Company registration number 08397697 (England and Wales)
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
ANNUAL REPORT AND
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
COMPANY INFORMATION
Directors
OMH Bonavero
ML Coxhead
MRA Spiteri
RJ Eddowes
SWL Miles
J Dickie
Company number
08397697
Registered office
8 Bloomsbury Street
London
WC1B 3SR
Auditor
Cottons Accountants LLP
The Stables
Church Walk
Daventry
Northamptonshire
UK
NN11 4BL
Bankers
National Westminister Bank PLC
City of London Office
PO Box 12258
1 Princes Street
London
EC2R 8PA
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 39
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

TradeBridge is an embedded finance innovator addressing the funding shortfall faced by high-quality SMEs.

We believe in SMEs

TradeBridge believes that SMEs are a deep community of entrepreneurs capable of shaping the future of our economies. We believe that SMEs can play an essential positive economic role within their communities.

Our mission is to give entrepreneurial SME leaders the freedom to seize their moment, by providing an impactful source of additional funding.

In pursuit of this mission TradeBridge has become the leader in embedded finance: over a decade of technology innovation, we have deployed billions of pounds to support the growth of thousands of our SME customers in our core markets of the UK, EU and Australia.

TradeBridge: an embedded finance pioneer.

TradeBridge designs, builds and delivers embedded finance solutions across several core ecosystems:

- Embedded within the UK’s NHS ecosystem, we support hundreds of community pharmacies and dental practices.

- Embedded within eCommerce marketplace ecosystems, we support hundreds of online retailers.

- Embedded within the Australian Pharmaceutical Benefit Scheme (“PBS”), we support community pharmacies across Australia.

- Embedded within the UK government’s Energy Company Obligation (‘ECO’) program, we support SME installers to deliver energy saving measures into homes out across the UK.

TradeBridge builds digital pipelines to carry a continuous flow of customer-related data into the TradeBridge technology platform. The data are transformed algorithmically to optimise lending decisions.

TradeBridge’s embedded finance technology offers clients revolving working capital facilities that:

- employ intelligent, multi-source credit risk profiling, to assess accurately their whole business;

- enable fast decision-making and onboarding processes;

- provide a significant quantum of additional funding;

- deliver a consumer grade interaction via the TradeBridge app.

Testament to our leadership in the embedded finance space, TradeBridge was selected as an Amazon funding partner with the program going live for UK Amazon sellers in February 2025.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Business results

The 202 4/2 5 financial year was a year of progress across our key performance indicators. The priority of the leadership team was to continue to build on the improvements of the prior year in each of our three strategic themes:

- “A growing TradeBridge”

Deliver continued strong growth without compromising quality of earnings.

- “A scalable TradeBridge”

Prove the scalability of the technology platform and continue investing in embedded finance innovation to deepen our business moat.

- “A profitable TradeBridge”

Deliver sustainable, increasing profits and improving Return on Equity.

A Growing TradeBridge

Revenue grew by 11% year-on-year, to £2 2.8 m. This is a reduced acceleration in revenue growth rate against the prior year (+72%). Management is confident that the addressable markets and the demand for TradeBridge embedded finance solutions are very large. Robust growth rates are sustainable for at least the next 5 years.

Management considers the Cost of Risk to be a good proxy of the quality of the portfolio. The Cost of Risk, defined as credit losses as a % of average client Funds in Use, includes all non-performing elements of the portfolio. This year, our Cost of Risk was <1%, which is pleasing in the context of a period which saw sluggish macro economic output.

| FY2 4/25 | FY2 3/24
YoY Funds in Use Growth Rate | +14% | +30%
Cost of Risk | 0.81% | 0.95%

A Scalable TradeBridge

TradeBridge’s technology stack is maturing and continues to drive important efficiencies. Investment in our technology platform delivered significant productivity gains across our 3 core technology pillars:

- Data capture and algorithmic underwriting;

- Secure payment collection infrastructure;

- User experience.

We measure scalability by assessing our overheads against the number of clients we serve and the Funds in Use per employee. Both metrics show strong improvement.

| FY2 4/25 | FY2 3/24 | YoY efficiency improvement
Overheads / no. of clients | £10,451 | £1 0,979 | +5%
Funds in Use / employee number | £3.36m | £3.18m | +6%

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

A Profitable TradeBridge

Management uses an Adjusted EBITDA metric to measure company profitability. Adjusted EBITDA is calculated as EBITDA, with interest costs to banks and credit funds added back.

