Logiq Consulting Ltd
Annual Report and Financial Statements
For the year ended 30 April 2025
Company Registration No. 11307972 (England and Wales)
Logiq Consulting Ltd
Company Information
Directors
R N Forder
R M Guegan
J F Morgan
J P Walker
Company number
11307972
Registered office
Unit 3 The Powerhouse Great Park Road
Bradley Stoke
Bristol
BS32 4RU
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Logiq Consulting Ltd
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
Logiq Consulting Ltd
Strategic Report
For the year ended 30 April 2025
Page 1

The directors present the strategic report for the year ended 30 April 2025.

Fair review of the business

The company provides a full spectrum of cyber security services, from risk management and system design through to developing and implementing cyber security strategies. The business operates in both the public and private sectors but with a focus and expert level of knowledge for the defence sector. The business exists to enable clients to understand their cyber security risks and deliver their business securely.

The basis of the company’s work is projects and contracts which rely heavily on existing client relationships and the ability to win new clients for growth. The company has performed well in these areas and the Board remains confident about the prospects for the company to continue to be successful in the future.

As with all businesses, the company depends on the commitment, talent and technical expertise of its people. The company maintains regular engagement with its employees and promotes a positive, helpful and inclusive culture to ensure that it retains and attracts the best and most skilled people within the sectors it operates.

The results of the company for the year are set out in the Statement of Income and Retained Earnings. The company made a profit before taxation of £5,387,562 (2024: £4,634,997). The company generated turnover of £28,541,138 (2024: £27,043,870) an increase of 5.5%. The increase in turnover is due to continuing to grow existing client relationships whilst developing new ones in the core services lines of the business.

The company generated a gross profit of £18,946,004 (2024: £16,935,476) reflecting the higher revenues whilst maintaining close control on the cost base and focusing on using resources in the most efficient way. This, coupled with continued excellence in delivery, helped to drive better relationships with clients which in turn generated additional revenues.

The company generated operating profit of £5,352,147 (2024: £4,618,264) which was the result of higher Gross Profit, coupled with targeted investments in Administrative expenses that helped drive efficiencies and revenue growth.

The balance sheet shows the company’s financial position. At 30 April 2025 the company was in a net current asset position of £16,418,585 (2024: £11,893,202) and a net asset position of £17,228,962 (2024: £12,330,412).

Key performance indicators

The management team monitor various key performance indicators including turnover and profitability compared to prior year.

12 months | 202 5 (£) | 202 4 (£) | Change (£) | Change (%)
Turnover | 28,541,138 | 27,043,870 | 1,497,268 | 5.5
Gross Profit | 18,946,004 | 16,935,476 | 2,010,528 | 11.9

External macro factors including political and economic uncertainty remained relevant during 2025 and this had an impact directly on the business through cost pressure and indirectly through client budgets. In light of these factors, outside of managements control, the key performance indicators for the year 2025 show a very positive trend and are in line with management's expectations for the year.
Logiq Consulting Ltd
Strategic Report (Continued)
For the year ended 30 April 2025
Page 2
Principal risks and uncertainties

The company’s activities are based principally on the agreed contracts to deliver cyber security services to clients and these contracts provide a significant level of continuity in supporting ongoing revenue streams.

Nevertheless, as is the nature of the cyber security services industry the key risks the company faces are the reduction of spend from clients, the loss of clients through either the cancellation of a contract or a competitive pitch process, or a cyber security breach which impacts the reputation of the company in the market. In addition, a significant proportion of turnover is derived from the Government sector, in particular defence, and therefore the risk of fluctuations in turnover can be more influenced by the wider economic and political environment. However, management continue to manage and mitigate these risks by:

- Maintaining and continually broadening a wide portfolio of clients and opportunities;

- Working closely with clients to ensure that projects achieve their key objectives;

- Winning new clients in core and new markets; and

- Developing a wide range of services to provide to clients to deepen each client relationship.

Future Developments

The company’s focus is to deliver innovative services to our clients in a timely and efficient manner. We continue to invest in key areas of the business which include delivery, innovation, Management and support functions including marketing and sales. This has helped to create a healthy pipeline and the Directors believe that the company is in a position to see continued growth.

On behalf of the board

..............................
J F Morgan
Director
Date: .....................
Logiq Consulting Ltd
Directors' Report
For the year ended 30 April 2025
Page 3

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company continued to be that of a cyber security company.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R N Forder
R M Guegan
J F Morgan
J P Walker
Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Logiq Consulting Ltd
Directors' Report (Continued)
For the year ended 30 April 2025
Page 4
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J F Morgan
Director
26 September 2025
Logiq Consulting Ltd
Independent Auditor's Report
To the Members of Logiq Consulting Ltd
Page 5
Opinion

We have audited the financial statements of Logiq Consulting Ltd (the 'company') for the year ended 30 April 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

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 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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.

