accounting estimates for bias;
•  Reviewing of financial statements disclosures and testing to supporting documentation to assess                 compliance with applicable laws and regulations;
•  Discussing amonst engagement team in relation to how and where fraud might occur in the financial            statements and any potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 
NAMOS SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAMOS SOLUTIONS LTD (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)
  
for and on behalf of
Wright Vigar Limited
 
Chartered Accountants and Business Advisers
  
Statutory Auditors
Lincolnshire
LN1 1XG

 
Date: 
30 September 2025
Page 8

 
NAMOS SOLUTIONS LTD
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
 4 
13,519,547
11,038,176

Cost of sales
  
(9,894,309)
(8,646,532)

Gross profit
  
3,625,238
2,391,644

Administrative expenses
  
(4,237,916)
(3,706,590)

Other operating income
 5 
366,435
1,322,372

Operating (loss)/profit
 6 
(246,243)
7,426

Interest receivable and similar income
  
17,394
11,109

Interest payable and similar expenses
 11 
(22,460)
(50,643)

Loss before tax
  
(251,309)
(32,108)

Tax on loss
 12 
-
175,670

(Loss)/profit for the financial year
  
(251,309)
143,562

There were no recognised gains and losses for 2024 or 2023 other than those included in the Profit and Loss Account.

There was no other comprehensive income for 2024 (2023£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
NAMOS SOLUTIONS LTD
REGISTERED NUMBER: 08143537

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
234,278
377,500

Tangible assets
 15 
161,382
174,891

  
395,660
552,391

Current assets
  

Debtors: amounts falling due within one year
 16 
2,844,737
3,177,593

Cash at bank and in hand
  
1,656,457
1,701,180

Current liabilities
  
4,501,194
4,878,773

Creditors: amounts falling due within one year
 17 
(3,043,269)
(2,944,470)

Net current assets
  
 
 
1,457,925
 
 
1,934,303

Total assets less current liabilities
  
1,853,585
2,486,694

Creditors: amounts falling due after more than one year
 18 
(60,000)
(180,000)

  

Net assets
  
1,793,585
2,306,694


Capital and reserves
  

Called up share capital 
  
217
217

Revaluation reserve
  
262,169
262,169

Profit and loss account
  
1,531,199
2,044,308

  
1,793,585
2,306,694

Page 10

 
NAMOS SOLUTIONS LTD
REGISTERED NUMBER: 08143537
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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




................................................
C Mason
Director

Date: 30 September 2025

The notes on pages 13 to 27 form part of these financial statements.
Page 11

 
NAMOS SOLUTIONS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
217
295,732
1,980,321
2,276,270


Comprehensive income for the year

Profit for the year
-
-
143,562
143,562

Dividends: Equity capital
-
-
(113,138)
(113,138)

Transfer to/from profit and loss account
-
(33,563)
33,563
-



At 1 January 2024
217
262,169
2,044,308
2,306,694


Comprehensive income for the year

Loss for the year
-
-
(251,309)
(251,309)

Dividends: Equity capital
-
-
(261,800)
(261,800)


At 31 December 2024
217
262,169
1,531,199
1,793,585


The notes on pages 13 to 27 form part of these financial statements.

Profit and Loss Account
Includes all current and prior year retained profits and losses. All amounts are distributable.
Revaluation Reserve
Includes all current and prior year revaluations of intangible assets. Revaluation reserves are not allowable as an expense or income for tax purposes. All amounts are non-distributable.

Page 12

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Namos Solutions Limited is a private company, limited by shares, which is registered in England and Wales registration number 08143537. The registered office is 2 London Wall Place, London, EC2Y 5AU.
Principal activities
The principal activity of the Company during the year under review was information technology consultancy activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Namos Solutions Holdings Limited as at 31 December 2023 and these financial statements may be obtained from 2 London Wall Place, London, EC2Y 5AU.

Page 13

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (£).

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.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Company 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.

Page 14

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to the Profit and Loss Account 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.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

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 balance sheet date in the countries where the Company operates and generates income.


Page 15

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

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.

 
2.12

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.

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:

Fixtures, fittings and equipment
-
12.5% Straight-line method

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 the Profit and Loss Account.