Management also pays close attention to Return on Adjusted Equity, for which it uses a proxy measure to include all the capital employed (excluding the funding provided by banks and credit funds).

The board is pleased to report a strong performance in both metrics.

| FY2 4/25 | FY2 3/24
Adjusted EBITDA | £4,692,019 | £4,551,893
Return on Adjusted Equity | 1 4.2% | 15.1%

Looking to the future

The Directors expect the profitable growth seen in previous years to continue into 2025/26 with demand for embedded finance remaining robust, as more and more economic sectors discover the relevance of embedded finance solutions to their industries.

For 2025/6 a primary focus of the team will be on expanding our ecosystem portfolio, targeting both the expansion of our existing ecosystems to new geographies and rolling out programmes in new ecosystems that meet our strict criteria.

In particular TradeBridge anticipates strong growth via our Amazon partnership.

Principal risks and uncertainties

Financial services is a competitive sector and there are a number of risks and uncertainties which could have an impact on the group's performance and could cause future results to differ substantially from historical performance. The principal risks for our group include the following:

Credit risk

All underwriting is on an ‘unlikely to fail’ basis. All credit limit setting protocols and modalities must be approved by the group's Credit Committee prior to contract signing. Facilities are dynamic: TradeBridge deploys active monitoring systems across its product portfolio areas and take action to reduce exposures where necessary.

Liquidity risk

The group finances its portfolio via senior and mezzanine debt facilities from major European Banks and reputable global credit funds.

In April 2025, the group added a new facility with the UK’s largest banking group to support its e-Commerce marketplace programs bringing its combined funding commitments to over £450 million. The group maintains sufficient headroom in these funding lines to meet its current and projected funding needs.

The group is profitable and continues to enjoy the support of its shareholders.

Interest rate risk

All client funding programmes entered by the group are discretionary and include appropriate mechanisms to adjust customer pricing in the event of interest rate movements. The company does not take material interest rate risk.

Foreign exchange risk

The group is not materially exposed to risk with respect to movement in foreign exchange rates. All payments made to suppliers in foreign currency are backed by discrete funding lines in those currencies (AUD, EUR and USD).

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Making a positive impact in our communities

The directors were pleased to publish the Tradebridge ESG Programme during the year which recognises our continued commitment to play an active role in taking urgent action to address the challenges facing our environment and to reflect our commitment to working for a fairer and more just society.

As a team we have chosen to focus on making a positive impact within our local communities, across our four priority themes below.

- Governance

- Planet

- People

- Prosperity

We are inspired by the generosity and energy of the TradeBridge team’s engagement. This year, we dedicated time and resources to:

- Engaging as a team in local community-based initiatives that address our priority themes.

- Formally including ESG criteria in our funding decision-making process.

- Expanding our SME funding into ecosystems which, at their core, positively impact on one of four priority areas.

- Reporting on our ESG outcomes to stakeholders annually.

Our full ESG policy is available at www.tradebridge.com/esg_policy

On behalf of the board

.............................................
ML Coxhead
Director
Date: .............................................
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of the provision of financial services to established SME companies in the UK, Australia, and other selected international jurisdictions.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

OMH Bonavero
ML Coxhead
MRA Spiteri
RJ Eddowes
SWL Miles
J Dickie
Qualifying third party indemnity provisions

The company has in place qualifying third party indemnity provisions for the benefit of its directors during the year and at the date of this report.

Research and development

The g roup continued to invest in the development of its technology platform and internal systems during the year. Activity focused on enhancing automation, data capabilities and customer-facing tools to support ongoing product and service improvements.

Post reporting date events

On 12 August 2025 the company changed its name from Woodsford Tradebridge Ltd to Tradebridge Financial Technologies Limited, by way of a special resolution.

Going concern

The group continues to both enjoy the support of its key funders and shareholders. The group is profitable, has a robust balance sheet and diverse book of contracts with customers across different geographic areas and industries.

Consequently, these financial statements have been prepared on a going concern basis.

Auditor

The auditor, Cottons Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 group and company will continue in business.