Logiq Consulting Ltd
Independent Auditor's Report (Continued)
To the Members of Logiq Consulting Ltd
Page 6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the Directors' R eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Directors' R esponsibilities S tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Logiq Consulting Ltd
Independent Auditor's Report (Continued)
To the Members of Logiq Consulting Ltd
Page 7
Auditor's responsibilities for the audit of the financial statements

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 auditor's 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 financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Logiq Consulting Ltd
Independent Auditor's Report (Continued)
To the Members of Logiq Consulting Ltd
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

Use of our 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 auditor's 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.

Ryan Day
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
26 September 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Logiq Consulting Ltd
Statement of Comprehensive Income
For the year ended 30 April 2025
Page 9
2025
2024
Notes
£
£
Turnover
3
28,541,138
27,043,870
Cost of sales
(9,595,134)
(10,108,394)
Gross profit
18,946,004
16,935,476
Administrative expenses
(13,593,857)
(12,317,212)
Operating profit
4
5,352,147
4,618,264
Interest receivable and similar income
6
36,431
16,733
Interest payable and similar expenses
7
(1,016)
-
0
Profit before taxation
5,387,562
4,634,997
Tax on profit
8
(489,012)
33,920
Profit for the financial year
4,898,550
4,668,917

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Logiq Consulting Ltd
Balance Sheet
As at 30 April 2025
Page 10
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
455,026
41,166
Tangible assets
10
397,049
456,941
852,075
498,107
Current assets
Stock
11
25,305
5,438
Debtors
12
14,022,554
12,538,649
Cash at bank and in hand
7,699,245
3,898,775
21,747,104
16,442,862
Creditors: amounts falling due within one year
13
(5,328,519)
(4,549,660)
Net current assets
16,418,585
11,893,202
Total assets less current liabilities
17,270,660
12,391,309
Provisions for liabilities
Deferred tax liability
14
(41,698)
(60,897)
(41,698)
(60,897)
Net assets
17,228,962
12,330,412
Capital and reserves
Called up share capital
16
4
4
Share premium account
163,662
163,662
Profit and loss reserves
17,065,296
12,166,746
Total equity
17,228,962
12,330,412
The financial statements were approved by the board of directors and authorised for issue on 26 September 2025 and are signed on its behalf by:
J F Morgan
Director
Company Registration No. 11307972
Logiq Consulting Ltd
Statement of Changes in Equity
For the year ended 30 April 2025
Page 11
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
4
-
0
7,497,829
7,497,833
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
4,668,917
4,668,917
Issue of share capital
16
-
0
163,662
-
163,662
Balance at 30 April 2024
4
163,662
12,166,746
12,330,412
Year ended 30 April 2025:
Profit and total comprehensive income for the year
-
-
4,898,550
4,898,550
Balance at 30 April 2025
4
163,662
17,065,296
17,228,962
Logiq Consulting Ltd
Notes to the Financial Statements
For the year ended 30 April 2025
Page 12
1
Accounting policies
Company information

Logiq Consulting Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 The Powerhouse Great Park Road, Bradley Stoke, Bristol, BS32 4RU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Knight Topco Limited. These consolidated financial statements are available from its registered office, Unit 3 The Powerhouse Great Park Road, Bradley Stoke, Bristol, BS32 4RU.

1.3
Going concern

At the time of approving, the Directors believe the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

At the Balance Sheet date the Company has net assets of £17,228,962 (2024: £12,330,412) and during the financial year recognised a profit of £4,898,550 (2024: £4,668,917).

Having prepared a forecast for the twelve months from the date of approval of the financial statements, the Directors believe the Company has adequate cash resources at its disposal in order to meet its obligations as and when they become due for at least twelve months from the date of approval of the financial statements.

The company has a fixed and floating charge over its assets to enable the group, headed by Knight Topco Limited, to service its debt as and when required.

It is on this basis that the Directors adopt the going concern basis of accounting in preparing the annual financial statements.

Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 13
1.4
Turnover

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. Revenue on time and material contracts is based on invoiced amounts, derived by time and materials spent in that period at the contracted rate. Service costs and support is recognised in the month the service is provided.
1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated, this includes staff costs which are capitalised when they are directly attributable to the construction or development of a qualifying asset.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
5 years straight line
Development costs
3 years straight line

The useful economic life of intangible development costs is anticipated to be 3 years from when the project goes live. The reason for the assumption of 3 years is due to technological advances. As at 30th April none of the projects were fully live therefore no amortisation has been recognised.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance
Computers
25% on cost
Improvements to property
10% on reducing balance
Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 14

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 15
1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 company after deducting all of its liabilities.

Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 16
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 17
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
1
Accounting policies
(Continued)
Page 18
1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Capitalisation of development costs

The directors exercise judgement in determining whether development costs meet the criteria for capitalisation as an intangible asset under FRS 102. Capitalisation is only appropriate when the product or process is technically and commercially feasible, the company has the ability to accurately allocate and measure staff time and other directly attributable development costs, the company has sufficient resources to complete the development and it is probable that the asset will generate future economic benefits.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Consulting
21,977,419
22,665,364
Service cost and support
5,917,054
3,582,985
Build and accreditation
206,920
268,235
Hardware, Peripherals, Software
439,745
527,286
28,541,138
27,043,870
Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 19
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
40,000
38,000
Depreciation of owned tangible fixed assets
123,598
131,726
Amortisation of intangible assets
14,073
5,658
Operating lease charges
99,853
103,800
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Consultancy
95
93
DISX
35
22
Overhead
20
14
Total
150
129

