|
Registered number:
For the Year Ended
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Company Information
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Contents
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Group Strategic Report
For the Year Ended 31 March 2025
The directors present the strategic report for the period ended 31 March 2025.
The group's principal activity is that of creating and continuing to develop technology to keep leading organisations and their customers moving forward. We do this by creating digital products which solve complex problems and deliver enriching experiences for people on the move across mobile, web and digital platforms.
For the year ended 31 March 2025, the group continued to grow as in previous years. Turnover grew to £29,881,923, up 31.7% whilst EBITDA (Earnings before interest, depreciation, tax, amortisation and exceptional costs) was £5,660,013, up 54.1%. We continue to expand our offering for existing clients whilst successfully onboarding numerous new clients, driving strong revenue growth. We have seen EBITDA grow even more strongly as we start to see the benefits of prior years’ investments. We have continued to invest in the business during the year to ensure the business continues to be able to deliver excellent services to all our Clients. Our first acquisition, completed in November 2022, has now been fully integrated and rebranded and continues to grow strongly. Our second acquisition took place in December 2024 with a successful start to the integration process. We believe further acquisitions will help deliver future growth for the Group and we also believe we are well positioned to help companies that join the Group expand quickly. Apadmi Performance has continued to be hugely successful during the year by expanding the clients and services it supports/offers including 24/7 support. We expect demand for our services will continue to grow through 2025 and beyond, and we are excited about the opportunities this will create for the Group and all of our employees. The Board wish to thank everyone at Apadmi for their hard work and support in achievement of these results and continued support in 2025 and beyond.
Page 1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Group Strategic Report (continued)
For the Year Ended 31 March 2025
There are a number of risks and uncertainties which could impact on Apadmi’s longer term performance. The principal risks facing the group can be summarised as per below:
• Securing of new clients: We continue to evolve our approach to targeting and winning new business and have had great success in 2025 already. We expect this to continue to evolve based on feedback and learnings and this will continue to drive strong organic growth for the group.
• Retaining existing clients: We strive to deliver excellent service to our clients delivered through our highly skilled employees. We have a dedicated Client Services team whose core purpose is to ensure our clients needs are met and exceeded. • Recruitment and retention of highly skilled employees: Digital skills remain in high demand across all sectors, and with our growth ambitions, there is a risk we will not be able to find enough skilled talent to deliver our services. We have invested heavily in expanding our People team including our recruitment team. Keeping and developing the Apadmi culture and values as we grow is key to ensure we can continue to have highly engaged employees and this remains a key focus for management. We were very pleased to have been included in the Sunday Times Best Places to Work for the third year running. • Financial resources: As we continue to grow and invest, we need to ensure we have the finances in place to support this. This is managed through careful cashflow management and ongoing credit risk management including avoiding excessive client concentration. • Interest rate risk: The group has a mixture of fixed and variable interest rate instruments and reviews cash flow forecasts regularly to ensure there is sufficient headroom to mitigate any swings in rates and that there is sufficient covenant headroom. • Cyber risk: The group could face disruption, financial loss and reputational damage if we were to suffer an attack in our systems. We are constantly looking at how to ensure we have best practice in this area and are ISO27001 and Cyber Essentials accredited.
The group uses a number of financial key performance indicators that can be grouped under the headings below:
Internally we also use other KPI’s such as % billability, utilisation per employee and employee retention rates. The groups employees are its biggest asset, and employee satisfaction/engagement is regularly monitored throughout the year to ensure we are helping support our employees to deliver an excellent service to our clients. We also monitor satisfaction within our clients through regular surveys.
Page 2
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Group Strategic Report (continued)
For the Year Ended 31 March 2025
This report was approved by the board and signed on its behalf.
Page 3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Directors' Report
For the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
The profit for the year, after taxation, amounted to £2,796,696 (2024 - £3,491,129).
Dividends paid during the year totalled £Nil (2024: £99,000). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The group continues to see many opportunities for strong growth in the UK and abroad, both organically and via acquisition.
