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Registered number: 09964977 SENDSPEND LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 30 DECEMBER 2024
SENDSPEND LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENDSPEND LIMITED UNDER SECTION 449 OF THE COMPANIES ACT 2006
Opinion
We have audited the financial statements of SENDSPEND LIMITED (the 'Company') for the period ended 30 December 2024, which comprise the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 December 2024 and of its loss for the period 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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. Page 1
SENDSPEND LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENDSPEND LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial period 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 identified material misstatements in the Directors' Report. 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
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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. Page 2
SENDSPEND LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENDSPEND LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Auditors' 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 Auditors' 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. 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: We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. • We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 Auditors' 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. Stephen Haffner (Senior Statutory Auditor) for and on behalf of Harris & Trotter LLP Chartered Accountants and Statutory Auditors 101 New Cavendish Street 1st Floor South London United Kingdom W1W 6XH 2 March 2026 Page 3
SENDSPEND LIMITED REGISTERED NUMBER: 09964977 STATEMENT OF FINANCIAL POSITION AS AT 30 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 98,750 |  | 22,000
Tangible assets | 5 |  | - |  | 160
Investments | 6 |  | 286 |  | 286
|  |  | 99,036 |  | 22,446
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 40,563 |  | 43,106 |
Cash at bank and in hand |  | 51,905 |  | 1,134 |
|  | 92,468 |  | 44,240 |
Creditors: amounts falling due within one year | 8 | (164,383) |  | (161,844) |
Net current liabilities |  |  | (71,915) |  | (117,604)
Total assets less current liabilities |  |  | 27,121 |  | (95,158)
Creditors: amounts falling due after more than one year | 9 |  | (432,316) |  | (46,658)
Net liabilities |  |  | (405,195) |  | (141,816)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2,007 |  | 2,007
Share premium account |  |  | 1,775,431 |  | 1,775,431
Profit and loss account |  |  | (2,182,633) |  | (1,919,254)
|  |  | (405,195) |  | (141,816)
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 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 comprehensive income 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 on 2 March 2026. Page 4
SENDSPEND LIMITED REGISTERED NUMBER: 09964977 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 DECEMBER 2024
G Davies
Director
The notes on pages 7 to 13 form part of these financial statements. Page 5
SENDSPEND LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 2,002 | 1,638,437 | (1,638,443) | 1,996
Loss for the year | - | - | (280,811) | (280,811)
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 5 | 136,994 | - | 136,999
At 31 December 2023 | 2,007 | 1,775,431 | (1,919,254) | (141,816)
Loss for the period | - | - | (263,379) | (263,379)
At 30 December 2024 | 2,007 | 1,775,431 | (2,182,633) | (405,195)
| The notes on pages 7 to 13 form part of these financial statements.
Page 6
SENDSPEND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 DECEMBER 2024
1. | General information
Sendspend Limited is a private company limited by shares and incorporated in England & Wales (registered number 09964977).The registered office is 12 Hammersmith Grove, London, England, W6 7AP. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | 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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 7
SENDSPEND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | 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.
| 2.5 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.6 | 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, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 33% | straight line
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.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 8
SENDSPEND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 3 | 3
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SENDSPEND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 DECEMBER 2024
4. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 31 December 2023 | 22,000
| Additions - internal | 76,750
| At 30 December 2024 | 98,750
| Net book value |
| At 30 December 2024 | 98,750
| At 30 December 2023 | 22,000
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SENDSPEND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 DECEMBER 2024
5. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 31 December 2023 | 4,299
| Additions | 354
| At 30 December 2024 | 4,653
| Depreciation |
| At 31 December 2023 | 4,139
| Charge for the period on owned assets | 514
| At 30 December 2024 | 4,653
| Net book value |
| At 30 December 2024 | -
| At 30 December 2023 | 160
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SENDSPEND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 DECEMBER 2024
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 31 December 2023 | 286
| At 30 December 2024 | 286
7. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 2,000 | -
| Amounts owed by group undertakings | 3,765 | 3,365
| Other debtors | 33,836 | 38,255
| Prepayments and accrued income | 962 | 1,486
|  | 40,563 | 43,106
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | - | 14
| Bank loans | 3,705 | 10,264
| Trade creditors | 75,625 | 83,332
| Other taxation and social security | 34,361 | 31,174
| Other creditors | 38,192 | 34,560
| Accruals and deferred income | 12,500 | 2,500
|  | 164,383 | 161,844
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SENDSPEND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 DECEMBER 2024
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 22,113 | 21,571
| Amounts owed to group undertakings | 410,203 | 25,087
|  | 432,316 | 46,658
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 3,705 | 10,264
|  | 3,705 | 10,264
| Amounts falling due 1-2 years |  |
| Bank loans | 22,113 | 21,571
|  | 22,113 | 21,571
|  | 25,818 | 31,835
11. | Financial instruments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 51,905 | 1,134
| Financial assets measured at fair value through profit or loss comprise...
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