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
10,230,383
8,949,897
Social security costs
1,092,287
996,517
Pension costs
736,306
613,685
12,058,976
10,560,099
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
36,431
16,733
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
1,016
-
Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 20
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
490,704
6,077
Adjustments in respect of prior periods
17,507
-
0
Total current tax
508,211
6,077
Deferred tax
Origination and reversal of timing differences
(19,199)
(39,997)
Total tax charge/(credit)
489,012
(33,920)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
5,387,562
4,634,997
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,346,891
1,158,749
Change in unrecognised deferred tax assets
-
0
(39,997)
Adjustments in respect of prior years
17,507
-
0
Group relief
(885,993)
(307,130)
Permanent capital allowances in excess of depreciation
10,607
(14,014)
Depreciation on assets not qualifying for tax allowances
-
0
33,783
Amortisation on assets not qualifying for tax allowances
-
0
1,415
Tax relief on share options
-
0
(899,241)
Tax at marginal rate
-
0
(363)
Fixed asset loss on disposals
-
0
41,994
Trade intangible fixed assets debits on capital items
-
0
(7,464)
Other adjustments
-
0
(1,652)
Taxation charge/(credit) for the year
489,012
(33,920)
Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 21
9
Intangible fixed assets
Software
Development costs
Total
£
£
£
Cost
At 1 May 2024
43,416
-
0
43,416
Additions - internally developed
-
0
388,413
388,413
Additions - separately acquired
39,520
-
0
39,520
At 30 April 2025
82,936
388,413
471,349
Amortisation and impairment
At 1 May 2024
2,250
-
0
2,250
Amortisation charged for the year
14,073
-
0
14,073
At 30 April 2025
16,323
-
0
16,323
Carrying amount
At 30 April 2025
66,613
388,413
455,026
At 30 April 2024
41,166
-
0
41,166
10
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2024
281,934
41,939
379,147
703,020
Additions
-
0
-
0
63,706
63,706
At 30 April 2025
281,934
41,939
442,853
766,726
Depreciation and impairment
At 1 May 2024
43,820
18,531
183,728
246,079
Depreciation charged in the year
23,811
5,852
93,935
123,598
At 30 April 2025
67,631
24,383
277,663
369,677
Carrying amount
At 30 April 2025
214,303
17,556
165,190
397,049
At 30 April 2024
238,114
23,408
195,419
456,941
Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 22
11
Stock
2025
2024
£
£
Finished goods and goods for resale
25,305
5,438
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,600,805
2,518,815
Amounts owed by group undertakings
10,539,729
8,660,908
Other debtors
15,728
15,728
Prepayments and accrued income
1,866,292
1,343,198
14,022,554
12,538,649
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Director's current account
-
0
1,248
Trade creditors
1,356,758
999,012
Corporation tax
514,288
6,077
Other taxation and social security
1,148,777
2,125,657
Deferred income
1,388,947
441,798
Accruals
919,749
975,868
5,328,519
4,549,660
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Fixed asset timing differences
57,969
60,897
Short term timing differences
(16,271)
-
41,698
60,897
Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
14
Deferred taxation
(Continued)
Page 23
2025
Movements in the year:
£
Liability at 1 May 2024
60,897
Credit to profit or loss
(19,199)
Liability at 30 April 2025
41,698

Deferred tax liabilities have been recognised at entity level in respect of all temporary differences giving rise to deferred tax liabilities in respect of accelerated capital allowances, which are expected to reverse over future periods in line with the useful economic life of the underlying assets.

15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
736,306
613,685

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 0.0000842105 each
118,750
118,750
1
1
Ordinary B of 0.0000842105 each
118,750
118,750
1
1
Ordinary C of 0.0000842105 each
118,750
118,750
1
1
Ordinary D of 0.0000842105 each
118,750
118,750
1
1
Ordinary E of 0.0000842105 each
24,068
24,068
163,662
163,662
499,068
499,068
163,666
163,666
The A, B, C, D and E shares rank pari passu except the holders of the Ordinary E shares shall not be entitled to attend nor vote at meetings. They shall have no rights to dividends and rank behind all other classes.
Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 24
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
79,292
50,113
Between two and five years
86,056
60,852
165,348
110,965
Logiq Consulting Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2025
Page 25
18
Related party transactions

No remuneration was paid to the Directors in the current or preceding financial year as it was borne by a member of the group.

The company has taken the Section 33 exemption under FRS 102 from the requirement to disclose transactions with wholly owned members of the group.

There were no other related party transactions that required disclosure under FRS 102.

19
Ultimate controlling party

The immediate parent company is Knight Bidco Limited, whose registered address is Unit 3 The Powerhouse Great Park Road, Bradley Stoke, Bristol, BS32 4RU.

The ultimate parent company is Knight Topco Limited, whose registered address is Unit 3 The Powerhouse Great Park Road, Bradley Stoke, Bristol, BS32 4RU, where copies of the consolidated group accounts can be obtained.

There is no one ultimate controlling party.

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