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
ML Coxhead
Director
16 October 2025
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
- 7 -
Opinion

We have audited the financial statements of Tradebridge Financial Technologies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport 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.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
- 8 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 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 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' r esponsibilities s tatement, 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 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of factual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- maintaining professional skepticism throughout the audit.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
- 9 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Wilch FCCA (Senior Statutory Auditor)
For and on behalf of Cottons Accountants LLP, Statutory Auditor
Chartered Accountants
The Stables
Church Walk
Daventry
Northamptonshire
NN11 4BL
UK
16 October 2025
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
22,827,612
20,519,425
Cost of sales
(14,330,848)
(12,874,319)
Gross profit
8,496,764
7,645,106
Administrative expenses
(7,778,951)
(6,418,035)
Other operating income
49,124
83,720
Operating profit
4
766,937
1,310,791
Interest receivable and similar income
7
650,185
712,333
Interest payable and similar expenses
8
(846,708)
(1,031,280)
Movement in fair value of financial assets
10
185,935
208,115
Profit before taxation
756,349
1,199,959
Tax on profit
9
(512,604)
(345,798)
Profit for the financial year
243,745
854,161
Profit for the financial year is attributable to:
- Owners of the parent company
181,503
599,700
- Non-controlling interests
62,242
254,461
243,745
854,161
Total comprehensive income for the year is attributable to:
- Owners of the parent company
181,503
599,700
- Non-controlling interests
62,242
254,461
243,745
854,161

The notes on pages 17 to 39 form part of these financial statements.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
11
710,126
437,283
Tangible assets
12
29,932
20,710
740,058
457,993
Current assets
Debtors
16
164,553,117
153,081,852
Cash at bank and in hand
2,010,025
2,697,301
166,563,142
155,779,153
Creditors: amounts falling due within one year
17
(18,480,827)
(31,696,209)
Net current assets
148,082,315
124,082,944
Total assets less current liabilities
148,822,373
124,540,937
Creditors: amounts falling due after more than one year
18
(147,611,412)
(123,570,252)
Provisions for liabilities
Deferred tax liability
20
116,310
156,662
(116,310)
(156,662)
Net assets
1,094,651
814,023
Capital and reserves
Called up share capital
22
3,346,294
3,327,248
Share premium account
23
1,947,768
1,947,768
Capital redemption reserve
-
0
20,000
Other reserves
45,578
3,355
Profit and loss reserves
(4,521,710)
(5,378,359)
Equity attributable to owners of the parent company
817,930
(79,988)
Non-controlling interests
276,721
894,011
Total equity
1,094,651
814,023

The notes on pages 17 to 39 form part of these financial statements.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 16 October 2025 and are signed on its behalf by:
16 October 2025
ML Coxhead
Director
Company registration number 08397697 (England and Wales)
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
710,126
437,283
Tangible assets
12
28,124
19,523
Investments
13
733,099
708,712
1,471,349
1,165,518
Current assets
Debtors
16
2,994,788
2,923,455
Cash at bank and in hand
5,819
8,542
3,000,607
2,931,997
Creditors: amounts falling due within one year
17
(8,756,776)
(7,576,211)
Net current liabilities
(5,756,169)
(4,644,214)
Net liabilities
(4,284,820)
(3,478,696)
Capital and reserves
Called up share capital
22
3,346,294
3,327,248
Share premium account
23
1,947,768
1,947,768
Profit and loss reserves
(9,578,882)
(8,753,712)
Total equity
(4,284,820)
(3,478,696)

The notes on pages 17 to 39 form part of these financial statements.

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £825,170 (2024 - £520,335 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 October 2025 and are signed on its behalf by:
16 October 2025
ML Coxhead
Director
Company registration number 08397697 (England and Wales)
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 April 2023
3,327,248
1,947,768
20,000
(43,348)
(5,978,059)
(726,391)
639,550
(86,841)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
-
599,700
599,700
254,461
854,161
Other movements
-
-
-
46,703
-
46,703
-
46,703
Balance at 31 March 2024
3,327,248
1,947,768
20,000
3,355
(5,378,359)
(79,988)
894,011
814,023
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
-
181,503
181,503
62,242
243,745
Issue of share capital
22
19,046
-
0
-
-
-
19,046
-
19,046
Reduction of shares
22
-
-
(20,000)
-
20,000
-
-
-
Purchase of shares in subsidiary from non-controlling interest
-
-
-
-
655,146
655,146
(679,532)
(24,386)
Other movements
-
-
-
42,223
-
42,223
-
42,223
Balance at 31 March 2025
3,346,294
1,947,768
-
0
45,578
(4,521,710)
817,930
276,721
1,094,651

