Object Matrix Limited

Audited Financial Statements for the Year Ended 31 December 2024

DIRECTORS:

G D Danheiser

D W Zabrowski

K R Thimble

SECRETARY:

K R Thimble

REGISTERED OFFICE:

14th Floor

Capital Tower

Greyfriars Road

Cardiff

CF10 3AG

REGISTERED NUMBER:

04933751 (England and Wales)

AUDITORS:

BPU Limited

Chartered Accountants

Statutory Auditor

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

FIXED ASSETS

Tangible assets

3

183,948

310,393

CURRENT ASSETS

Stocks

95,059

118,735

Debtors

4

1,172,084

844,775

Cash at bank and in hand

532,403

377,388

1,799,546

1,340,898

CREDITORS

Amounts falling due within one year

5

4,656,288

2,960,949

NET CURRENT LIABILITIES

(2,856,742

)

(1,620,051

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,672,794

)

(1,309,658

)

CAPITAL AND RESERVES

Called up share capital

70,946

70,946

Share premium

701,158

701,158

Retained earnings

(3,444,898

)

(2,081,762

)

SHAREHOLDERS' FUNDS

(2,672,794

)

(1,309,658

)

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

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:

K R Thimble - Director

1.	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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Plant and machinery

-

25% straight line

Fixtures, fittings and equipment

-

25% straight line

Motor vehicles

-

25% straight line

Cloud Assets

-

25% 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 Profit and Loss account, 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.

Pension costs

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

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

and

Motor

Cloud

machinery

equipment

vehicles

Assets

Totals

£

£

£

£

£

COST

At 1 January 2024

94,883

262,072

931

691,123

1,049,009

Additions

-

11,822

-

-

11,822

At 31 December 2024

94,883

273,894

931

691,123

1,060,831

DEPRECIATION

At 1 January 2024

94,883

246,580

931

396,222

738,616

Charge for year

-

9,288

-

128,979

138,267

At 31 December 2024

94,883

255,868

931

525,201

876,883

NET BOOK VALUE

At 31 December 2024

-

18,026

-

165,922

183,948

At 31 December 2023

-

15,492

-

294,901

310,393

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

940,421

604,575

Other debtors & prepayments

231,663

240,200

1,172,084

844,775

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

42,111

164,369

Amounts owed to group undertakings

2,181,745

1,047,301

Taxes & social security costs

133,594

59,674

Other creditors & accruals

2,298,838

1,689,605

4,656,288

2,960,949

The company meets its day to day working capital requirements with the continued support of its parent company Datacore Software Corporation. The directors' expect that the company will continue in the foreseeable future with this continued support.

Included in Cash at bank and in hand is a deposit of £369,006 that has a third party restriction attached to it and is therefore not available for use by the Company.

6.	FINANCIAL INSTRUMENTS

Included within the Other creditors amount falling due under one year is accumulated unpaid preference share dividends of £408,977 and accumulated unpaid A ordinary share dividends of £36,600.

The Preference shares were due to be redeemed at par in tranches of one third each on the following dates:

31 December 2010

31 December 2011

31 December 2012

The payment of the preference share dividends noted above, together with the redemption of preference shares, has been prevented by the unavailability of retained earnings.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Huw Palin FCA (Senior Statutory Auditor)

for and on behalf of BPU Limited

8.	OTHER FINANCIAL COMMITMENTS

Financial commitments in respect of non-cancellable operating leases as at the balance sheet date were £6,015 (2023 - £78,195).

9.	ULTIMATE PARENT UNDERTAKING

The company's ultimate parent undertaking at the balance sheet date was DataCore Software Holdings, LLC. The company's immediate parent was DataCore Software Corporation.