ACCOUNTS - Final Accounts preparation

Company registration number: 13598462

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 SEPTEMBER 2024

	FACCTUM SOLUTIONS LIMITED


FACCTUM SOLUTIONS LIMITED

COMPANY INFORMATION

Director	Krishna Kumar Gupta


Registered number	13598462


Registered office	4th Floor 95 Gresham Street
	London
	EC2V 7AB


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


FACCTUM SOLUTIONS LIMITED REGISTERED NUMBER:13598462

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2024

		2024		As restated 2023
Note		£		£

Fixed assets
Intangible assets	4		3,415,853		2,404,448
Tangible assets	5		10,909		9,070
Investments	6		206		206
			3,426,968		2,413,724
Current assets
Debtors: amounts falling due within one year	7	1,063,759		668,965
Cash at bank and in hand		56,041		77,424
		1,119,800		746,389
Creditors: amounts falling due within one year	8	(8,641,303)		(5,376,702)
Net current liabilities			(7,521,503)		(4,630,313)
Total assets less current liabilities			(4,094,535)		(2,216,589)
Creditors: amounts falling due after more than one year	9		(200)		(200)

Net liabilities			(4,094,735)		(2,216,789)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(4,094,835)	(2,216,889)
	(4,094,735)	(2,216,789)

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FACCTUM SOLUTIONS LIMITED REGISTERED NUMBER:13598462

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 SEPTEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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

Krishna Kumar Gupta

Director

Date: 4 November 2025

The notes on pages 5 to 13 form part of these financial statements.

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FACCTUM SOLUTIONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 October 2023 (as previously stated)	100	(2,188,611)	(2,188,511)
Prior year adjustment - correction of error	-	(28,278)	(28,278)
At 1 October 2023 (as restated)	100	(2,216,889)	(2,216,789)
Comprehensive income for the year
Loss for the year	-	(1,877,946)	(1,877,946)
At 30 September 2024	100	(4,094,835)	(4,094,735)

The notes on pages 5 to 13 form part of these financial statements.

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FACCTUM SOLUTIONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 October 2022 (as previously stated)	100	(395,416)	(395,316)
Prior year adjustment - correction of error	-	(234,508)	(234,508)
At 1 October 2022 (as restated)	100	(629,924)	(629,824)
Comprehensive income for the year
Loss for the year	-	(1,586,965)	(1,586,965)
Total comprehensive income for the year	-	(1,586,965)	(1,586,965)
At 30 September 2023	100	(2,216,889)	(2,216,789)

The notes on pages 5 to 13 form part of these financial statements.

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.	General information

Facctum Solutions Limited is a private company limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Going concern

The Company has successfully transitioned from its product development phase to full commercial operations, with multiple live products generating recurring revenues and a well-established customer base across major financial institutions. Management’s financial forecasts and cash flow projections indicate that the Company is expected to generate sufficient revenues and maintain adequate liquidity to meet its operational and financial obligations as they fall due.

The Directors have also considered the current funding position and believe that existing resources, together with investor commitment, provide an adequate liquidity buffer to support operations over the assessment period.

Accordingly, the financial statements have been prepared on a going concern basis, which the Directors consider to be appropriate. Based on the detailed financial forecasts and funding outlook, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Although the directors have received assurances from investors regarding their intention to continue funding the business, there is currently no legally binding agreement in place. As a result, a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern, if such funds are requested to be returned.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is generated through technical consulting in the technological space and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7

Interest income

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

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life of 4 years. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Office equipment	-	33%
				Computer equipment	-	33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 4).

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.	Intangible assets

	Development expenditure	Computer software	Total
	£	£	£
Cost
At 1 October 2023 restated	2,501,712	33,685	2,535,397
Additions	1,715,733	2,978	1,718,711
At 30 September 2024	4,217,445	36,663	4,254,108
Amortisation
At 1 October 2023	127,633	3,316	130,949
Charge for the year on owned assets	703,011	4,294	707,305
At 30 September 2024	830,644	7,610	838,254
Net book value
At 30 September 2024	3,386,801	29,053	3,415,854
At 30 September 2023 restated	2,374,079	30,369	2,404,448

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 October 2023	14,588
	Additions	8,353
	At 30 September 2024	22,941
	Depreciation
	At 1 October 2023	5,518
	Charge for the year on owned assets	6,514
	At 30 September 2024	12,032
	Net book value
	At 30 September 2024	10,909
	At 30 September 2023	9,070

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 October 2023	206
	At 30 September 2024	206

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Debtors

					2024	As restated 2023
					£	£


Trade debtors	155,038	110,521
Amounts owed by group undertakings	155,748	5,289
Other debtors	5,677	36,710
Prepayments and accrued income	38,158	47,898
R&D recoverable	709,138	468,547
	1,063,759	668,965

8.	Creditors: Amounts falling due within one year
		2024	As restated 2023
		£	£

Trade creditors	128,600	60,212
Other taxation and social security	70,790	19,853
Other creditors	7,618,337	5,043,009
Accruals and deferred income	823,576	253,628
	8,641,303	5,376,702

Included within Other creditors are promissory notes totalling £7,252,771 (2023: £4,918,275). The interest is being charged at market rate and repayable on demand. The interest accrued at the year end amounts to £343,529 (2023: £108,932).

