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Registered number: 02688973
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2025
Shaikh & Co Ltd
Registered Auditors and Chartered Certified Accountants
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Contents
Contents

| Page
--- | ---
Strategic Report | 1
Directors' Report | 2—3
Independent Auditor's Report | 4—6
Consolidated Profit and Loss Account | 7
Consolidated Statement of Comprehensive Income | 8
Consolidated Balance Sheet | 9
Company Balance Sheet | 10—11
Consolidated Statement of Changes in Equity | 12
Company Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14
Notes to the Consolidated Statement of Cash Flows | 15
Company Statement of Cash Flows | 16
Notes to the Company Statement of Cash Flows | 17
Notes to the Financial Statements | 18—28

Page 1
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Strategic Report
For The Year Ended 31 March 2025
Strategic Report
The directors present their strategic report for the year ended 31 March 2025.
Principal Activity
The group's principal activity continues to be the provision of water retail sales to commercial customers, together with specialist consultancy services aimed at improving energy efficiency and reducing water consumption. These activities support clients in managing utility costs, meeting sustainability targets, and complying with regulatory requirements.
Review of the Business
The results for the year and the financial position of the group are presented in the consolidated financial statements.
During the year, the Group recognised an amortisation and impairment charge in respect of goodwill of £547,938 (2024: £nil). This charge is a non-cash accounting adjustment required under FRS 102 and does not affect the Group’s cash flows or its day-to-day trading performance.
On a statutory basis, operating profit for the year was £191,722 (2024: £638,677). Excluding the effect of goodwill amortisation and impairment, the Group generated an underlying operating profit of £739,660 (2024: £638,677), reflecting the continued strength of the core trading operations.
The directors consider underlying operating profit to provide a more meaningful measure of business performance, as it better reflects the profitability of the Group’s ongoing activities. A reconciliation between statutory and underlying operating profit is set out below:

| 2025 |  | 2024
Operating profit (statutory) | £191,722 |  | £638,677
Add back: goodwill amortisation/impairment | £547,938 |  | -
Underlying operating profit | £739,660 |  | £638,677

The Group remains well-capitalised and continues to meet its financial obligations as they fall due. The directors are confident that the underlying trading performance demonstrates the resilience of the business and provides a solid basis for maintaining strong relationships with suppliers and other stakeholders.
Principal Risks and Uncertainties
The management of the business and the execution of the group’s strategy are subject to a number of risks, including those driven by the markets in which the group operates, changes in regulations across jurisdictions, and risks associated with the financial strength of both suppliers and customers. The directors continually monitor and assess these risks at a group level and have strong policies and procedures across the group to reduce their impact.
Key Performance Indicators
The Group’s key financial performance indicators during the year were as follows:

| 2025 |  | 2024
Turnover | £66,669,609 |  | £37,553,202
Turnover growth/(reduction) | 77.5% |  | 47.5%
Gross profit margin | 4.8% |  | 5.0%

On behalf of the board

Mr Patrick McCart Director
09/12/2025

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Page 2
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Company No. 02688973
Directors' Report For The Year Ended 31 March 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2025.
Dividends
The value of dividends paid amounted to £NIL .
The directors recommended a final dividend of £NIL .
Financial Instruments
Objectives and policies
The Group’s principal financial instruments comprise bank balances, trade creditors, trade debtors and lease arrangements. The main purpose of these instruments is to raise funds to finance the Group’s operations.
The Group also holds other intangible investments in the form of digital assets. While these are not financial instruments as defined by FRS 102, they are subject to similar risks, and the directors monitor these exposures in the same way as for financial instruments. Further detail is provided in the notes to the financial statements.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group’s approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by the continuity of funding. The Group makes maximum use of money market facilities where funds are required.
The liquidity risk in respect of lease arrangements is managed by fixed rates of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Digital assets are monitored for market and liquidity risk by reference to active market prices and the application of appropriate controls over custody.
Directors
The directors who held office during the year were as follows:

Mr Patrick McCart
Mr Gareth Stevens

Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Directors' Report (continued)
For The Year Ended 31 March 2025
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors
The auditors, Shaikh & Co Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr Patrick McCart Director
09/12/2025