Page 4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Directors' Report (continued)
For the Year Ended 31 March 2025
This section describes how the Directors have had regard to the matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 in exercising their duty to promote the success of the group for the benefit of its members as a whole.
Engagement with employees
Our employees are at the core of our business. The Group’s policy is to consult with employees those matters likely to affect employee interests. We have weekly town halls and quarterly management presentations on group performance and key developments. We perform regular surveys to ensure we are listening and taking appropriate action to ensure we keep our employees fully engaged. The Group strives to ensure we treat everyone fairly and consistently. We aim to have a diverse, inclusive and equitable culture. We give full and fair consideration for employment to people who are disabled and attempt to accommodate anyone who becomes disabled whilst employed by the Group.
Engagement with Customers
We aim to maintain excellent relationships with all our clients and aim to work in partnership with each one. We have a dedicated team solely focused on engaging with our clients and perform regular surveys to measure our client engagement and satisfaction and take action where it falls below our high standards. Engagement with Suppliers We ensure we pay our suppliers in line with their terms and we aim to have excellent relationships with our suppliers in order that they can support Apadmi in the best way they can. Community and environment The group has always been very focused on its local community and employees, but this has been widened more recently to include focusing on the impact we have on the environment. We have engaged with a third party specialist to review our ESG program and help us to create action plans with annual reviews to target and measure how we improve our ESG performance. The Group is committed to promoting environmental sustainability and minimising our environmental impact. As part of this we have commissioned a specialist to help measure and report to the Group it’s carbon footprint for the first time. The methodology used is the conversion factors developed by the UK Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & industrial Strategy (BEIS) for the year of reporting. This is shown below:
Page 5
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Directors' Report (continued)
For the Year Ended 31 March 2025
The Group's greenhouse gas emissions and energy consumption for the year are:
Scope 1 (direct) refers to company facilities and vehicles Scope 2 (indirect) refers to purchased electricity, steam, heating, and cooling for the Groups own use. Scope 3 (indirect) refers to purchased goods and services, business travel, employee commuting, remote work, waste, and water. During the last year some examples of the actions we have taken are to ensure all electricity used by the business is from renewable sources, allow staff to have access to a salary sacrifice electric vehicle scheme, and maximise the use of virtual meetings to reduce travel. There has been an increase in the stated emissions from the prior period due to an increase in scope of the ESG review. The vast majority of our emissions are caused by commuting journeys of our employees and homeworking and we are looking at ways of reducing these impacts.
We are committed to minimising our environmental impact and achieving net-zero emissions by 2050. A plan is being developed to look at how we can reduce the impact we are having on the environment, and we will be involving employees in looking at how we can reduce this over time.
On 30 June 2025, the Group completed the acquisition of 100% of the share capital of Pinch B.V. and Media Apps B.V., app development companies based in Amsterdam, for a total consideration of £2,119,549.
These accounts have been prepared on a going concern basis. The trading companies of the Group are growing, profitable and cash generative, and it is expected that should the need arise, will be in a position to transfer cash to any Group entity to enable it to satisfy its debts as they fall due. The group has recently won a number of significant new clients and has a strong pipeline of sales opportunities. The directors have prepared forecasts for a period at least twelve months from the date of approval of the financial statements. These show that the group is expecting to meet its liabilities as they fall due for the foreseeable future.
Page 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Directors' Report (continued)
For the Year Ended 31 March 2025
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 7
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Independent Auditors' Report to the Members of Apadmi Group Limited
We have audited the financial statements of Apadmi Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 8
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Independent Auditors' Report to the Members of Apadmi Group Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
Page 9
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Independent Auditors' Report to the Members of Apadmi Group Limited (continued)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the group operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the group's policies and procedures for:
° Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud.
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the group operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the group, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Independent Auditors' Report to the Members of Apadmi Group Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 we are required to state to them in an Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG
Page 11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 31 March 2025
Page 12
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Registered number: 07909232
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
Page 13
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Apadmi Group Limited
Registered number: 07909232
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
Page 14
|
|
Consolidated Statement of Changes in Equity
For the Year Ended 31 March 2024
Page 16
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||