The notes on pages 17 to 39 form part of these financial statements.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
3,327,248
1,947,768
(8,233,378)
(2,958,362)
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(520,334)
(520,334)
Balance at 31 March 2024
3,327,248
1,947,768
(8,753,712)
(3,478,696)
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
(825,170)
(825,170)
Issue of share capital
22
19,046
-
0
-
19,046
Balance at 31 March 2025
3,346,294
1,947,768
(9,578,882)
(4,284,820)

The notes on pages 17 to 39 form part of these financial statements.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(10,668,995)
(21,991,918)
Interest paid
(598,637)
(797,766)
Income taxes refunded
154,935
358,876
Net cash outflow from operating activities
(11,112,697)
(22,430,808)
Investing activities
Purchase of intangible assets
(569,599)
(373,349)
Purchase of tangible fixed assets
(25,439)
(9,823)
Interest received
650,185
712,333
Net cash generated from investing activities
55,147
329,161
Financing activities
(Repayment)/Drawing of borrowings
(4,685,911)
2,962,864
Drawing of bank loans
14,861,410
20,559,134
Net cash generated from financing activities
10,175,499
23,521,998
Net (decrease)/increase in cash and cash equivalents
(882,051)
1,420,351
Cash and cash equivalents at beginning of year
2,697,301
1,230,247
Effect of foreign exchange rates
42,221
46,703
Cash and cash equivalents at end of year
1,857,471
2,697,301
Relating to:
Cash at bank and in hand
2,010,025
2,697,301
Bank overdrafts included in creditors payable within one year
(152,554)
-

The notes on pages 17 to 39 form part of these financial statements.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
1
Accounting policies
Company information

Tradebridge Financial Technologies Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 8 Bloomsbury Street, London, WC1B 3SR.

The group consists of Tradebridge Financial Technologies Limited and all of its subsidiaries.

On 12 August 2025 the company changed its name from Woodsford Tradebridge L imi t e d to Tradebridge Financial Technologies Limited, by way of a special resolution.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Tradebridge Financial Technologies Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The directors have prepared the financial statements on a going concern basis following assessment of the group’s financial position, cash flow forecasts and funding arrangements over a period of at least 12 months from the date of approval of these financial statements. In reaching this conclusion, the directors have considered the group’s strengthening balance sheet, sustained improvement across key performance metrics, and the significant headroom available under its core funding facilities. These include securitised lending vehicles with covenant compliance comfortably maintained throughout the forecast period. The directors have also considered the continued financial backing and assurance of support from shareholders and related parties, should it be required.

On this basis, the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis in preparing the financial statements.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

The company recognises revenue when:

- the amount of revenue can be reliably measured;

- It is probable that future economic benefits will flow to the entity;

- And specific criteria have been met for each of the company's activities.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
33.3% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held on call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors 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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at a market interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded as the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
1.14
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

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

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

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

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Derivative instruments

Included in current derivative instruments is a warrant instrument. The directors have concluded that these warrants should be classified as complex financial instruments and measured at fair value, on the basis they are not considered to meet the fixed-for-fixed criteria of section 11 of FRS102. As such, they are recognised in current liabilities as opposed to equity.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Fair value of financial assets

T he financial instruments included in non-current other debtors have various elements which affect fair value. This is based on future profits which adjust the fair value of the loan notes. Significant judgements and estimates have been made by the directors on the future profits which are attributable to these financial instruments.