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Independent Auditor's Report
to the Members of
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Independent Auditor's Report
Opinion
We have audited the financial statements of ADVANCED DEMAND SIDE MANAGEMENT LIMITED (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(loss) 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 and parent company's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, 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 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 the audit:

- the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)
to the Members of
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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 or 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' Responsibilities Statement set out on page 2—3, 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 group and 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 group or 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:
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations,or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation,structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Independent Auditor's Report (continued)
to the Members of
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Use Of Our Report
This report is made solely to the 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 company's members those matters that 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gulam Shaikh (Senior Statutory Auditor) for and on behalf of Shaikh & Co Ltd , Statutory Auditor
09/12/2025

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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Consolidated Profit and Loss Account
For The Year Ended 31 March 2025
Consolidated Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 66,669,609 |  | 37,553,202
Cost of sales |  | (63,493,881 ) |  | (35,670,969 )
GROSS PROFIT |  | 3,175,728 |  | 1,882,233
Administrative expenses |  | (2,708,835 ) |  | (1,802,970 )
(Loss)/profit on revaluation of investments |  | (275,171 ) |  | 559,414
OPERATING PROFIT | 4 | 191,722 |  | 638,677
Income from other fixed asset investments |  | 8,579 |  | 4,775
Loss on disposal of fixed assets |  | (148,824 ) |  | -
(Loss)/profit on disposal of fixed asset investments |  | (11,561) |  | 340,969
Other interest receivable and similar income | 9 | 150,601 |  | 18,521
Interest payable and similar charges | 10 | (211 ) |  | (696 )
PROFIT BEFORE TAXATION |  | 190,306 |  | 1,002,246
Tax on Profit | 11 | (74,064 ) |  | (288,098 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | 116,242 |  | 714,148

The notes on pages 15 to 28 form part of these financial statements.
Page 7
Page 8
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Consolidated Statement of Comprehensive Income
For The Year Ended 31 March 2025
Consolidated Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 116,242 |  | 714,148
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | 116,242 |  | 714,148

Page 8
Page 9
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Consolidated Balance Sheet
As At 31 March 2025
Consolidated Balance Sheet
Registered number: 02688973

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 12 |  | 2,424 |  | 1,042,818
Tangible Assets | 13 |  | 16,949 |  | 2,619
Investments | 14 |  | 434,003 |  | 318,577
|  |  | 453,376 |  | 1,364,014
CURRENT ASSETS
Stocks | 15 | 38,424 |  | 22,233 |
Debtors | 16 | 14,660,567 |  | 12,242,382 |
Cash at bank and in hand |  | 6,365,750 |  | 2,645,070 |
|  | 21,064,741 |  | 14,909,685 |
Creditors: Amounts Falling Due Within One Year | 17 | (19,452,879 ) |  | (13,936,297 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 1,611,862 |  | 973,388
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,065,238 |  | 2,337,402
Creditors: Amounts Falling Due After More Than One Year | 18 |  | - |  | (12,231 )
PROVISIONS FOR LIABILITIES
Provisions For Charges | 20 |  | (88,200 ) |  | (464,375 )
NET ASSETS |  |  | 1,977,038 |  | 1,860,796
CAPITAL AND RESERVES
Called up share capital | 21 |  | 47,500 |  | 47,500
Capital redemption reserve |  |  | 2,500 |  | 2,500
Profit and Loss Account |  |  | 1,927,038 |  | 1,810,796
SHAREHOLDERS' FUNDS |  |  | 1,977,038 |  | 1,860,796

On behalf of the board

Mr Patrick McCart Director
09/12/2025

The notes on pages 15 to 28 form part of these financial statements.
Page 9
Page 10
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Company Balance Sheet
As At 31 March 2025
Company Balance Sheet
Registered number: 02688973

