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Registered number:
For the Year Ended
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Project Thor Topco Limited
Company Information
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Project Thor Topco Limited
Contents
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Project Thor Topco 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.
The Group received a significant minority investment from CBPE Capital LLP in December 2023. This transaction will help support the Group with its continued growth journey over the coming years. For illustrative purposes and to assist with year on year comparatives, management has considered a proforma full year trading performance of the Group for the year ended 31st March 24. This includes 8.5 months of Apadmi Group Limited performance prior to the date of acquisition and the 3.5 months trading since. For the year ending 31 March 2025, the Group delivered turnover of £29,881,923 up 31.7% when comparing to Apadmi Group Limited 31 March 2024 results, and EBITDA (Earnings before Interest, depreciation, tax, amortisation and exceptional costs) of £5,304,668 up 44.4%. 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.
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Project Thor Topco 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. For illustrative and comparative purposes, this includes the statutory reported consolidated figures for Project Thor Topco Limited for the year ending 31 March 2025 and the period from incorporation on 4 December 2023 to 31 March 2024 (which includes the performance of Apadmi Group Limited from the point of acquisition), with the 12 months results for Apadmi Group Limited for the year ended 31 March 2024.
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Project Thor Topco Limited
Group Strategic Report (continued)
For the Year Ended 31 March 2025
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.
This report was approved by the board and signed on its behalf.
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Project Thor Topco 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 judgments 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 loss for the year, after taxation, amounted to £8,534,749 (2024 - loss £636,222).
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.
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Project Thor Topco 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:
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Project Thor Topco 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.
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Project Thor Topco 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.
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Project Thor Topco Limited
Independent Auditors' Report to the Members of Project Thor Topco Limited
We have audited the financial statements of Project Thor Topco 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.
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Project Thor Topco Limited
Independent Auditors' Report to the Members of Project Thor Topco 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.
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Project Thor Topco Limited
Independent Auditors' Report to the Members of Project Thor Topco 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 businessperformance 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.
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Project Thor Topco Limited
Independent Auditors' Report to the Members of Project Thor Topco 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
Cheshire
SK1 3GG
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Project Thor Topco Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Registered number: 15326482
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 20 to 44 form part of these financial statements.
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Project Thor Topco Limited
Registered number: 15326482
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 20 to 44 form part of these financial statements.
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Project Thor Topco Limited
Consolidated Statement of Changes in Equity
For the Period Ended 31 March 2025
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Project Thor Topco Limited
Company Statement of Changes in Equity
For the Period Ended 31 March 2025
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Project Thor Topco Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Consolidated Analysis of Net Debt
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
Project Thor Topco Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office and principal place of business is Level 9 Anchorage 2 Salford Quays, Salford, Greater Manchester, M50 3YW. The company's registered number is 15326482.
The group's principal activity is that of creating technology to keep leading organisations and their customers moving forward. The nature of the company's operation and its principal activity is that of a holding company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The company was incorporated on 4 December 2023. As such, the figures presented for the period to 31 March
2024 throughout the financial statements are not directly comparable to those for the year ended 31 March 2025.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
These accounts have been prepared on the 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 of 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.
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
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.
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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.
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. Business combinations and goodwill The cost of business combinations is the fair value of the consideration given plus the costs directly attributable to the business combination. On acquisition of a business, fair values are attributed to the assets and liabilities acquired unless the fair value cannot be measured reliably, in which case the value is incorporated as goodwill. The value of goodwill is considered with reference to the value of the cash generating units to which it relates. There were no indications that goodwill was impaired at the balance sheet date. Goodwill is written off in line with the provisions of FRS 102. There is significant uncertainty when determining a period over which goodwill should be written off; management have decided to use the maximum permitted under the standard of 10 years.
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
The whole of the turnover is attributable to the principal activity of the group.
Analysis of turnover by country of destination:
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
11.Taxation (continued)
The Group has losses available to offset against future corporation tax liabilities of approximately £3.3m (2024: £7.0m) and a deferred tax asset of £835k (2024: £1.7m) has been recognised in relation to tax losses.
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
14.Tangible fixed assets (continued)
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
23.Share capital (continued)
On 2 September 2024, 13,000 C Ordinary shares with a nominal value of £0.01, were alloted for £1 per share.
On 7 October 2024, the following redesignations occured: - 2,540 D Ordinary shares were redesignated into 2,540 C Ordinary shares - 84,149 D Preference shares were redesignated into 84,149 B Preference shares - 15,526 A Preference shares were resignated into 15,526 B Preference shares On 20 December 2024 the following allotments occured: - 8,919 E Ordinary shares with a nominal value of £0.01, were alloted for £31.48 per share. - 353,822 B Preference shares with a nominal value of £1 The A1, A2, B, C, D and E Ordinary shares rank pari passu in all respects. The A, B and D Preference Shares rank pari passu in all respects. On a sale or winding up, the realisation proceeds will be allocated and distributed amongst the holders of the shares as follows: - First in paying to each member holding Preference shares not yet redeemed an amount equal to the redemption amount; - Next in paying to the members holding deferred shares as a class the aggregate sum of £1 to be allocated as between them pro rata to their holding of the class; - Next in paying to the members holding fixed shares the fixed share amount; and - Then in dividing any surplus between the holders of the equity shares. Each A1, A2, B, C, D and E shares are entitled to one vote. A, B and D Preference shares hold no voting rights.
The A, B and D Preference shares are redeemable on the seventh anniversary of the investment date or, if earlier immediately prior to, and conditionally upon, the occurence of a realisation or the appointment of a receiver.
The A, B and D Preference shares are entitled to receive interest at 12% per annum. As at 31 March 2025, dividend arrears totalling £4,217,513 (2024: £927,500) relating to the A, B and D Preference shares are included within other creditors amounts falling due after more than one year.
Share premium account
with the issuing of shares are deducted from share premium.
Foreign exchange reserve
Profit and loss account
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
25.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,096,026 (2024: £341,749). Contributions totalling £85,972 (2024: £64,186) were payable to the fund at the balance sheet date and are included in creditors.
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Project Thor Topco Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
There is no overall controlling party of Project Thor Topco Limited.
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