Page 16

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.16

Creditors

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

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
Page 17

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of intangible fixed assets 
The directors consider that the useful economic life of the development expenditure included within these financial statements cannot be reliably measured. As a result, the directors have adopted the maximum useful economic life allowed under FRS 102. The directors do no expect any adjustment to the useful economic lives to be material to the financial statements. See note 14 for the carrying amount of the intangible fixed assets, and note 2.11 for the useful economic lives. 
(ii) Useful economic lives of tangible fixed assets 
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the tangible fixed assets, and note 2.12 for the useful economic lives for each class of assets.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Consultancy
13,422,601
10,929,899

Expense recharges
96,946
108,277

13,519,547
11,038,176


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
13,301,830
10,938,419

Rest of Europe
113,158
63,709

Rest of the world
104,559
36,048

13,519,547
11,038,176


Page 19

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Management recharges
366,435
1,322,372

366,435
1,322,372



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Depreciation of fixtures and fittings
31,833
28,989

Amortisation of intangible fixed assets
143,222
143,223

Exchange differences
(29)
296

Other operating lease rentals
624
625


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
18,500

Page 20

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
9,687,639
7,427,424

Social security costs
1,152,725
910,297

Cost of defined contribution scheme
845,952
583,731

11,686,316
8,921,452


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Corporate Services
8
8



Consultants
117
95



Sales and Marketing
11
10



Executive Leadership Team (excl Directors)
4
4



Directors
3
3

143
120


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
319,728
296,038

Company contributions to defined contribution pension schemes
26,586
25,293

346,314
321,331


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £133,021 (2023 - £132,721).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,555 (2023 - £12,555).

Page 21

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
17,394
11,109

17,394
11,109


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
19,439

Other loan interest payable
22,460
31,204

22,460
50,643


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
(175,670)


-
(175,670)


Total current tax
-
(175,670)

Deferred tax

Total deferred tax
-
-


Tax on loss
-
(175,670)
Page 22

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) (2022: lower than) the standard rate of corporation tax in the UK of 25% (2022:23.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(251,309)
(32,108)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(62,827)
(7,545)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
35,806
33,657

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,742
4,356

Capital allowances for year in excess of depreciation
3,055
251

Adjustment in research and development tax credit leading to an decrease in the tax charge
-
(207,050)

Changes in provisions leading to an decrease in the tax charge
58
(4,602)

Other differences leading to an decrease in the tax charge
13,166
5,263

Total tax charge for the year
-
(175,670)


Factors that may affect future tax charges

There were factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends - Ordinary
261,800
95,138


Dividends - B Ordinary
-
18,000

261,800
113,138

Page 23

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Intangible assets




Development expenditure

£



Cost


At 1 January 2024
716,111



At 31 December 2024

716,111



Amortisation


At 1 January 2024
338,611


Charge for the year on owned assets
143,222



At 31 December 2024

481,833



Net book value



At 31 December 2024
234,278



At 31 December 2023
377,500



Page 24

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 January 2024
258,257


Additions
19,261


Disposals
(937)



At 31 December 2024

276,581



Depreciation


At 1 January 2024
83,366


Charge for the year
32,281


Disposals
(448)



At 31 December 2024

115,199



Net book value



At 31 December 2024
161,382



At 31 December 2023
174,891


16.


Debtors

2024
2023
£
£


Trade debtors
991,555
1,397,812

Amounts owed by Group undertakings
272,929
454,852

Other debtors
92,702
179,547

Prepayments and accrued income
1,487,551
969,712

Tax recoverable
-
175,670

2,844,737
3,177,593


Page 25

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
120,000
120,000

Trade creditors
101,916
128,937

Amounts owed to group undertakings
2,823
-

Other taxation and social security
773,346
783,862

Other creditors
109,646
85,913

Accruals and deferred income
1,935,538
1,825,758

3,043,269
2,944,470


There is a fixed and floating charge over all assets in respect of the bank loans.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
60,000
180,000

60,000
180,000


There is a fixed and floating charge over all assets in respect of the bank loans.


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2022: 20,000Ordinary shares of £0.01 each
200
200
1,739 (2022: 1,739) Ordinary B shares of £0.01 each
17
17

217

217



20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £845,952 (2023: £583,731). Contributions totalling £72,875 (2023: £61,138) were payable to the fund at the balance sheet date and are included in creditors.

Page 26

 
NAMOS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Transactions with directors

At the year end, the Company was owed £68,024 (2023: £148,892) from the directors. During the year advances of £98,917 and repayments of £179,785 were made. No interest has been charged on the overdrawn balance and is considered repayable on demand.


22.


Related party transactions

In accordance with FRS 102 33.1A the Company is exempt from the requirements to disclose transactions with other wholly owned members of the Group.


23.


Ultimate parent undertaking and controlling party

The ultimate parent undertaking of the Company is Namos Solutions Holdings Limited. The registered office and principal place of business of Namos Solutions Holdings Limited is 2 London Wall Place, London, EC2Y 5AU.
The ultimate controlling party of the Company is C Mason, director of this Company.
Page 27