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 12 |  | 2,423 |  | 1,042,818
Tangible Assets | 13 |  | 16,949 |  | 2,619
Investments | 14 |  | 460,398 |  | 318,577
|  |  | 479,770 |  | 1,364,014
CURRENT ASSETS
Stocks | 15 | 38,424 |  | 22,233 |
Debtors | 16 | 14,659,760 |  | 12,242,382 |
Cash at bank and in hand |  | 6,252,581 |  | 2,645,070 |
|  | 20,950,765 |  | 14,909,685 |
Creditors: Amounts Falling Due Within One Year | 17 | (19,365,297 ) |  | (13,936,297 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 1,585,468 |  | 973,388
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,065,238 |  | 2,337,402
Creditors: Amounts Falling Due After More Than One Year | 18 |  | - |  | (12,231 )
PROVISIONS FOR LIABILITIES
Provisions For Charges | 20 |  | (88,200 ) |  | (464,375 )
NET ASSETS |  |  | 1,977,038 |  | 1,860,796
CAPITAL AND RESERVES
Called up share capital | 21 |  | 47,500 |  | 47,500
Capital redemption reserve |  |  | 2,500 |  | 2,500
Profit and Loss Account |  |  | 1,927,038 |  | 1,810,796
SHAREHOLDERS' FUNDS |  |  | 1,977,038 |  | 1,860,796

Page 10
Page 11
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Company Balance Sheet (continued)
As At 31 March 2025
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 116,242 (2024: £ 714,148 profit).
The financial statements were approved by the board of directors on 9 December 2025 and were signed on its behalf by:

Mr Patrick McCart Director
09/12/2025

The notes on pages 15 to 28 form part of these financial statements.
Page 11
Page 12
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Consolidated Statement of Changes in Equity
For The Year Ended 31 March 2025
Consolidated Statement of Changes in Equity

| Share Capital | Capital Redemption | Profit and Loss Account | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
As at 1 April 2023 | 47,500 | 2,500 | 1,096,648 | 1,146,648
Profit for the year and total comprehensive income | - | - | 714,148 | 714,148
As at 31 March 2024 and 1 April 2024 | 47,500 | 2,500 | 1,810,796 | 1,860,796
Profit for the year and total comprehensive income | - | - | 116,242 | 116,242
As at 31 March 2025 | 47,500 | 2,500 | 1,927,038 | 1,977,038

Page 12
Page 13
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Company Statement of Changes in Equity
For The Year Ended 31 March 2025
Company Statement of Changes in Equity

| Share Capital | Capital Redemption | Profit and Loss Account | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
As at 1 April 2023 | 47,500 | 2,500 | 1,096,648 | 1,146,648
Profit for the year and total comprehensive income | - | - | 714,148 | 714,148
As at 31 March 2024 and 1 April 2024 | 47,500 | 2,500 | 1,810,796 | 1,860,796
Profit for the year and total comprehensive income | - | - | 116,242 | 116,242
As at 31 March 2025 | 47,500 | 2,500 | 1,927,038 | 1,977,038

Page 13
Page 14
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Consolidated Statement of Cash Flows
For The Year Ended 31 March 2025
Consolidated Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 3,751,458 |  | 1,352,063
Interest paid |  | (211 ) |  | (696 )
Tax paid |  | (165,765 ) |  | (72,664 )
Net cash generated from operating activities |  | 3,585,482 |  | 1,278,703
Cash flows from investing activities
Purchase of intangible assets |  | (547,938 ) |  | -
Proceeds from disposal of intangible assets |  | 888,168 |  | -
Purchase of tangible assets |  | (20,850 ) |  | -
Proceeds from disposal of investment in subsidiary undertaking |  | - |  | 1
Purchase of other fixed asset investments |  | (694,262 ) |  | (25,235 )
Proceeds from disposal of other fixed asset investments |  | 300,877 |  | 628,483
Interest received |  | 151,623 |  | 19,020
Dividends received |  | 7,557 |  | 4,276
Assets acquired with subsidiary |  | (5,857) |  | -
Net cash generated from investing activities |  | 79,318 |  | 626,545
Cash flows from financing activities
Repayment of bank borrowings |  | (22,435 ) |  | (9,952 )
Proceeds from new other loans |  | 50,000 |  | -
Amount introduced by directors |  | 28,315 |  | 109,677
Net cash generated from financing activities |  | 55,880 |  | 99,725
Increase in cash and cash equivalents |  | 3,720,680 |  | 2,004,973
Cash and cash equivalents at beginning of year | 2 | 2,645,070 |  | 640,097
Cash and cash equivalents at end of year | 2 | 6,365,750 |  | 2,645,070

