REGISTERED NUMBER: 09164101 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

APERIO INTELLIGENCE LTD

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Consolidated Statement of Changes in Equity

8

Company Statement of Changes in Equity

9

Notes to the Consolidated Financial Statements

10

DIRECTORS:

A J O Ford

C W L Peters

REGISTERED OFFICE:

16-18 Kirby Street

London

EC1N 8TS

REGISTERED NUMBER:

09164101 (England and Wales)

ACCOUNTANTS:

CBHC Limited

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

Principal Activities

Aperio Intelligence is an independent, international risk consultancy working with financial institutions, corporations, governments, and law firms. The group specialises in investigative due diligence, strategic intelligence, supply chain integrity risk and litigation intelligence, supporting clients' regulatory, legal, and business needs. It operates in the UK, France, Romania, and Malaysia, pursuing organic growth and investing in staff development, processes, and technology. Aperio holds Investors in People accreditation, Malaysia Digital Corporation status, and Cyber Essentials Plus certification.

Analysis of Performance

For the year ended 31 December 2024, group turnover was £4.081 million (2023: £4.307 million). The group reported a pre-tax loss of £228k (2023: £373k profit), and a post-tax loss of £254k (2023: £339k profit). Total assets were £2.057 million (2023: £2.137 million), liabilities £614k (2023: £443k), and cash and cash equivalents stood at £434k. The group continues to invest in expanding its international network, technology platforms, and HR initiatives to support long-term growth.

Principal Risks and Uncertainties

The group's main risks are loss of key personnel, loss of key clients, damage to brand reputation, failure to adapt to technological change, and cyber/data protection risks. Aperio mitigates these through strong investment in its staff (including IIP accreditation), robust client relationships, rigorous quality control and feedback processes, ongoing technology investment, and maintaining Cyber Essentials Plus certification.

Future Developments

The directors expect the group to continue its current trading activities and to focus on cost control.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A J O Ford

C W L Peters

CHARITABLE AND POLITICAL DONATIONS

Charitable donations amounted to £3,433 in the year. The company made no political donations or expenditure.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A J O Ford - Director

23 December 2025

TURNOVER

4,081,516

4,307,490

Cost of sales

356,241

441,069

GROSS PROFIT

3,725,275

3,866,421

Administrative expenses

3,952,601

3,496,096

(227,326

)

370,325

Other operating income

496

-

OPERATING (LOSS)/PROFIT

4

(226,830

)

370,325

Interest receivable and similar income

1,882

2,548

(LOSS)/PROFIT BEFORE TAXATION

(224,948

)

372,873

Tax on (loss)/profit

25,458

33,915

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(250,406

)

338,958

(Loss)/profit attributable to:

Owners of the parent

(242,685

)

345,673

Non-controlling interests

(7,721

)

(6,715

)

(250,406

)

338,958

FIXED ASSETS

Tangible assets

6

175,042

212,786

Investments

7

-

-

175,042

212,786

CURRENT ASSETS

Stocks

135

334

Debtors

8

1,448,326

1,209,616

Cash at bank

433,567

713,789

1,882,028

1,923,739

CREDITORS

Amounts falling due within one year

9

613,759

442,808

NET CURRENT ASSETS

1,268,269

1,480,931

TOTAL ASSETS LESS CURRENT LIABILITIES

1,443,311

1,693,717

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,454,515

1,697,200

SHAREHOLDERS' FUNDS

1,454,516

1,697,201

NON-CONTROLLING INTERESTS

10

(11,205

)

(3,484

)

TOTAL EQUITY

1,443,311

1,693,717

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

A J O Ford - Director

FIXED ASSETS

Tangible assets

6

171,804

202,990

Investments

7

250

250

172,054

203,240

CURRENT ASSETS

Debtors

8

1,300,040

1,579,287

Cash at bank

414,968

661,539

1,715,008

2,240,826

CREDITORS

Amounts falling due within one year

9

703,461

633,097

NET CURRENT ASSETS

1,011,547

1,607,729

TOTAL ASSETS LESS CURRENT LIABILITIES

1,183,601

1,810,969

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,183,600

1,810,968

SHAREHOLDERS' FUNDS

1,183,601

1,810,969

Company's (loss)/profit for the financial year

(627,368

)

