Company No: 08607212 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	A C Parsons
	R J Taylor

REGISTERED OFFICE	33 Kings Road
	Reading
	RG1 3AR
	United Kingdom

COMPANY NUMBER

08607212 (England and Wales)

ACCOUNTANT	S&W Partners (South East) Limited
	Brockbourne House
	77 Mount Ephraim
	Royal Tunbridge Wells
	TN4 8BS

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4	477,534		582,763
Tangible assets	5	3,591		11,762
		481,125		594,525
Current assets
Debtors	6	229,060		304,669
Cash at bank and in hand	7	608,985		513,816
		838,045		818,485
Creditors: amounts falling due within one year	8	( 758,446)		( 773,614)
Net current assets		79,599		44,871
Total assets less current liabilities		560,724		639,396
Creditors: amounts falling due after more than one year	9	( 38,500)		( 38,500)
Net assets		522,224		600,896
Capital and reserves
Called-up share capital		1,000		1,000
Share premium account		215,484		215,484
Other reserves		446		589
Profit and loss account		305,294		383,823
Total shareholders' funds		522,224		600,896

For the financial year ending 31 May 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Kivue Limited (registered number: 08607212) were approved and authorised for issue by the Board of Directors on 27 October 2025. They were signed on its behalf by:

R J Taylor Director

A C Parsons Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kivue Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 33 Kings Road, Reading, RG1 3AR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is recognised as earned when, and to the extent that, the firm obtains the rights to consideration in exchange for its performance under these contracts. It is measured at fair value of the right to consideration, which represents amount chargeable to clients, including expenses and disbursements but excluding value added tax.

Turnover is generally recognised as contract activity progresses so that for incomplete contracts, it reflects the partial performance of the contractual obligations. For such contracts, the amount of turnover reflects the accrual of the right to consideration by reference to the value of work performed.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

3 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	3 years straight line
Fixtures and fittings	25 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Borrowing costs

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

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.

Defined Contribution Pension Plan

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

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

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		19

3. Share-based payments

Equity-settled share-based payment schemes

Certain employees of the company have been granted options in the share option scheme of the company for the primary purpose of providing incentives to the selected employees. Under the scheme, the board of the directors may grant options to eligible employees of the company to subscribe for shares in the company.

The Black-Scholes option pricing model has been used to calculate the value of the options granted.

Details of the share options outstanding during the financial year are as follows:

	2025			2024
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	18,494	0.21		6,294	0.19
Granted during the period	0	0		11,850	0.25
Forfeited during the period	( 2,533)	0.19		( 440)	0.14
Correction to prior year	0	0		790	0
Outstanding at the end of the period	15,961	0.21		18,494	0.21
Exercisable at the end of the period	0	0		0	0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

A debit of £143 (2024: £2) has been recorded in administrative expenses.

The inputs to the Black-Scholes pricing model are as follows. The weighted average share price is 21p. The exercise price is 21p. The weighted average contractual life is 7 years. The expected volatility is 20%. The risk-free interest rate is 3.09%.

There were share options granted prior to the transition date of 1 June 2015, in accordance with Section35.10b of FRS102, the company is exempt from the requirements of Section 26 in accounting for share-based payments.

4. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 June 2024	3,652,813		3,652,813
Additions	259,692		259,692
At 31 May 2025	3,912,505		3,912,505
Accumulated amortisation
At 01 June 2024	3,070,050		3,070,050
Charge for the financial year	364,921		364,921
At 31 May 2025	3,434,971		3,434,971
Net book value
At 31 May 2025	477,534		477,534
At 31 May 2024	582,763		582,763

5. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 June 2024	29,773		6,275		28,875		64,923
At 31 May 2025	29,773		6,275		28,875		64,923
Accumulated depreciation
At 01 June 2024	25,639		3,592		23,930		53,161
Charge for the financial year	4,134		672		3,365		8,171
At 31 May 2025	29,773		4,264		27,295		61,332
Net book value
At 31 May 2025	0		2,011		1,580		3,591
At 31 May 2024	4,134		2,683		4,945		11,762

6. Debtors

	2025		2024
	£		£
Trade debtors	111,693		168,342
Prepayments	55,476		61,744
Deferred tax asset	41,750		19,139
Corporation tax	0		35,380
Other debtors	20,141		20,064
	229,060		304,669

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	608,985		513,816

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	70,258		69,154
Amounts owed to connected companies	202,625		315,625
Accruals	384,755		327,893
Other taxation and social security	92,031		59,456
Other creditors	8,777		1,486
	758,446		773,614

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	38,500		38,500

There are no amounts included above in respect of which any security has been given by the small entity.

10. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	19,139		7,889
Credited to the Profit and Loss Account	22,611		11,250
At the end of financial year	41,750		19,139

11. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,021		1,394

12. Related party transactions

Other related party transactions

	2025		2024
	£		£
Loan to Pro4 Solutions Limited	202,625		315,625

At the year-end, the Company owed £202,625 (2024: £315,625) to Pro4 Solutions Limited, a company with common directors and shareholders. This loan is interest free, unsecured and repayable on demand.