Fair value of derivative instruments

Included in current derivative instruments is a warrant instrument. The directors have concluded that these warrants should be classified as complex financial instruments and measured at fair value. There are various elements which affect the instrument's fair value, such as the fair value of the business, and exercise date. Significant estimates have therefore been made by the directors in order to determine an appropriate fair value of the instrument.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Funding revenue
22,827,612
20,519,425
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 25 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
21,054,612
19,063,675
Europe
680,497
678,441
Rest of World
1,092,503
777,309
22,827,612
20,519,425
2025
2024
£
£
Other revenue
Interest income
650,185
712,333
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
85,950
76,861
Fees payable to the group's auditor for the audit of the group's financial statements
11,750
10,500
Depreciation of owned tangible fixed assets
16,262
15,583
Amortisation of intangible assets
296,756
176,955
Operating lease charges
293,709
288,138
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
40
37
35
31
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,682,166
2,266,069
2,193,824
1,916,512
Social security costs
338,660
278,785
259,231
209,218
Pension costs
34,196
31,023
34,196
31,023
3,055,022
2,575,877
2,487,251
2,156,753
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
513,349
324,630
Company pension contributions to defined contribution schemes
3,963
2,752
Sums paid to third parties for directors' services
25,000
25,000
542,312
352,382

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
215,499
168,958
Company pension contributions to defined contribution schemes
1,321
1,321
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
51,760
14,764
Other interest income
598,425
697,569
Total income
650,185
712,333
8
Interest payable and similar expenses
2025
2024
£
£
Other interest on financial liabilities
846,708
1,031,280
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(193,865)
Foreign current tax on profits for the current period
76,150
-
0
Total current tax
76,150
(193,865)
Deferred tax
Origination and reversal of timing differences
436,454
539,663
Total tax charge
512,604
345,798

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
756,349
1,199,959
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
189,087
299,990
Tax effect of expenses that are not deductible in determining taxable profit
230,274
71,067
Adjustments in respect of prior years
12,232
(70,703)
Effect of revaluations of investments
-
0
(18,352)
Effect of overseas tax rates
82,928
66,522
Deferred tax adjustments in respect of prior years
(1,917)
(2,726)
Taxation charge
512,604
345,798
10
Movement in fair value of financial assets
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
185,935
208,115
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
11
Intangible fixed assets
Group
Development costs
£
Cost
At 1 April 2024
924,772
Additions - internally developed
569,599
At 31 March 2025
1,494,371
Amortisation and impairment
At 1 April 2024
487,489
Amortisation charged for the year
296,756
At 31 March 2025
784,245
Carrying amount
At 31 March 2025
710,126
At 31 March 2024
437,283
Company
Development costs
£
Cost
At 1 April 2024
921,772
Additions - internally developed
569,599
At 31 March 2025
1,491,371
Amortisation and impairment
At 1 April 2024
484,489
Amortisation charged for the year
296,756
At 31 March 2025
781,245
Carrying amount
At 31 March 2025
710,126
At 31 March 2024
437,283
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
12
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
-
0
74,617
74,617
Additions
3,354
22,130
25,484
At 31 March 2025
3,354
96,747
100,101
Depreciation and impairment
At 1 April 2024
-
0
53,907
53,907
Depreciation charged in the year
280
15,982
16,262
At 31 March 2025
280
69,889
70,169
Carrying amount
At 31 March 2025
3,074
26,858
29,932
At 31 March 2024
-
0
20,710
20,710
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
-
0
70,580
70,580
Additions
3,354
20,383
23,737
At 31 March 2025
3,354
90,963
94,317
Depreciation and impairment
At 1 April 2024
-
0
51,057
51,057
Depreciation charged in the year
280
14,856
15,136
At 31 March 2025
280
65,913
66,193
Carrying amount
At 31 March 2025
3,074
25,050
28,124
At 31 March 2024
-
0
19,523
19,523
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
733,099
708,712
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
708,712
Additions
24,387
At 31 March 2025
733,099
Carrying amount
At 31 March 2025
733,099
At 31 March 2024
708,712
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Subsidiaries
(Continued)
- 31 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
WTB UK SPV No 1 Limited
8 Bloomsbury Street, London, WC1B 3SR, UK
Provision of working capital finance to UK and overseas businesses
Ordinary shares of £1 each
100.00
-
WTB SPV No 2 Limited
As above
Provision of loans to its fellow subsidiary companies.
Ordinary shares of £1 each
100.00
-
WTB SPV No 3 Limited
As above
Provision of embedded working capital finance to energy efficiency installers
Ordinary shares of £1 each
100.00
-
Farfetch Capital Limited
As above
Provision of embedded working capital finance to online retail merchants.
Ordinary shares of £1 each
75.00
-
FFF No 1 Limited
As above
Provision of embedded working capital finance to fashion boutiques.
Ordinary shares of £1 each
0
75.00
FFF No 2 Limited
As above
Provision of embedded working capital finance to fashion boutiques.
Ordinary shares of £1 each
0
75.00
WTB SPV No 4 Limited
As above
Non-trading
Ordinary shares of £1 each
100.00
-
RX Bridge Limited
As above
Provision of financial services to UK-based pharmacies.
Ordinary shares of £1 each
100.00
-
RXB SPV Limited
As above
Provision of financial services to UK-based pharmacies.
Ordinary shares of £1 each
100.00
-
Woodsford Tradebridge Singapore Pte. Ltd
60 Paya Lebar Road, 08-43 Paya Lebar Square, 409051, Singapore
Management services centre in Singapore.
Ordinary shares of SG $1 each
100.00
-
Tradebridge Lux S.a.r.l.
412F, Route d'Esch, L-1471 Luxembourg
Securitisation vehicle for external funding provided to the group.
Ordinary shares of EUR1 each
100.00
-
Woodsford Tradebridge Pty Ltd
Office 1, 10 Floriston Road, Boronia, Victoria 3155, Australia
Provision of financial services to Australian based pharmacies and online retail merchants.
Ordinary shares of AUD $1 each
100.00
-
WTB Aus SPV1 Pty Ltd
As above
Provision of financial services to Australian based pharmacies and online retail merchants.
Ordinary shares of AUD $1 each
0
100.00
Tradebridge SP Limited
8 Bloomsbury Street, London, WC1B 3SR, UK
Provision of embedded working capital finance to online retail merchants
Ordinary shares of £1 each
100.00
-

