REGISTERED NUMBER: 12393656 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Akeneo Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

F De Gombert

SECRETARY:

Pramex International Ltd

REGISTERED OFFICE:

8th Floor South

11 Old Jewry

London

EC2R 8DU

REGISTERED NUMBER:

12393656 (England and Wales)

AUDITORS:

Baker Tilly Ireland Audit Limited

Chartered Certified Accountants and

Statutory Auditor

9 Exchange Place

International Financial Services Centre

Dublin

Ireland

D01 X8H2

BANK:

BNP Paribas

10 Harewood Ave

London

NW1 6AA

FIXED ASSETS

Tangible assets

4

65,723

63,999

CURRENT ASSETS

Debtors

5

2,575,838

2,065,622

Cash at bank

508,155

660,033

3,083,993

2,725,655

CREDITORS

Amounts falling due within one year

6

4,433,177

5,166,140

NET CURRENT LIABILITIES

(1,349,184

)

(2,440,485

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,283,461

)

(2,376,486

)

CREDITORS

Amounts falling due after more than one year

7

9,918,202

8,743,070

NET LIABILITIES

(11,201,663

)

(11,119,556

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(11,201,763

)

(11,119,656

)

SHAREHOLDERS' FUNDS

(11,201,663

)

(11,119,556

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

F De Gombert - Director

1.	STATUTORY INFORMATION

Akeneo Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Critical accounting judgements and key sources of estimation uncertainity

The preparation of these financial statements requires management to make judgements,

estimates and assumptions that affect the application of policies and reported amounts of

assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical

experiences 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 discussed

below.

(a) Establishing useful economic lives for depreciation purposes of tangible fixed assets

Long-lived assets- consisting primarily of Plant and Machinery- comprise a significant portion

of the total assets. The annual depreciation charge depends primarily on the estimated

useful economic lives of each type of asset and estimates of residual values. The directors

regularly review the useful economic lives of these assets and change them as necessary to

reflect current thinking on remaining lives in light of prospective economic utilisation and

physical condition of the assets concerned. Changes in asset useful lives can have a

significant impact on depreciation and amortisation charges for the period. Detail of the

useful economic lives is included in the accounting policies.

(b) Provision for doubtful debts

The company makes an estimate of the recoverable value of trade and other debtors. The

company uses estimates based on historical experience in determining the level of debts,

which the company believes, will not be collected. These estimates include such factors as

the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Any significant reduction in the level of customers that default on payments or other

significant improvements that resulted in a reduction in the level of bad debt provision would

have a positive impact on the operating results. The level of provision required is reviewed

on an on-going basis.

Turnover

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

The turnover represents amounts receivable, under contracts for services, net of Value Added Tax. Turnover is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Fixtures and Fittings - 20% straight line

Computer Equipment - 33% straight line

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade debtors, prepaid expenses and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade creditors, accrued expenses, unpaid taxes and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

No research and development activities undertaken during the year.

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.

Hire purchase and leasing commitments

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

Employee benefits

The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognized in the period in which the employee's services are received.

Termination benefits are recognized immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Operating lease agreements

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

-

36,655

65,944

102,599

Additions

9,705

590

20,513

30,808

Disposals

-

-

(9,032

)

(9,032

)

At 31 December 2024

9,705

37,245

77,425

124,375

DEPRECIATION

At 1 January 2024

-

10,918

27,682

38,600

Charge for year

332

7,282

20,814

28,428

Eliminated on disposal

-

-

(8,376

)

(8,376

)

At 31 December 2024

332

18,200

40,120

58,652

NET BOOK VALUE

At 31 December 2024

9,373

19,045

37,305

65,723

At 31 December 2023

-

25,737

38,262

63,999

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,381,324

1,842,941

Other debtors

63,675

121,897

Prepayments

130,839

100,784

2,575,838

2,065,622

The debtors are disclosed net of provision for impairment of £481,492 (2023 - £545,212)

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

54,894

9,344

Social security and other taxes

126,671

140,581

VAT

312,654

296,597

Other creditors

226,754

545,056

Accruals and deferred income

3,712,204

4,174,562

4,433,177

5,166,140

Trade creditors are payable at various dates in the months after the end of the financial year in accordance with the creditors credit terms.

Creditors for tax and social insurance are payable in the time-frame set down in the relevant legislation.

The terms of the accruals are based on the underlying contracts

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to group undertakings

9,918,202

8,743,070

Amounts owed to group undertakings are interest-free and will not be called on for a period of at least 12 months from the date of signing the financial statements.

8.	LEASING AGREEMENTS

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

31.12.24

31.12.23

£

£

Within one year

150,000

150,000

Between one and five years

-

150,000

150,000

300,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 January 2024

(11,119,656

)

Deficit for the year

(82,107

)

At 31 December 2024

(11,201,763

)

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

The Report of the Auditors was unqualified.

Aidan Scollard (Senior Statutory Auditor)

for and on behalf of Baker Tilly Ireland Audit Limited

12.	CONTINGENT LIABILITIES

Contingent liability

As at 31st December 2024, the Group has a restructuring provision recognized in the financial statements amounting to £200,000. This provision relates to costs anticipated from the restructuring plan formulated by the board of Directors in December 2024, which involves workforce reduction and closure of some departments.

Nature of the Restructuring Provision

This provision represents the best estimate of the costs that will be incurred in implementing the restructuring plan based on the elements effected by the year end. These costs include redundancy payments, contract termination costs and associated legal fees. The provision has been recognized in accordance with FRS 102 Section 21 'Provisions and Contingencies'.

Uncertainties and Risks

The actual costs and timing of the restructuring may differ from the estimates due to a range of factors including legal proceedings and changes in economic conditions. The Company will continue to monitor and assess these factors and adjust the provision as necessary in future periods.

The Company does not anticipate any significant impact beyond what is currently provided for, but any changes will be disclosed or recorded as costs in subsequent financial statements as required.

13.	RELATED PARTY DISCLOSURES

The company has availed of the exemption under FRS102 Section 1a in relation to the disclosure of transactions with group undertakings

14.	POST BALANCE SHEET EVENTS

There are no post balance sheet events to report.

15.	ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate controlling parent company is Akeneo SAS, a company incorporated in France, whose registered address is 12 Place General Mellinet Nantes, 44100 France.

16.	APPROVAL OF FINANCIAL STATEMENTS

The board of directors approved these financial statements for issue on __________.