ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

As restated

Company registration number: 12174626

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2025

	JIGSAW TECH LIMITED


JIGSAW TECH LIMITED

COMPANY INFORMATION

Directors	T N Leon
	S Scanlan


Registered number	12174626


Registered office	Techspace Shoreditch South
	32-38 Scrutten Street
	London
	England
	EC2A 4RQ


Accountants	Menzies LLP
	Chartered Accountants
	2nd Floor
	Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


JIGSAW TECH LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 - 10


JIGSAW TECH LIMITED REGISTERED NUMBER:12174626

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Intangible assets	4		74,162		82,440
Tangible assets	5		133,557		114,609
Investments	6		29,295		8
			237,014		197,057
Current assets
Debtors: amounts falling due within one year	7	1,530,805		1,330,633
Cash at bank and in hand		2,905,759		8,835,097
		4,436,564		10,165,730
Creditors: amounts falling due within one year	8	(5,551,401)		(4,135,715)
Net current (liabilities)/assets			(1,114,837)		6,030,015
Total assets less current liabilities			(877,823)		6,227,072
Creditors: amounts falling due after more than one year	9		-		(8,535)

Net (liabilities)/assets			(877,823)		6,218,537

Capital and reserves
Called up share capital	4	4
Share premium account	18,341,759	18,170,710
Share option reserve	292,253	287,843
Profit and loss account	(19,511,839)	(12,240,020)
	(877,823)	6,218,537

Page 1


JIGSAW TECH LIMITED REGISTERED NUMBER:12174626

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

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

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

................................................

S Scanlan

Director

Date: 22 December 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2


JIGSAW TECH LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2023 (as previously stated)	4	18,170,710	-	(6,341,794)	11,828,920
Prior year adjustment - correction of error	-	-	239,949	(239,949)	-
At 1 April 2023 (as restated)	4	18,170,710	239,949	(6,581,743)	11,828,920

Loss for the year	-	-	-	(5,658,277)	(5,658,277)
Share option charge	-	-	47,894	-	47,894

At 1 April 2024 (as previously stated)	4	18,170,710	-	(12,018,508)	6,152,206
Prior year adjustment - correction of error	-	-	287,843	(221,512)	66,331
At 1 April 2024 (as restated)	4	18,170,710	287,843	(12,240,020)	6,218,537

Loss for the year	-	-	-	(7,271,819)	(7,271,819)
Share options exercised	-	23,520	(9,520)	-	14,000
Shares issued during the year	-	147,529	-	-	147,529
Share option charge	-	-	13,930	-	13,930
At 31 March 2025	4	18,341,759	292,253	(19,511,839)	(877,823)

The notes on pages 4 to 10 form part of these financial statements.

Page 3


JIGSAW TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Jigsaw Tech Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is shown on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

2.2

Going concern

At the year end, the Company has net current liabilities of £1,114,837 and total net liabilities of £877,823. The Directors have considered the Company's cash position and the projected financial performance and believe that the Company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the Directors continue to adopt the going concern basis in preparing the annual financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4


JIGSAW TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

The Company offers a subscription model, the subscriptions are agreements with customers to provide access to software. The revenue is recognised as a service over the subscription period. Revenue is recognised in the period that it relates to and any remainder is held as deferred income in the balance sheet.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Research and development

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

2.7

Interest income

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

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

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

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

Page 5


JIGSAW TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Intangible assets

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following basis:
Computer Software - 10%

2.11

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	33%
				Computer equipment	-	25%

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

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

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Employees

The average monthly number of employees, including directors, during the year was 96 (2024 - 78).

Page 6


JIGSAW TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Intangible assets

		Computer software
		£
	Cost
	At 1 April 2024	82,826
	At 31 March 2025	82,826
	Amortisation
	At 1 April 2024	386
	Charge for the year on owned assets	8,278
	At 31 March 2025	8,664
	Net book value
	At 31 March 2025	74,162
	At 31 March 2024	82,440

Page 7


JIGSAW TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 April 2024	1,581	150,478	152,059
Additions	10,495	47,581	58,076
At 31 March 2025	12,076	198,059	210,135
Depreciation
At 1 April 2024	49	37,401	37,450
Charge for the year on owned assets	1,002	38,126	39,128
At 31 March 2025	1,051	75,527	76,578
Net book value
At 31 March 2025	11,025	122,532	133,557
At 31 March 2024	1,532	113,077	114,609

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2024	8
	Additions	29,287
	At 31 March 2025	29,295

There was a newly formed entity 'Jigsaw Tech (APAC) Pte. Ltd.' which was incorporated in the Republic of Singapore. Jigsaw Tech Limited own 100% of the share capital in this newly formed entity.

Page 8


JIGSAW TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Debtors

						As restated
					2025	2024
					£	£


Trade debtors	997,402	760,062
Other debtors	6,463	100,958
Prepayments and accrued income	526,940	469,613
	1,530,805	1,330,633

Bank loans	8,644	10,535
Trade creditors	270,114	275,053
Amounts owed to group undertakings	237,003	213,503
Other taxation and social security	173,961	146,264
Other creditors	179,481	208,390
Accruals and deferred income	4,682,198	3,281,970
	5,551,401	4,135,715

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	8,535
	-	8,535

Page 9


JIGSAW TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Share-based payments
	The Company has share options with its employees, these options have a vesting period of between 1 to 5 years and can be exercised on sale, exit or Directors discretion. The total of the unvested share options at 31 March 2025 was: 54 options.
		Weighted average exercise price (pence) 2025	Number 2025	Weighted average exercise price (pence) 2024	Number 2024

Outstanding at the beginning of the year	13.6	22,200	13.6	22,200
Exercised during the year	13.6	(700)	0	-
Outstanding at the end of the year	13.6	21,500	13.6	22,200

					2025	2024
					£	£

Equity-settled schemes

13,930

47,894

11.	Related party transactions
	At the end of the year, the directors were owed £132,185 (2024: £134,344) by the Company in respect of their director's current accounts.

12.	Prior year adjustment

In the following periods adjustments were made to the previously filed financial statements:
A prior year adjustment to recognise a sale that occurred at the end of the 31 March 2024 year end. The impact on the prior year figures was a decrease in the loss for the financial year and an increase in net current assets of £66,331. The impact on reserves in the prior year was an increase to the profit and loss account of £66,331. The impact on the debtors and creditors figures for the prior year was an increase of £80,796 and £14,465 respectively.
A pre-prior year adjustment to recognise a share option charge of £239,949 and a share option reserve of £239,949. Further to this, a prior year adjustment was made of £47,894 to recognise the share option charge and increase of the share option reserve of £47,894. The impact on reserves brought forward from the prior year was a decrease of £287,843.
The overall impact to the reserves brought forward is £221,512 being an increase to reserves of £18,437 in 2024 and £239,949 being a decrease to reserves in 2023.

13.	Ultimate controlling party

The directors are the ultimate controlling party with the virtue of their shareholdings.

Page 10