Subsequent to the year end, WTB SPV No 4 Limited was dissolved on 2 September 2025.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
15
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
125,000
125,000
125,000
125,000

Share warrants

Included within creditors due within one year, under derivative financial instruments, is a warrant instrument held at fair value of £125,000.

The warrant instrument allows the holder to subscribe to 5% of the post dilution share capital of the company at a set subscription price which is variable based on the date of exercise. The exercise price is £1.5m in Year One, £2.0m in Year Two and £2.5m in Year Three. The instrument expires on 25th January 2026.

Loan notes

Other debtors due more than one year represent loan notes subscribed in WTB IT SPV1 S.r.l which are held at fair value. The loan notes mature in December 2031 and there are no fixed repayment periods. Interest income of £6 00,450 (202 4: £699,593) has been recognised in the profit and loss at the rate of 8% per annum.

There was a fair value uplift of £185,9 3 5 (202 4: £208,115) in the year, resulting in a total loan note value of £5,902,280 (202 4: £7,735,119). The loan notes carrying value would be £5,530,410 (202 4: £6,772,940) had there been no revaluation.

The fair value was obtained by calculating the net present value of estimated future cash flows, using a discount rate of 8%. It was assumed that cash flows relating to future profits in WTB IT SPV1 S.r.l would be extracted upon maturity of the loan notes, due to there being no fixed repayment periods.

Subsequent to the year end, these loan notes were disposed at par.

Bank loans repayable in more than one year include senior variable loan notes issued to AGF WHCO 1-A5 Designated Activity Company of £9 6,725,952 (2024: £75,900,000) which are held at amortised cost. The re was an interest expense of £6,27 5,163 (2024: £4,877,611) recognised in the profit and loss account during the year. This interest expense was recognised within cost of sales. The revolving facility matures in January 2026 and the notes must be paid in full by July 2026. See the borrowings note for further information.

Also included in bank loans due more than one year are mezzanine variable loan notes issued to CL SPF UK S.a.r.l. of £25,600,000 (2024: £19,40 0,000) which are held at amortised cost. The re was an interest expense of £3,016,164 (2024: £2,359,324) recognised in the profit and loss account during the year. This interest expense was recognised within cost of sales. The revolving facility matures in January 2026 and the notes must be paid in full by July 2026. See the borrowings note for further information.

TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
154,367,683
140,876,961
-
0
-
0
Corporation tax recoverable
36,458
46,876
-
0
12,231
Amounts owed by group undertakings
-
-
2,576,012
1,761,817
Other debtors
70,810
238,263
47,770
182,334
Prepayments and accrued income
3,062,068
2,355,274
121,161
106,187
157,537,019
143,517,374
2,744,943
2,062,569
Deferred tax asset (note 20)
397,893
26,078
-
0
-
0
157,934,912
143,543,452
2,744,943
2,062,569
Amounts falling due after more than one year:
Trade debtors
715,925
942,395
-
0
-
0
Other debtors
5,902,280
7,735,119
-
0
-
0
6,618,205
8,677,514
-
-
Deferred tax asset (note 20)
-
0
860,886
249,845
860,886
6,618,205
9,538,400
249,845
860,886
Total debtors
164,553,117
153,081,852
2,994,788
2,923,455
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
5,574,693
17,586,681
-
0
-
0
Other borrowings
19
9,425,866
11,126,985
1,360,104
1,307,033
Trade creditors
325,861
395,954
140,433
227,833
Amounts owed to group undertakings
-
0
-
0
5,547,973
4,847,347
Other taxation and social security
91,049
73,963
91,049
73,963
Derivative financial instruments
125,000
125,000
125,000
125,000
Other creditors
21,316
(105)
21,196
-
0
Accruals and deferred income
2,917,042
2,387,731
1,471,021
995,035
18,480,827
31,696,209
8,756,776
7,576,211
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
122,325,952
95,300,000
-
0
-
0
Other borrowings
19
25,285,460
28,270,252
-
0
-
0
147,611,412
123,570,252
-
-

19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
127,748,091
112,886,681
-
0
-
0
Bank overdrafts
152,554
-
0
-
0
-
0
Loans from related parties
34,711,326
39,397,237
1,360,104
1,307,033
162,611,971
152,283,918
1,360,104
1,307,033
Payable within one year
15,000,559
28,713,666
1,360,104
1,307,033
Payable after one year
147,611,412
123,570,252
-
0
-
0
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
19
Loans and overdrafts
(Continued)
- 35 -

Bank loans

Included in bank loans due less than one year is a facility in WTB UK SPV No 1 Limited provided by ABN AMRO, which is secured by fixed and floating charges over that company's assets and undertakings. Subsequent to the year end, the loans have been repaid in full and the charges have been fully satisfied.

Included in bank loans due more than one year are senior variable loan notes issued by Tradebridge Lux S.a.r.l. to AGF WHCO 1-A Designated Activity Company and mezzanine variable loan notes to CL SPF UK S.a.r.l. Details of the value of loan notes issued at the year end and interest charged in the year is included in Note 15. Both facilities are secured by fixed and floating charges over th at c ompany's assets and undertakings.

Loans from group undertakings and related parties

Included in other borrowings due more than one year are loans from an Other related party to WTB SPV No 2 Limited. The loan repayment date is 31 December 202 6 per the agreement. The balance at 31 March 202 5 was £24,946,293 (202 4: £28,270,252) and interest charged during the period was £1,765,968 (202 4: £2,445,696).

Included in other borrowings due less than one year are loans from Other related parties to WTB SPV No 2 Limited. These loans were fully repaid during the year. The balance at 31 March 2025 was £NIL (2024: £3,584,952) and interest charged during the period was £204,560 (2024: £375,798).

Included in other borrowings is a loan from an Other related party to RXB SPV Limited, of which key management personnel to RXB SPV Limited is a member, which incurs interest of 1 6.18% per annum, and has a repayment date of April 2026. The balance at 31 March 2025 was £464,629 and interest charged during the period was £74,910.

Included in other borrowings due less than one year a re loan s from a n O ther related part ies to Tradebridge Financial Technologies Limited which incurs interest of 4.00% per annum. There are no repayment terms. The balance at 31 March 2025 was £1,020,078 (2024: £980,275) and interest charged during the period was £39,803 (2024: £38,258).

Included in other borrowings due less than one year is a loan from a member of key management personnel to Tradebridge Financial Technologies Limited which incurs interest of 4.00% per annum. There are no repayment terms. The balance at 31 March 202 5 was £340,026 (202 4: £326,758) and interest charged during the period was £13,268 (202 4: £12,753).

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Tax losses
-
-
397,893
886,964
Revaluations
116,310
156,662
-
-
116,310
156,662
397,893
886,964
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 36 -
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Tax losses
-
-
249,845
860,886
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 April 2024
(730,302)
(860,886)
Charge to profit or loss
448,719
611,041
Asset at 31 March 2025
(281,583)
(249,845)

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits and is expected to be utilised within 12 months.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,196
31,023

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
346,294
327,248
346,294
327,248
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference of £1000 each
3,000
3,000
3,000,000
3,000,000
Preference shares classified as equity
3,000,000
3,000,000
Total equity share capital
3,346,294
3,327,248
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
22
Share capital
(Continued)
- 37 -

Ordinary shares carry one vote per share and have the right to participate in a distribution of the company, whether by way of dividend or capital (including upon winding up).