Page 14
Page 15
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Consolidated Statement of Cash Flows
For The Year Ended 31 March 2025
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 116,242 |  | 714,148
Adjustments for:
Tax on profit | 74,064 |  | 288,098
Interest expense | 211 |  | 696
Interest income | (150,601 ) |  | (18,521 )
Income from investments | (8,579) |  | (4,775)
Depreciation of tangible assets | 7,006 |  | 4,645
Impairment of tangible assets | 547,938 |  | -
Loss on disposal of intangible assets | 148,824 |  | -
Loss/(profit) on disposal of fixed asset investments | 11,561 |  | (340,969)
Loss/(profit) on revaluation of fixed assets | 275,171 |  | (559,414)
Movements in working capital:
(Increase)/decrease in stocks | (16,191 ) |  | 6,314
Increase in trade and other debtors | (2,398,275 ) |  | (5,862,512 )
Increase in trade and other creditors | 5,144,087 |  | 7,124,353
Net cash generated from operations | 3,751,458 |  | 1,352,063

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 6,365,750 |  | 2,645,070

3. Analysis of changes in net funds

| As at 1 April 2024 | Cash flows | As at 31 March 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 2,645,070 | 3,720,680 | 6,365,750
Debts falling due within one year | (10,204 ) | (39,796) | (50,000 )
Debts falling due after more than one year | (12,231) | 12,231 | -
| 2,622,635 | 3,693,115 | 6,315,750

Page 15
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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Company Statement of Cash Flows
For The Year Ended 31 March 2025
Company Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 3,707,124 |  | 1,352,063
Interest paid |  | (139 ) |  | (696 )
Tax paid |  | (166,134 ) |  | (72,664 )
Net cash generated from operating activities |  | 3,540,851 |  | 1,278,703
Cash flows from investing activities
Proceeds from disposal of intangible assets |  | 888,169 |  | -
Purchase of tangible assets |  | (20,850 ) |  | -
Purchase of investment in subsidiary undertaking |  | (568,000 ) |  | -
Proceeds from disposal of investment in subsidiary undertaking |  | - |  | 1
Purchase of other fixed asset investments |  | (694,263 ) |  | (25,235 )
Proceeds from disposal of other fixed asset investments |  | 296,641 |  | 628,483
Interest received |  | 151,526 |  | 19,020
Dividends received |  | 7,557 |  | 4,276
Net cash generated from investing activities |  | 60,780 |  | 626,545
Cash flows from financing activities
Repayment of bank borrowings |  | (22,435 ) |  | (9,952 )
Amount introduced by directors |  | 28,315 |  | 109,677
Net cash generated from financing activities |  | 5,880 |  | 99,725
Increase in cash and cash equivalents |  | 3,607,511 |  | 2,004,973
Cash and cash equivalents at beginning of year | 2 | 2,645,070 |  | 640,097
Cash and cash equivalents at end of year | 2 | 6,252,581 |  | 2,645,070

Page 16
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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Company Statement of Cash Flows
For The Year Ended 31 March 2025
Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 116,242 |  | 714,148
Adjustments for:
Tax on profit | 68,812 |  | 288,098
Interest expense | 139 |  | 696
Interest income | (150,504 ) |  | (18,521 )
Income from investments | (8,579) |  | (4,775)
Depreciation of tangible assets | 6,520 |  | 4,645
Provisions of fixed asset investments | 541,606 |  | -
Loss on disposal of intangible assets | 148,824 |  | -
Loss/(profit) on disposal of fixed asset investments | 10,426 |  | (340,969)
Loss/(profit) on revaluation of fixed assets | 275,171 |  | (559,414)
Movements in working capital:
(Increase)/decrease in stocks | (16,191 ) |  | 6,314
Increase in trade and other debtors | (2,397,468 ) |  | (5,862,512 )
Increase in trade and other creditors | 5,112,126 |  | 7,124,353
Net cash generated from operations | 3,707,124 |  | 1,352,063