9.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other creditors	200	200
	200	200

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.	Prior year adjustment

Prior year adjustments have been made to correct a number of prior year comparative numbers.
The first adjustment relates to the cut-off of revenues. An amount of £33,395 had been earned in the 2023 financial year, but had been recognised in 2024. Therefore, 2023 revenues and accrued revenues have increased by £33,395.
The second adjustment relates to the cross-charging of time spent by a company in the 100%-owned group on the maintenance and development of the intangible assets. An opening balance adjustment of £24,965 has been made to opening retained earnings and administrative expenses, being a cost relating the the 2022 financial year, which had not been expensed until the 2023 financial year. A similar adjustment has been made to the 2023 comparatives, the third adjustment, to reflect work carried out in September 2023, but originally charged in October 2023. This has led to an increase in 2023 of intangible assets of £176,225, an increase in cost of sales of £16,136, and increase in administrative expenses of £61,267, and an increase in accruals of £253,628.
The fourth adjustment relates to RDEC R&D income relating to development expenditure in the year. £307,921 has been reclassified from the corporation tax charge line to other income in the statement of income and retained earnings.
The fifth adjustment relates to recognising the R&D income related to the 2022 financial year in the 2023 financial year, when the claim was made, and therefore the amount could be accurately obtained. The adjustment reflects the actual amount received from the tax authority of £160,626.
The sixth adjustment relates to the promissory notes payable as at the end of the 2022 financial year. The notes are balances held in dollars, and should have been restated at the financial year end, with the foreign exchange difference being recognised in the profit and loss. The seventh and final adjustment is the same such adjustment for the 2023 financial year end.

Adjustments impacting period ending 2023

	As previously reported 30 Sept 2023	Revenue	Transfer pricing cut-off (2022)	Transfer pricing cut-off (2023)	R&D Reclass- ification
Changes in the balance sheet	£	£	£	£	£
Intangible assets	2,228,223	-	-	176,225	-
R&D Recoverable	307,921	-	-	-	-
Prepayments and accrued income	14,503	33,395	-	-	-
Other creditors	(4,898,113)	-	-	-	-
Accruals	-	-	-	(253,628)	-
Opening retained earnings	395,416	-	24,965	-	-
Impact on net liabilities	-	33,395	24,965	(77,403)	-

The adjustments continue on the following page.

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	R&D Recognition	Notes payable FX adjustment (2022)	Notes payable FX adjustment (2023)	As restated 30 Sept 2023
Changes in the balance sheet (continued)	£	£	£	£
Intangible assets	-	-	-	2,404,448
R&D Recoverable	160,626	-	-	468,547
Prepayments and accrued income	-	-	-	47,898
Other creditors	-	(209,543)	64,647	(5,043,009)
Accruals	-	-	-	(253,628)
Opening retained earnings	-	209,543	-	629,924
Impact on net liabilities	160,626	-	64,647	206,230

10.	Prior year adjustment (continued)

Adjustments impacting period ending 2023 (continued)

	As previously reported 30 Sept 2023	Revenue	Transfer pricing cut-off (2022)	Transfer pricing cut-off (2023)	R&D Reclass- ification
Changes in the statement of comprehensive income	£	£	£	£	£
Turnover	107,261	33,395	-	-	-
Cost of sales	(161,842)	-	-	(16,136)	-
Administrative expenses	(1,944,211)	-	24,965	(61,267)	-
Other operating income	-	-	-	-	307,921
Tax on loss	307,921	-	-	-	(307,921)
Impact on statement of comprehensive income	-	33,395	24,965	(77,403)	-

	R&D Recognition	Notes payable FX adjustment (2022)	Notes payable FX adjustment (2023)	As restated 30 Sept 2023
Changes in the statement of comprehensive income (continued)	£	£	£	£
Turnover	-	-	-	140,656
Cost of sales	-	-	-	177,978
Administrative expenses	-	-	64,467	1,915,866
Other operating income	160,626	-	-	468,547
Tax on loss	-	-	-	-
Impact on statement of comprehensive income	160,626	-	64,467	206,230

The changes in comprehensive income align with the net impact reported in the Statement of Changes in Equity for 2022 and 2023.

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FACCTUM SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.	Auditor's information

The auditor's report on the financial statements for the year ended 30 September 2024 was unqualified.

In their report, the auditor drew attention to the material uncertainty related to going concern, as disclosed in note 2.3, which indicates that the Company incurred a net loss of £1,877,946 during the year ended 30 September 2024 and, as of that date, the Company's current liabilities exceeded its total assets by £4,094,535. There is no legally binding agreement in place with the investor and holder of the promissory notes totalling £7,252,771, meaning such funds could be requested to be returned. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

The auditor disclosed in other matters that the comparative numbers were unaudited.

The audit report was signed on 4 November 2025 by Nimita Chan FCCA (Senior statutory auditor) on behalf of Menzies LLP.

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