Acorah Software Products - Accounts Production 16.8.310 false true true 30 September 2024 1 October 2023 false 1 October 2024 30 September 2025 30 September 2025 11580292 Mr Peter Wrighton-Smith Mrs Professor Baroness Willis Mr Julian Metherell Mr Sebastian Leape Mr Junichi Ikegami Mr Nicholas Dixon-Clegg Mr David Craig iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11580292 2024-09-30 11580292 2025-09-30 11580292 2024-10-01 2025-09-30 11580292 frs-core:CurrentFinancialInstruments 2025-09-30 11580292 frs-core:ComputerEquipment 2025-09-30 11580292 frs-core:ComputerEquipment 2024-10-01 2025-09-30 11580292 frs-core:ComputerEquipment 2024-09-30 11580292 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-09-30 11580292 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-10-01 2025-09-30 11580292 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-09-30 11580292 frs-core:OtherReservesSubtotal 2024-09-30 11580292 frs-core:OtherReservesSubtotal 2025-09-30 11580292 frs-core:SharePremium 2024-09-30 11580292 frs-core:SharePremium 2025-09-30 11580292 frs-core:ShareCapital 2025-09-30 11580292 frs-core:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 11580292 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2024-09-30 11580292 frs-core:RetainedEarningsAccumulatedLosses 2025-09-30 11580292 frs-bus:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 11580292 frs-bus:FilletedAccounts 2024-10-01 2025-09-30 11580292 frs-bus:SmallEntities 2024-10-01 2025-09-30 11580292 frs-bus:AuditExempt-NoAccountantsReport 2024-10-01 2025-09-30 11580292 frs-bus:SmallCompaniesRegimeForAccounts 2024-10-01 2025-09-30 11580292 frs-bus:Director1 2024-10-01 2025-09-30 11580292 frs-bus:Director2 2024-10-01 2025-09-30 11580292 frs-bus:Director3 2024-10-01 2025-09-30 11580292 frs-bus:Director4 2024-10-01 2025-09-30 11580292 frs-bus:Director5 2024-10-01 2025-09-30 11580292 frs-bus:Director6 2024-10-01 2025-09-30 11580292 frs-bus:Director7 2024-10-01 2025-09-30 11580292 frs-countries:EnglandWales 2024-10-01 2025-09-30 11580292 2023-09-30 11580292 2024-09-30 11580292 2023-10-01 2024-09-30 11580292 frs-core:CurrentFinancialInstruments 2024-09-30 11580292 frs-core:OtherReservesSubtotal 2023-09-30 11580292 frs-core:OtherReservesSubtotal 2024-09-30 11580292 frs-core:SharePremium 2023-09-30 11580292 frs-core:SharePremium 2024-09-30 11580292 frs-core:ShareCapital 2023-09-30 11580292 frs-core:ShareCapital 2024-09-30 11580292 frs-core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 11580292 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2023-09-30 11580292 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30
Registered number: 11580292
Natural Capital Research Limited
Unaudited Financial Statements
For The Year Ended 30 September 2025
AMS ADMIN GROUP LIMITED
116 High Street
Epping
CM16 4AF
Natural Capital Research Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4—10

Page 1
Natural Capital Research Limited
Balance Sheet
As At 30 September 2025
Balance Sheet
Registered number: 11580292

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 4 |  | 51,309 |  | 110,309
Tangible Assets | 5 |  | 29,513 |  | 49,832
|  |  | 80,822 |  | 160,141
CURRENT ASSETS
Debtors | 6 | 657,105 |  | 595,950 |
Cash at bank and in hand |  | 8,505,662 |  | 7,673,925 |
|  | 9,162,767 |  | 8,269,875 |
Creditors: Amounts Falling Due Within One Year | 7 | (588,958 ) |  | (358,976 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 8,573,809 |  | 7,910,899
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 8,654,631 |  | 8,071,040
NET ASSETS |  |  | 8,654,631 |  | 8,071,040
CAPITAL AND RESERVES
Called up share capital | 9 |  | 12,014 |  | 10,038
Share premium account |  |  | 14,900,655 |  | 11,929,869
Other reserves |  |  | 88,364 |  | 59,084
Profit and Loss Account |  |  | (6,346,402 ) |  | (3,927,951 )
SHAREHOLDERS' FUNDS |  |  | 8,654,631 |  | 8,071,040

Page 1
Page 2
Natural Capital Research Limited
Balance Sheet (continued)
As At 30 September 2025
For the year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements of Natural Capital Research Limited (registered number: 11580292) were approved by the board of directors on 3 March 2026 and were signed on its behalf by:

Mr Sebastian Leape Director
3rd March 2026

The notes on pages 4 to 10 form part of these financial statements.
Page 2
Page 3
Natural Capital Research Limited
Statement of Changes in Equity
For The Year Ended 30 September 2025
Statement of Changes in Equity

| Share Capital | Share Premium | Other reserves | Profit and Loss Account | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 October 2023 | 696 | 4,215,893 | 383,270 | (2,361,587 ) | 2,238,272
Loss for the year and total comprehensive income | - | - | - | (1,566,364 ) | (1,566,364)
Arising on shares issued during the period | 9,342 | 7,713,976 | - | - | 7,723,318
Movements in Share based payment reserve | - | - | (324,186) | - | (324,186)
As at 30 September 2024 and 1 October 2024 | 10,038 | 11,929,869 | 59,084 | (3,927,951 ) | 8,071,040
Loss for the year and total comprehensive income | - | - | - | (2,418,451 ) | (2,418,451)
Arising on shares issued during the period | 1,976 | 2,970,786 | - | - | 2,972,762
Movements in Share based payment reserve | - | - | 29,280 | - | 29,280
As at 30 September 2025 | 12,014 | 14,900,655 | 88,364 | (6,346,402 ) | 8,654,631

The notes on pages 4 to 10 form part of these financial statements.
Page 3
Page 4
Natural Capital Research Limited
Notes to the Financial Statements
For The Year Ended 30 September 2025
Notes to the Financial Statements
1. General Information
Natural Capital Research Limited is a private company, limited by shares, incorporated in England & Wales under the Companies Act 2006, registered number 11580292 . The registered office is Office 2.01 - 2.03, 31 - 35 Kirby Street, London, EC1N 8TE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Natural Capital Research Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
2.3. Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are initially recognised at cost.After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
2.5. Research and Development
Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.
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Natural Capital Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer Equipment | 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.
2.7. Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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 payments 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.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Page 5
Page 6
Natural Capital Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.10. Interest income
Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
Page 6
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Natural Capital Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
2.11. Employee benefits
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Share-based payment
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2024: 23)
28 23
4. Intangible Assets

| Development Costs
--- | ---
| £
Cost
As at 1 October 2024 | 295,000
As at 30 September 2025 | 295,000
Amortisation
As at 1 October 2024 | 184,691
Provided during the period | 59,000
As at 30 September 2025 | 243,691
Net Book Value
As at 30 September 2025 | 51,309
As at 1 October 2024 | 110,309

Page 7
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Natural Capital Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:
Other intangible assets 5 years straight line
5. Tangible Assets

| Computer Equipment
--- | ---
| £
Cost
As at 1 October 2024 | 79,265
Additions | 8,697
Disposals | (2,951 )
As at 30 September 2025 | 85,011
Depreciation
As at 1 October 2024 | 29,433
Provided during the period | 26,229
Disposals | (164 )
As at 30 September 2025 | 55,498
Net Book Value
As at 30 September 2025 | 29,513
As at 1 October 2024 | 49,832

6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 321,364 |  | 276,500
Prepayments and accrued income | 89,333 |  | 57,891
Other debtors | 38,966 |  | 64,803
Corporation tax recoverable assets | 119,000 |  | 175,632
Deferred tax current asset | 17,299 |  | 3,738
VAT | 71,143 |  | 17,386
| 657,105 |  | 595,950

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Natural Capital Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 133,097 |  | 70,348
Other taxes and social security | 108,144 |  | 81,609
Other creditors | 22,954 |  | 17,262
Accruals and deferred income | 324,547 |  | 189,541
Directors' loan accounts | 216 |  | 216
| 588,958 |  | 358,976

8. Deferred Taxation
At 30 September 2025, the Company recognised a deferred tax asset of £17,299 (2024: £3,738), principally arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The deferred tax charge for the year was £13,561 (2024: £3,738).
9. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 12,014 |  | 10,038

519,742 Ordinary shares of £0.01 each (2024: 519,742 shares of £0.01 each)
484,088 Series A1 Ordinary shares of £0.01 each (2024: 484,088 shares of £0.01 each)
29,778 Growth shares of £0.01 each (2024: nil shares)
167,841 Series A2 Ordinary shares of £0.01 each (2024: nil shares)
On the 18th February 2025, there was an issue of 29,778 Growth Shares of £0.01 each with an aggregate nominal value of £298. The shares issued resulted in a share premium of £nil being recognised.
On the 18th February 2025, there was an issue of 167,841 Series A2 Ordinary shares of £0.01 each with an aggregate nominal value of £1,678. The shares issued resulted in a share premium of £2,970,786 being recognised
10. Pension Commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the balance sheet date unpaid contributions of 10,344 (2024 - 5,700) were due to the fund.
They are included in Other Creditors.
The company made pension contributions of £ 38,527 (2024 - 22,831) during the period.
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Natural Capital Research Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
11. Reserves

| Share Premium | Other reserves | Profit and Loss Account
--- | --- | --- | ---
| £ | £ | £
As at 1 October 2024 | 11,929,869 | 59,084 | (3,927,951 )
Loss for the year and total comprehensive income | - | - | (2,418,451 )
Arising on shares issued during the period | 2,970,786 | - | -
Movements in Share based payment reserve | - | 29,280 | -
As at 30 September 2025 | 14,900,655 | 88,364 | (6,346,402 )

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
The profit and loss reserve represents cumulative profits or losses, net of dividends paid.
The other reserve refers to the share-based payment reserve which represents the charge to profit or loss for services received in relation to equity settled share-based payments not yet settled.
12. Post Balance Sheet Events
On 12 December 2025, the Company cancelled the Growth Shares class and replaced them with share options. No consideration was paid on cancellation.
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