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 6,252,581 |  | 2,645,070

3. Analysis of changes in net funds

| As at 1 April 2024 | Cash flows | As at 31 March 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 2,645,070 | 3,607,511 | 6,252,581
Debts falling due within one year | (10,204 ) | 10,204 | -
Debts falling due after more than one year | (12,231) | 12,231 | -
| 2,622,635 | 3,629,946 | 6,252,581

Page 17
Page 18
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements
For The Year Ended 31 March 2025
Notes to the Financial Statements
1. General Information
ADVANCED DEMAND SIDE MANAGEMENT LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 02688973 . The registered office is Commercial House 80 High Street, Eton, Windsor, Berkshire, SL4 6AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group 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. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Page 18
Page 19
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life not exceeding ten years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery | 20% straight line
Motor Vehicles | 20% straight line
Fixtures & Fittings | 20% straight line

2.7. Investments
Investments in subsidiaries are stated at cost less provision for impairment. Where indicators of impairment exist, the carrying amount of the investment is tested against its recoverable amount, being the higher of fair value less costs to sell and value in use. Any excess of carrying amount over recoverable amount is recognised as an impairment loss in the profit and loss account.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 19
Page 20
ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.10. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by geographical market is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
United Kingdom | 66,669,609 |  | 37,553,202
| 66,669,609 |  | 37,553,202

4. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bad debts | (13,808) |  | 42,203
Depreciation of tangible fixed assets | 7,006 |  | 4,645
Impairment losses - intangible fixed assets | 547,938 |  | -

5. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the group and company's financial statements | 51,500 |  | 30,000

Page 20
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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Wages and salaries | 1,196,754 |  | 856,747 |  | 1,163,200 |  | 856,747
Social security costs | 140,158 |  | 91,865 |  | 138,349 |  | 91,865
Other pension costs | 94,727 |  | 26,290 |  | 88,230 |  | 26,290
| 1,431,639 |  | 974,902 |  | 1,389,779 |  | 974,902

7. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 21 (2024: 19)
Company
Average number of employees, including directors, during the year was: 21 (2024: 19)
21 19
21 19
8. Directors' remuneration

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 112,178 |  | 127,768
Company contributions to money purchase pension schemes | 47,859 |  | 2,435
| 160,037 |  | 130,203

9. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 7,403 |  | -
Other interest receivable | 143,198 |  | 18,521
Dividends from other fixed asset investments - listed | 7,557 |  | 4,276
Interest from other fixed asset investments - listed | 1,022 |  | 499
| 159,180 |  | 23,296

10. Interest Payable and Similar Charges

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 139 |  | 696
Interest payable on other loans | 72 |  | -
| 211 |  | 696

Page 21
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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
11. Tax on Profit

The tax charge on the profit for the year was as follows:
| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | 160,541 |  | 116,516
Prior period adjustment | (66,567 ) |  | -
| 93,974 |  | 116,516
Deferred Tax
Deferred taxation | (19,910 ) |  | 171,582
Total tax charge for the period | 74,064 |  | 288,098
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
| 2025 |  | 2024
| £ |  | £
Profit before tax | 190,306 |  | 1,002,246
Tax on profit at 25% (UK standard rate) | 47,576 |  | 250,562
Goodwill/depreciation not allowed for tax | 3,334 |  | 1,161
Expenses not deductible for tax purposes | 39,066 |  | 15,310
Capital allowances | (1,419 ) |  | (551 )
Short term timing differences | 3,379 |  | -
Prior period adjustment | (66,567 ) |  | -
Difference in tax rates | (188 ) |  | -
Deferred tax from unrecognised tax loss or credit | (19,910 ) |  | -
Revenue exempt from taxation | 68,793 |  | -
Total tax charge for the period | 74,064 |  | 266,482