373,536

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

A J O Ford - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2023

1

1,355,758

1,355,759

3,231

1,358,990

Prior year adjustment

-

(3,231

)

(3,231

)

-

(3,231

)

As restated

1

1,352,527

1,352,528

3,231

1,355,759

Changes in equity

Dividends

-

(1,000

)

(1,000

)

-

(1,000

)

Total comprehensive income

-

345,673

345,673

(6,715

)

338,958

Balance at 31 December 2023

1

1,697,200

1,697,201

(3,484

)

1,693,717

Changes in equity

Total comprehensive income

-

(242,685

)

(242,685

)

(7,721

)

(250,406

)

Balance at 31 December 2024

1

1,454,515

1,454,516

(11,205

)

1,443,311

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1

1,438,432

1,438,433

Changes in equity

Dividends

-

(1,000

)

(1,000

)

Total comprehensive income

-

373,536

373,536

Balance at 31 December 2023

1

1,810,968

1,810,969

Changes in equity

Total comprehensive income

-

(627,368

)

(627,368

)

Balance at 31 December 2024

1

1,183,600

1,183,601

1.	STATUTORY INFORMATION

Aperio Intelligence Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

15% on reducing balance

Leasehold improvements

15% straight-line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 24 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 47 (2023 - 28 ) .

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

31/12/24

31/12/23

£

£

Depreciation - owned assets

49,538

49,293

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	TANGIBLE FIXED ASSETS

Group

Plant and

machinery

etc

£

COST

At 1 January 2024

452,106

Additions

11,794

At 31 December 2024

463,900

DEPRECIATION

At 1 January 2024

239,320

Charge for year

49,538

At 31 December 2024

288,858

NET BOOK VALUE

At 31 December 2024

175,042

At 31 December 2023

212,786

Company

Plant and

machinery

etc

£

COST

At 1 January 2024

428,663

Additions

11,795

At 31 December 2024

440,458

DEPRECIATION

At 1 January 2024

225,673

Charge for year

42,981

At 31 December 2024

268,654

NET BOOK VALUE

At 31 December 2024

171,804

At 31 December 2023

202,990

7.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

250

NET BOOK VALUE

At 31 December 2024

250

At 31 December 2023

250

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

APERIO INTELLIGENCE ROMANIA SRL

Registered office: Str Ioan Budai Deleanu. nr1A, Cluj-Napoca, Romania

Nature of business: Professional services

%

Class of shares:

holding

Ordinary

95.00

31/12/24

31/12/23

£

£

Aggregate capital and reserves

224,095

69,680

Profit for the year

154,416

128,255

Aperio Intelligence Malaysia Sdn. Bhd.

Registered office: Suite 163E, Level 16, Hunza Tower Gurney Paragon, Jalan Kelawei, Georgetown, Penang, Malaysia

Nature of business: Professional services

%

Class of shares:

holding

Ordinary

100.00

31/12/24

31/12/23

£

£

Aggregate capital and reserves

(79,308

)

(118,422

)

Profit/(loss) for the year

39,108

(112,839

)

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31/12/24

31/12/23

31/12/24

31/12/23

£

£

£

£

Trade debtors

685,672

818,084

682,331

801,995

Amounts owed by group undertakings

-

-

160,365

403,767

Other debtors

762,654

391,532

457,344

373,525

1,448,326

1,209,616

1,300,040

1,579,287

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31/12/24

31/12/23

31/12/24

31/12/23

£

£

£

£

Trade creditors

260,017

123,933

181,781

123,933

Taxation and social security

179,351

165,188

179,351

165,188

Other creditors

174,391

153,687

342,329

343,976

613,759

442,808

703,461

633,097

10.	NON-CONTROLLING INTERESTS

Non Controlling Interests represent a 5% holding in the subsidiary company Aperio Intelligence Romania srl.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed the directors £1,000 (2023 - £1,000).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is A J O Ford.