Company registration number 11910864 (England and Wales)
NOVATUS GLOBAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
NOVATUS GLOBAL LTD
CONTENTS
Page
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 16
NOVATUS GLOBAL LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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; and

- 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.

NOVATUS GLOBAL LTD
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
10,217
6,258
Tangible assets
6
16,924
23,731
27,141
29,989
Current assets
Debtors
7
3,884,410
1,785,533
Cash at bank and in hand
7,994,724
1,347,456
11,879,134
3,132,989
Creditors: amounts falling due within one year
8
(3,910,129)
(1,207,141)
Net current assets
7,969,005
1,925,848
Total assets less current liabilities
7,996,146
1,955,837
Creditors: amounts falling due after more than one year
9
(8,849,731)
-
0
Net (liabilities)/assets
(853,585)
1,955,837
Capital and reserves
Called up share capital
11
450,466
12,867
Share premium account
5,488,009
2,643,486
Other reserves
1,472
946
Profit and loss reserves
(6,793,532)
(701,462)
Total equity
(853,585)
1,955,837
NOVATUS GLOBAL LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 3 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
A Hedley
Director
Company registration number 11910864 (England and Wales)
NOVATUS GLOBAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Share capital
Share premium account
Share Options
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
11,911
1,674,224
-
538,895
2,225,030
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(1,240,357)
(1,240,357)
Issue of share capital
11
956
969,262
-
-
970,218
Transfers
-
-
946
-
0
946
Balance at 31 March 2024
12,867
2,643,486
946
(701,462)
1,955,837
Year ended 31 March 2025:
Loss and total comprehensive income
-
-
-
(1,548,354)
(1,548,354)
Issue of share capital
11
1,481
7,662,094
-
-
7,663,575
Transfers
-
-
526
-
0
526
Other movements
436,118
(4,817,571)
-
(4,543,716)
(8,925,169)
Balance at 31 March 2025
450,466
5,488,009
1,472
(6,793,532)
(853,585)
-
NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
1
Accounting policies
Company information

Novatus Global Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 2 London Wall, Barbican, London, EC2Y 5AU.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Turnover

Revenue comprises sales of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Software-as-a-Service (SaaS) Revenue

- Advisory Revenue

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Software-as-a-Service (SaaS) Revenue

Revenue from SaaS contracts is derived from subscription-based access to software platforms such as En:ACT and related services.

Revenue is recognised over time on a straight-line basis over the subscription period, reflecting the continuous transfer of service,

Implementation and onboarding services are assessed to determine whether they represent a distinct performance obligation. If so, revenue is recognised separately, either over time or at a point in time depending on the nature of the service.

Advisory Revenue

Advisory services include professional and managed services for financial services firms.

Revenue is recognised over time if the client receives and consumes the benefits as the service is performed.

Where services are delivered over time as a final deliverable (e.g., a report or recommendation), revenue is recognised over time, typically upon client acceptance/confirmation of contract being signed.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.3
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:

Trademarks
10% straight line
1.4
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:

Plant and equipment
50% straight line

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.

1.5
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.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
1.6
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. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

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.

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.

1.8
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

The preference A1 shares are denominated in $, the Company's functional currency is GBP. The liability element of the compound instrument is retranslated at the spot rate at each reporting date.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
1.9
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.

1.10
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.

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.

1.11
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.

1.12
Retirement benefits

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

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -

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.

1.14
Leases
As lessee

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.

1.15

Share premium expenses

The share premium account represents the excess of proceeds received over the nominal value of shares issued.

Directly attributable costs relating to the issue of shares are to be deducted from the share premium account.

The same methodology is to be followed for preference shares when ascertaining whether expenses can be utilised against the share premium account.

Where preference shares are classified as compound financial instruments, directly attributable costs shall be apportioned between the equity and debt components based on their relative fair values at initial recognition. The directly attributable costs in relation to the equity element will be utilised against the share premium account.

The portion attributable to the debt component shall be capitalised and amortised over the term of the liability using the effective interest method, as per FRS 102 Section 11.

This policy to be applied retrospectively to all shares issued at a premium.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
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.

Software-as-a-Service (SaaS) Revenue

SaaS access is treated as a single continuous performance obligation.

Contract terms include renewal periods if renewal is reasonably certain.

Bundled services are unbundled only if they are separately identifiable and provide distinct benefits.

Advisory Revenue

Progress is measured using input methods (e.g., hours incurred) or milestone achievements.

Contract modifications are evaluated to determine whether they represent new obligations or changes to existing ones.

Revenue is deferred if subject to formal client approval or acceptance criteria.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 11 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

R&D tax credits

The directors have exercised judgement in identifying qualifying R&D activities and estimating the proportion of costs eligible for relief. Judgement has also been applied in determining the timing of recognition and classification of the credit within the financial statements.

Recognition of revenue

The Company recognises revenue over the period in which the services are delivered. In determining the appropriate period for revenue recognition, management applies a consistent cut-off policy based on the invoice date.

Where invoices are raised on or before the 18th day of the month, revenue is recognised from that month. Invoices raised after the 18th day of the month are deferred, and revenue is recognised from the start of the following month. This policy reflects the Company’s operational practice.