12. Intangible Assets
Group

| Goodwill | Other Intangible Investments | Total
--- | --- | --- | ---
| £ | £ | £
Cost or Valuation
As at 1 April 2024 | - | 1,042,818 | 1,042,818
Additions | 547,938 | - | 547,938
Revaluations | - | (3,402 ) | (3,402 )
Disposals | - | (1,036,992 ) | (1,036,992 )
As at 31 March 2025 | 547,938 | 2,424 | 550,362
Amortisation
As at 1 April 2024 | - | - | -
Impairment losses | 547,938 | - | 547,938
As at 31 March 2025 | 547,938 | - | 547,938

...CONTINUED
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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025 | - | 2,424 | 2,424
As at 1 April 2024 | - | 1,042,818 | 1,042,818

Company

| Other Intangible Investments
--- | ---
| £
Cost or Valuation
As at 1 April 2024 | 1,042,818
Revaluations | (3,402 )
Disposals | (1,036,993 )
As at 31 March 2025 | 2,423
Net Book Value
As at 31 March 2025 | 2,423
As at 1 April 2024 | 1,042,818

During the year, the company disposed of significant holdings in digital assets. At the year end, the net book value of such assets amounted to £2,423 (2024: £1,042,818).
Digital assets are measured at revalued amounts where an active market exists, less any subsequent impairment losses. Given the inherent volatility of these markets, the carrying value at the year end may differ materially from amounts realised on future disposal.
Historic cost equivalent
If the investments had been accounted for under the historic cost accounting rules, they would have been measured at £20,982 (2024: £691,552).
13. Tangible Assets
Group

| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
Cost
As at 1 April 2024 | 81,800 | 16,700 | - | 98,500
Additions | - | 20,850 | - | 20,850
Other | - | - | 7,289 | 7,289
As at 31 March 2025 | 81,800 | 37,550 | 7,289 | 126,639
Depreciation
As at 1 April 2024 | 79,181 | 16,700 | - | 95,881
Provided during the period | 2,350 | 4,170 | 486 | 7,006
Other | - | - | 6,803 | 6,803
As at 31 March 2025 | 81,531 | 20,870 | 7,289 | 109,690
Net Book Value
As at 31 March 2025 | 269 | 16,680 | - | 16,949
As at 1 April 2024 | 2,619 | - | - | 2,619

The amounts shown within ‘Other cost’ and ‘Other depreciation’ for Fixtures and Fittings represent the values brought into the Group on acquisition of the subsidiary
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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
Company

| Plant & Machinery | Motor Vehicles | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 April 2024 | 81,800 | 16,700 | 98,500
Additions | - | 20,850 | 20,850
As at 31 March 2025 | 81,800 | 37,550 | 119,350
Depreciation
As at 1 April 2024 | 79,181 | 16,700 | 95,881
Provided during the period | 2,350 | 4,170 | 6,520
As at 31 March 2025 | 81,531 | 20,870 | 102,401
Net Book Value
As at 31 March 2025 | 269 | 16,680 | 16,949
As at 1 April 2024 | 2,619 | - | 2,619

14. Investments
Group

| Listed
--- | ---
| £
Cost
As at 1 April 2024 | 318,577
Additions | 694,262
Disposals | (312,438 )
Revaluations | (271,769 )
Other | 5,371
As at 31 March 2025 | 434,003
Provision
As at 1 April 2024 | -
As at 31 March 2025 | -
Net Book Value
As at 31 March 2025 | 434,003
As at 1 April 2024 | 318,577

Company

| Subsidiaries | Listed | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 April 2024 | - | 318,577 | 318,577
Additions | 568,000 | 694,263 | 1,262,263
Disposals | - | (307,067 ) | (307,067 )
Revaluations | - | (271,769 ) | (271,769 )
As at 31 March 2025 | 568,000 | 434,004 | 1,002,004

...CONTINUED
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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025

Provision
As at 1 April 2024 | - | - | -
Impairment losses | 541,606 | - | 541,606
As at 31 March 2025 | 541,606 | - | 541,606
Net Book Value
As at 31 March 2025 | 26,394 | 434,004 | 460,398
As at 1 April 2024 | - | 318,577 | 318,577