Preference shares are classified as equity in the balance sheet, carry a fixed preferential dividend at the rate of 6.5% per annum and have no redemption entitlement. The preference shares carry one vote per share and have a right to participate in capital distributions (including upon winding up) in priority to all other classes of shares in the company.

Dividends accrued but unpaid in respect of preference shares amounted to £760,322 at 31 March 202 5 (2024: £565,322). The terms of issue are that such dividends may only be paid if there are sufficient distributable reserves to do so. Dividends may not be paid in respect of the ordinary shares unless or until there are no unpaid preference share dividends.

On 31 August 2024, 19,046 Ordinary shares of £1 each were issued fully-paid up at par in exchange for 4,041 shares in RX Bridge Limited, a subsidiary undertaking.

23
Share premium account

The share premium account represents the premium paid for issued shares above par value.

24
Other reserve

The other reserve represents a foreign currency translation reserve, which accumulates the differences arising between the translation of balances in foreign currencies at historic rates and spot rates as at the reporting period end dates.

25
Events after the reporting date

Subsequent to the year end, the loan notes held in WTB IT SPV1 S.r.l, disclosed in note 16, were disposed of at par. This resulted in the reversal of the previously recognised fair value adjustments in respect of these loan notes. As part of the same transaction, loan notes were subscribed in WTB SPV No 5 Limited.

26
Related party transactions
Transactions with related parties

During the year, and in addition to those disclosed under note 22, the group entered into the following transactions with related parties:

Services received and contributions to shared costs
2025
2024
£
£
Group
Other related parties
322,863
377,869
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
26
Related party transactions
(Continued)
- 38 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
-
92,075
27
Controlling party

In the opinion of the directors, there is no ultimate controlling party.

28
Cash absorbed by group operations
2025
2024
£
£
Profit after taxation
243,745
854,161
Adjustments for:
Taxation charged
512,604
345,798
Finance costs
846,708
1,031,280
Investment income
(650,185)
(712,333)
Amortisation and impairment of intangible assets
296,756
176,955
Depreciation and impairment of tangible fixed assets
16,219
15,583
Other gains and losses
(185,935)
(208,115)
Movements in working capital:
Increase in debtors
(11,983,748)
(23,743,193)
Increase in creditors
234,841
247,946
Cash absorbed by operations
(10,668,995)
(21,991,918)
29
Analysis of changes in net debt - group
1 April 2024
Cash flows
Exchange rate movements
31 March 2025
£
£
£
£
Cash at bank and in hand
2,697,301
(729,497)
42,221
2,010,025
Bank overdrafts
-
0
(152,554)
-
(152,554)
2,697,301
(882,051)
42,221
1,857,471
Borrowings excluding overdrafts
(152,283,918)
(10,175,499)
-
(162,459,417)
(149,586,617)
(11,057,550)
42,221
(160,601,946)
TRADEBRIDGE FINANCIAL TECHNOLOGIES LIMITED
(FORMERLY WOODSFORD TRADEBRIDGE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 39 -
30
Auditor's liability limitation agreement

Upon appointment of Cottons Accountants LLP as auditors, the company entered into a limitation liability agreement with the auditors and this was approved by resolution on 30 September 2025. Liability is limited to the lesser of 20 times the audit fee and £745,000 for the group as a whole. In accordance with section 537 of CA06, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as is fair and reasonable, as so determined.

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 31 March 202 5.

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

31
Prior period adjustment

A prior period adjustment has been made to the presentation of loan notes in Bank loans and overdrafts within Creditors: amounts falling due after more than one year, which were previously presented as Bank loans and overdrafts within Creditors: amounts falling due within one year in the prior period. The prior period adjustments do not give rise to any effect upon the loss previously reported, nor on the reported capital and reserves at the prior year end.

Adjustments to equity - group
The prior period adjustments do not give rise to any effect upon equity.
Adjustments to equity - company
The prior period adjustments do not give rise to any effect upon equity.
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