Risk free rates and volatility % used for Black Scholes

The Company measures the fair value of equity-settled share-based payment awards using the Black-Scholes option pricing model. This valuation technique requires the use of several key assumptions and estimates. The most significant inputs include:

- Volatility Rate: Estimated based on the historical share price movements of comparable companies, adjusted for the Company’s capital structure and expected future volatility.

- Risk-Free Interest Rate: Determined with reference to UK government bond yields for similar instruments.

Preference share liability

The Company has measured the liability component using present value of future cash flows. This approach requires the use of key assumptions and estimates. The most significant input is the rate of interest used, as the rate of interest is based on a similar liability that does not have the associated equity component.

At each balance sheet the liability element of the A1 preference shares are retranslated at the spot rate at the reporting date. The rate used represents an observable market input; however the carrying amount of the liability is inherently sensitise to movements in foreign exchange rates up the date of settlement.

3
Employees

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

2025
2024
Number
Number
Total
60
34
4
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
402,705
741,123
NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
5
Intangible fixed assets
Trademarks
£
Cost
At 1 April 2024
6,953
Additions
5,171
At 31 March 2025
12,124
Amortisation and impairment
At 1 April 2024
695
Amortisation charged for the year
1,212
At 31 March 2025
1,907
Carrying amount
At 31 March 2025
10,217
At 31 March 2024
6,258
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
56,113
Additions
6,191
At 31 March 2025
62,304
Depreciation and impairment
At 1 April 2024
32,382
Depreciation charged in the year
12,998
At 31 March 2025
45,380
Carrying amount
At 31 March 2025
16,924
At 31 March 2024
23,731
NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,645,097
836,250
Corporation tax recoverable
304,455
344,671
Other debtors
934,858
604,612
3,884,410
1,785,533

Included in debtors is an amount of £169,729 in respect of an R&D tax credit claim, based on qualifying R&D activities undertaken in 2025.

8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
53,007
85,236
Taxation and social security
561,103
281,990
Other creditors
3,296,019
839,915
3,910,129
1,207,141
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other borrowings
8,849,731
-
0

During the period the company issued 3 classes of non-redeemable preference share. There is a contractual obligation on the 3 classes of share to accrue interest daily on the basis of a 365-day year, compound interest at 8%. The share has both an equity and liability element.

The amount of the liability element of the preference share has been calculated at the present value of the future cash flows, discounted at a market rate for a similar liability that does not have the associated equity element.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
10
Share-based payment transactions
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 April 2024
14,874
19,848
0.93
0.93
Granted
-
0
2,154
-
0
0.93
Forfeited
(4,734)
0
(7,128)
0
0.93
0.93
Exercised
-
0
-
0
-
0
-
0
Expired
-
0
-
0
-
0
-
0
Outstanding at 31 March 2025
10,140
14,874
0.93
0.93
Exercisable at 31 March 2025
10,140
14,874
0.93
0.93

The weighted average share price at the date of exercise for share options exercised during the year was £0 (2024 - £0).

The options outstanding at 31 March 2025 had an exercise price ranging from £0.93 to £0.93, and a remaining contractual life of approx.8 years.

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

Inputs were as follows:
2025
2024
Weighted average share price
1.03
1.03
Weighted average exercise price
0.93
0.93
Expected volatility
25.00
25.00
Expected life
8.00
9.00
Risk free rate
4.43
4.43

During the year, the company recognises a share-based payment expense of £526 which related to equity settled share based payment transactions.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Share-based payment transactions
(Continued)
- 15 -
Liabilities and expenses

During the year, the company did not recognise any share-based payment expenses which related to equity settled share based payment transactions as the amount was less than £1k.

11
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
A Ordinary of 0.1p each
7,788,280
100,000
7,788
10,000
C1 Ordinary of 0.01p each
0
25,794
-
0
2,580
C2 Ordinary of 0.01p each
0
2,867
-
0
287
7,788,280
128,661
7,788
12,867
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
A1 preferred share of 0.1p each
5,878,220
0
5,878
-
0
A2-a preferred share of 0.01p each
614,100
0
614
-
0
A2-b preferred share of 0.01p each
68,260
0
68
-
0
6,560,580
0
6,560
-
0
Preference shares classified as equity
442,678
-
Preference shares classified as liabilities
(436,118)
-
6,560
-
Total equity share capital
450,466
12,867

On 2 September 2024 the company undertook a sub division of all existing shares into 0.001p shares.

On the same day it issued 1,482,775 .001p Series A1 preferred shares for a consideration of £7.7m.

Following the issue of these shares, all existing C1 and C2 issued ordinary shares and 2,211,726 issued A ordinary shares were re-designated into either A1, A2a or A2b preferred shares.

The preference shares carry a fixed rate of interest of 8%, which shall accrue daily on the basis of a 365-day year and compound annually in accordance with the articles of the company.

In accordance with FRS102 the preference shares have been treated as a compound instrument, any share premium element associated with the issue of the original shares have been reclassified to form part of the liability element. The difference between the liability component and the associated share premium has been treated as a movement on reserves.

NOVATUS GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
12
Operating lease commitments
As lessee

The company has agreements for the lease of two motor vehicles. The vehicles have been on a rolling extending contract such that the amounts disclosed, reflect the amounts paid in the next 12 months only.

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

2025
2024
£
£
Total commitments
16,795
15,790

13
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

A Hedley £21,800 (2024: £20,920)

M Ranson £21,800 (2024: £20,920)

Interest has been charged at HMRC approved rates.

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