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

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
Darq Studios Limited | 80 High Street Eton, Eton, Windsor, United Kingdom, SL4 6AF | Ordinary £1 | 100.00% | -

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

| Capital and Reserves | Profit/(loss)
--- | --- | ---
| £ | £
Darq Studios Limited | 26,394 | 18,995

In the parent company’s financial statements, investments in subsidiaries are stated at cost less provision for impairment.
In the consolidated financial statements, the investment in the subsidiary undertaking has been eliminated against the fair value of the net assets acquired at the date of acquisition. The excess of consideration over the fair value of net assets acquired has been recognised as goodwill
At the balance sheet date, the net assets of the subsidiary undertaking consolidated within the group accounts amounted to £26,394, comprising share capital of £1,000, pre-acquisition reserves of £19,062, and post-acquisition profits of £6,332.
Under section 479C of the Companies Act 2006, ADVANCED DEMAND SIDE MANAGEMENT LIMITED , registration number 02688973 , being the parent undertaking has guaranteed the liabilities of the following subsidiaries in order that they qualify for the exemption from audit under section 479A of the Companies Act 2006 in respect of the year ended 31 March 2025:

Name of undertaking | Registered Number
--- | ---
Darq Studios Limited | 09498116

15. Stocks

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Stock | 38,424 |  | 22,233 |  | 38,424 |  | 22,233

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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
16. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Due within one year
Trade debtors | 10,026,948 |  | 4,388,216 |  | 10,026,948 |  | 4,388,216
Prepayments and accrued income | 94,786 |  | 4,524,740 |  | 93,979 |  | 4,524,740
Other debtors | 3,947,258 |  | 2,915,226 |  | 3,947,258 |  | 2,915,226
Deferred tax current asset | 93,534 |  | 73,624 |  | 93,534 |  | 73,624
VAT | 498,041 |  | 340,576 |  | 498,041 |  | 340,576
| 14,660,567 |  | 12,242,382 |  | 14,659,760 |  | 12,242,382

17. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Trade creditors | 1,440,724 |  | 2,450,257 |  | 1,440,725 |  | 2,450,257
Bank loans and overdrafts | - |  | 10,204 |  | - |  | 10,204
Other loans | 50,000 |  | - |  | - |  | -
Payments on account | 2,379,763 |  | 3,364,864 |  | 2,379,763 |  | 3,364,864
Other creditors | 609,737 |  | 895,284 |  | 581,825 |  | 895,284
Corporation tax | 160,910 |  | 232,701 |  | 155,289 |  | 232,701
Taxation and social security | 77,741 |  | 30,995 |  | 77,741 |  | 30,995
Accruals and deferred income | 14,734,004 |  | 6,951,992 |  | 14,729,954 |  | 6,951,992
| 19,452,879 |  | 13,936,297 |  | 19,365,297 |  | 13,936,297

18. Creditors: Amounts Falling Due After More Than One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Bank loans | - |  | 12,231 |  | - |  | 12,231

19. Loans
An analysis of the maturity of loans is given below:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Amounts falling due within one year or on demand:
Bank loans | - |  | 10,204 |  | - |  | 10,204
Other loans | 50,000 |  | - |  | - |  | -
| 50,000 |  | 10,204 |  | - |  | 10,204

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Amounts falling due between one and five years:
Bank loans | - |  | 12,231 |  | - |  | 12,231

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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
20. Provisions for Liabilities

Group
| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 April 2024 | (73,624 ) | 464,375 | 390,751
Additions | - | 36,270 | 36,270
Reversals | - | (412,445 ) | (412,445)
Deferred taxation | (19,910 ) | - | (19,910 )
Balance at 31 March 2025 | (93,534 ) | 88,200 | (5,334)

Company
| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 April 2024 | (73,624 ) | 464,375 | 390,751
Additions | - | 36,270 | 36,270
Reversals | - | (412,445 ) | (412,445)
Deferred taxation | (19,910 ) | - | (19,910 )
Balance at 31 March 2025 | (93,534 ) | 88,200 | (5,334)

