ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Company registration number: 08423947

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2025

	STRATEGIC SOFTWARE APPLICATIONS LIMITED


STRATEGIC SOFTWARE APPLICATIONS LIMITED

COMPANY INFORMATION

Directors	J M C O'Dwyer
	R D Levi
	S E Gueorguiev


Registered number	08423947


Registered office	C/O Fieldfisher Riverbank House
	2 Swan Lane
	London
	EC4R 3TT


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


STRATEGIC SOFTWARE APPLICATIONS LIMITED

CONTENTS

	Page
Balance sheet	1
Notes to the financial statements	2 - 11


STRATEGIC SOFTWARE APPLICATIONS LIMITED REGISTERED NUMBER:08423947

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	4		1,784,948		1,774,469
Tangible assets	5		26,805		20,387
			1,811,753		1,794,856
Current assets
Debtors: amounts falling due within one year	6	1,361,517		860,068
Cash at bank and in hand	7	876,333		735,150
		2,237,850		1,595,218
Creditors: amounts falling due within one year	8	(2,851,139)		(2,379,304)
Net current liabilities			(613,289)		(784,086)
Total assets less current liabilities			1,198,464		1,010,770
Creditors: amounts falling due after more than one year	9		(3,567)		(13,101)

Net assets			1,194,897		997,669

Capital and reserves
Called up share capital	11	47	32
Share premium account	12	7,827,613	5,914,194
Other reserves	12	60	60
Profit and loss account	12	(6,632,823)	(4,916,617)
		1,194,897	997,669

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 statement of comprehensive income 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 on 6 October 2025.

J M C O'Dwyer

Director

The notes on pages 2 to 11 form part of these financial statements.

Page 1


STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Strategic Software Applications Limited is a private company, limited by shares, registered in England and Wales, registration number 08423947. The registered office is C/O Fieldfisher Riverbank House, 2 Swan Lane, London, EC4R 3TT. The principal activity is provider of technology specialising in back-office automation, risk management and compliance solutions.

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 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 following principal accounting policies have been applied:

2.2

Going concern

The directors have reviewed the company's cash flow forecasts, subscription based annual recurring revenue streams, new business pipeline prospects and liabilities over the next 12 months and consider there to be no material uncertainties that would cast significant doubt on the Company’s ability to continue as a going concern. They will continue to monitor these Going concern lead indicators and ensure that steps are taken by management to ensure that all financial commitments can be met when they fall due.

2.3

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.

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STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

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:

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.

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 their useful economic lives, which range from 3 to 6 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 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.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss 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 profit or loss 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.

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STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

2.11

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.

2.12

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.

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.

2.13

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.

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STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.13

Tangible fixed assets (continued)

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:

				Office equipment	-	33%	straight line
				Computer equipment	-	33%	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.

2.14

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.

2.15

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.

2.16

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.

Employees

The average monthly number of employees, including directors, during the year was 42 (2024 - 36).

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STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Intangible assets

	Development expenditure	Goodwill	Total
	£	£	£
Cost
At 1 April 2024	6,639,431	1,000	6,640,431
Additions	1,273,213	-	1,273,213
At 31 March 2025	7,912,644	1,000	7,913,644
Amortisation
At 1 April 2024	4,864,962	1,000	4,865,962
Charge for the year on owned assets	1,262,734	-	1,262,734
At 31 March 2025	6,127,696	1,000	6,128,696
Net book value
At 31 March 2025	1,784,948	-	1,784,948
At 31 March 2024	1,774,469	-	1,774,469

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STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	Tangible fixed assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 April 2024	9,169	73,089	82,258
Additions	42	21,903	21,945
At 31 March 2025	9,211	94,992	104,203
Depreciation
At 1 April 2024	9,169	52,702	61,871
Charge for the year on owned assets	-	15,527	15,527
At 31 March 2025	9,169	68,229	77,398
Net book value
At 31 March 2025	42	26,763	26,805
At 31 March 2024	-	20,387	20,387

Debtors

					2025	2024
					£	£


Trade debtors	633,734	336,570
Other debtors	16,922	18,574
Prepayments and accrued income	437,929	127,800
Tax recoverable	272,932	377,124
	1,361,517	860,068

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	876,333	735,150
	876,333	735,150

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STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	10,121	32,154
Trade creditors	229,242	122,739
Other taxation and social security	189,982	150,899
Other creditors	20,198	18,633
Accruals and deferred income	2,401,596	2,054,879
	2,851,139	2,379,304

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	3,567	13,101
	3,567	13,101

Amounts falling due within one year
Bank loans	10,121	32,154
Amounts falling due 1-2 years
Bank loans	3,567	13,101
	13,688	45,255

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STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.	Share capital
		2025	2024
		£	£

Authorised, allotted, called up and fully paid

417,457 (2024 - 265,655) A Ordinary shares of £0.000100 each	41.7457	26.5655
30,689 (2024 - 30,689) Ordinary shares of £0.000100 each	3.0689	3.0689
515,860 (2024 - 515,860) Ordinary shares of £0.000005 each	2.5793	2.5793

	47.3939	32.2137

During the year 151,802 A Ordinary shares of £0.0001 each were issued at a premium of £1,913,419.

12.

Reserves

Share premium account

The share premium account represents the premium paid on shares issued less any transaction costs in respect of new shares issued.

Profit and loss account

The profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments.

Page 9


STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Share-based payments
	Since 6 April 2016, the Company has granted EMI share options over 95,140 Ordinary shares of £0.000005 each and 41,000 Ordinary C shares of £0.0001 each (that have not yet lapsed). The EMI share options are granted to a number of individuals that are employees or Directors of the Company. The options can only be exercised if an Exit event occurs or, in some cases, on the 9th anniversary of the grant date. The exercise price ranges from £0.25 to £1.65 per Ordinary share of £0.000005, and the exercise price is £2.63 per Ordinary C share of £0.0001 each. No expense has been recognised as the fair value of the options is considered to be negligible.
		Weighted average exercise price (pence) 2025	Number 2025	Weighted average exercise price (pence) 2024	Number 2024

	Outstanding at the beginning of the year	114	136,140	114	136,140
	Outstanding at the end of the year	114	136,140	114	136,140

2025

2024

	Equity-settled schemes	-	-
		-	-

14.	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 £143,943 (2024 - £121,171). Contributions totalling £20,198 (2024 - £18,633) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	20,100	80,400
Later than 1 year and not later than 5 years	-	73,700
	20,100	154,100

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STRATEGIC SOFTWARE APPLICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Related party transactions
	The director has given a personal guarantee of £100,000 (2024 - £100,000) to the Company's bank.

17.	Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 8 October 2025 by Ralph Mitchison (Senior statutory auditor) on behalf of Menzies LLP.

Page 11