REGISTERED NUMBER: 14118343 (England and Wales)

Pilot Financial Systems Limited

Unaudited Financial Statements for the Year Ended 31 May 2025

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTORS:

D J Mills

N Ryan

S A Benskin

M A Pashley

REGISTERED OFFICE:

Chandos House

School Lane

Buckingham

Buckinghamshire

MK18 1HD

REGISTERED NUMBER:

14118343 (England and Wales)

ACCOUNTANTS:

Tearle & Carver Limited

Chandos House

School Lane

Buckingham

Buckinghamshire

MK18 1HD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pilot Financial Systems Limited for the year ended 31 May 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pilot Financial Systems Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Pilot Financial Systems Limited and state those matters that we have agreed to state to the Board of Directors of Pilot Financial Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pilot Financial Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pilot Financial Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pilot Financial Systems Limited. You consider that Pilot Financial Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pilot Financial Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Tearle & Carver Limited

Chandos House

School Lane

Buckingham

Buckinghamshire

MK18 1HD

Date: .............................................

FIXED ASSETS

Intangible assets

4

401,485

24,494

Tangible assets

5

-

139

401,485

24,633

CURRENT ASSETS

Debtors

6

51,484

3,859

Cash at bank

59,345

148,101

110,829

151,960

CREDITORS

Amounts falling due within one year

7

251,799

13,113

NET CURRENT (LIABILITIES)/ASSETS

(140,970

)

138,847

TOTAL ASSETS LESS CURRENT LIABILITIES

260,515

163,480

PROVISIONS FOR LIABILITIES

69,023

-

NET ASSETS

191,492

163,480

CAPITAL AND RESERVES

Called up share capital

319

315

Share premium

345,290

263,916

Retained earnings

(154,117

)

(100,751

)

191,492

163,480

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

D J Mills - Director

1.	STATUTORY INFORMATION

Pilot Financial Systems Limited 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 Company Information page.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Software development costs

Expenditure on research is written off to the profit and loss account in the year in which it is incurred.

Development costs are capitalised as an intangible asset when the company can demonstrate:

- the technical feasibility of completing the software so that it will be available for use;

- its intention to complete and use or sell the software;

- the ability to use or sell the software;

- how the software will generate probable future economic benefits;

- the availability of adequate technical, financial and other resources to complete the development; and

- the ability to measure reliably the expenditure attributable to the software during its development.

Capitalised development costs are initially recognised at cost and subsequently amortised on a straight-line basis over their estimated useful life. Amortisation will commence once the software is ready for its intended use. The amortisation period for software development costs is expected to be 10 years.

Costs that do not meet these criteria are expensed to the profit and loss account as incurred.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Government grants

The company received government grants of £204,944.88 during the year to support the development of internally generated software.

The grants have been accounted for under the accrual model in accordance with FRS 102. As the related expenditure has been capitalised as an intangible asset, the grants have been recognised as deferred income within other creditors.

Deferred income will be released to the profit and loss account on a systematic basis over the expected useful life of the software, once the software is ready for its intended use, which is estimated to be 10 years in line with the amortisation of the related intangible asset.

At the balance sheet date, the deferred income balance relating to these grants was £204,944.88 (2024: £Nil).

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2024

24,494

Additions

376,991

At 31 May 2025

401,485

NET BOOK VALUE

At 31 May 2025

401,485

At 31 May 2024

24,494

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2024

and 31 May 2025

410

DEPRECIATION

At 1 June 2024

271

Charge for year

139

At 31 May 2025

410

NET BOOK VALUE

At 31 May 2025

-

At 31 May 2024

139

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

51,484

3,859

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

13,920

-

Other creditors

237,879

13,113

251,799

13,113

8.	RELATED PARTY DISCLOSURES

Included in the creditors is £21,716.26 (2024: £6,716.26) due to the Directors of the company

9.	ULTIMATE CONTROLLING PARTY

The Directors deem there to be no controlling party