Other provisions comprise amounts provided in respect of clawback obligations under contractual arrangements. During the year, the directors revised the expected clawback period from five years to two years. As a result, part of the brought-forward provision was released, reflecting the reduced expected exposure.
21. Share Capital

Alloted, called up and fully paid | 2025 |  | 2024
| £ |  | £
3,350,000 (2024 - 3,350,000) ordinary shares of £0.01 each | 33,500 |  | 33,500
500,000 (2024 - 500,000) ordinary A shares of £0.01 each | 5,000 |  | 5,000
350,000 (2024 - 350,000) ordinary B shares of £0.01 each | 3,500 |  | 3,500
100,000 (2024 - 100,000) ordinary C shares of £0.01 each | 1,000 |  | 1,000
100,000 (2024 - 100,000) ordinary D shares of £0.01 each | 1,000 |  | 1,000
100,000 (2024 - 100,000) ordinary E shares of £0.01 each | 1,000 |  | 1,000
50,000 (2024 - 50,000) ordinary F shares of £0.01 each | 500 |  | 500
50,000 (2024 - 50,000) ordinary G shares of £0.01 each | 500 |  | 500
50,000 (2024 - 50,000) ordinary H shares of £0.01 each | 500 |  | 500
50,000 (2024 - 50,000) ordinary I shares of £0.01 each | 500 |  | 500
50,000 (2024 - 50,000) ordinary J shares of £0.01 each | 500 |  | 500
| 47,500 |  | 47,500

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ADVANCED DEMAND SIDE MANAGEMENT LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
22. Financial Instruments
The Group’s financial instruments comprise cash, trade receivables, trade payables and, where applicable, borrowings. The Group’s principal financial instruments arise directly from its operations.
The main risks from the Group’s financial instruments are credit risk, liquidity risk and market risk. The board reviews and agrees policies for managing each of these risks as summarised below.
Credit risk – The Group monitors credit risk arising from trade receivables through regular review of debtor balances and by maintaining appropriate provisions against amounts considered irrecoverable.
Liquidity risk – The Group ensures that sufficient cash and committed facilities are available to meet foreseeable needs by regularly reviewing cash flow forecasts.
Market risk – The Group is not exposed to significant interest rate or currency risk.
Digital assets
The Group also holds other intangible investments in the form of digital assets (see Note 12). Although these are not financial instruments as defined by FRS 102, they are subject to similar risks, including volatility in market prices, liquidity risk, and custody/operational risks. The directors monitor these risks and apply appropriate controls to mitigate them.
23. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Not later than one year | 49,202 |  | 70,892 |  | 49,202 |  | 70,892
Later than one year and not later than five years | 3,472 |  | 46,726 |  | 3,472 |  | 46,726
| 52,674 |  | 117,618 |  | 52,674 |  | 117,618

24. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £94,727 (2024: £26,290).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
25. Related Party Disclosures
During the year the Group had transactions and balances with related parties as set out below:
Employee Benefit Trust
During the year, the Group operated a loan account with ADSM Employee Benefit Trust, a trust whose trustee is under common control with the Company. An amount of £300,000 was repaid during the year. The balance due from the trust at the year end, included in debtors, was £56,557 (2024 - £356,557). This loan is interest free, is unsecured and repayable on demand.
Entity under common control
During the year, the Group operated a loan account with Water Forensics Limited. A director of the Company is a majority shareholder in Water Forensics Limited, and accordingly the company is considered a related party. At the balance sheet date the amount payable to Water Foresnics Limited was £120,597 (2024 receivable: £55,785) The loan is interest free, unsecured and repayable on demand.
During the year the Group received services from Water Forensics Limited of £876,219. The amount due to them at the year end included in creditors was £276,513 (2024 - £NIL)
Key management personnel
The Group operated a loan account with Mr. P. McCart, one of the director's of the Company. The amount payable to the director, included in creditors was £172,440 (2024 - £144,125 ). The loan is interest free, unsecured and repayable on demand.
All transactions with related parties were conducted on normal commerical terms.
Page 28