Company registration number 02545823 (England and Wales)
TRAILIGHT LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
TRAILIGHT LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
TRAILIGHT LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
-
Tangible assets
4
50,290
61,951
50,290
61,951
Current assets
Debtors
5
849,052
661,641
Cash at bank and in hand
88,956
206,797
938,008
868,438
Creditors: amounts falling due within one year
6
(2,630,694)
(2,005,557)
Net current liabilities
(1,692,686)
(1,137,119)
Total assets less current liabilities
(1,642,396)
(1,075,168)
Capital and reserves
Called up share capital
8
7,000,410
7,000,410
Other reserves
17,633
-
0
Profit and loss reserves
(8,660,439)
(8,075,578)
Total equity
(1,642,396)
(1,075,168)

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

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

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 26 May 2026 and are signed on its behalf by:
B D Alexander
Director
Company Registration No. 02545823
TRAILIGHT LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Trailight Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Birchin Court, 5th Floor, 19-25 Birchin Lane, London, United Kingdom, EC3V 9DU.

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 amounts 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
Going concern

The financial statements have been prepared on a going concern basis not withstanding net current liabilities of £1,692,686 (2024: £1,137,119). The directors believe this to be appropriate because the company has access to continued funding from its parent company. The company is reliant on its parent company for ongoing support. The directors have received appropriate undertakings from the parent company that it will, for at least twelve months from the date of the approval of these financial statements, continue to make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available. This should enable the company to continue in operational existence for the foreseeable future by meeting their liabilities as the fall due for payment. As with any company placing reliance on other individuals or entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that they will not do so.

On this basis the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the going concern basis of preparation being appropriate.

1.3
Turnover

Revenue represents the amounts derived from the provision of goods and services, stated net of Value Added Tax. The methodology applied to income recognition is dependent upon the goods or services being supplied.

In respect of income relating to annual service contracts and/or hosted services which are invoiced in advance, it is the Company's policy to spread the income of each contract equally over the contract's life. The full value of each sale being credited to deferred income when invoiced to be released to the profit and loss account in equal instalments over the contract period.

Revenues from the delivery of infrastructure are recognised on installation with associated training and consultancy fees recognised when specified contractual milestones are met or on project completion. In the event that these services are invoiced in advance they will be credited to deferred income and released to the profit and loss account once delivered.

Income from the sale of perpetual licences is recognisable in full at the date of sale.

TRAILIGHT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Development Cost
10% Straight Line

The carrying value of the Company's intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated based upon the value in use. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the profit and loss account.

1.5
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:

Land and buildings leasehold
10% Straight Line
Fixtures, fittings & equipment
15% Reducing Balance
Computer equipment
15% Reducing Balance

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.

1.6
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.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

TRAILIGHT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.8
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, and loans from fellow group companies, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

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

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.

TRAILIGHT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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.

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 a Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on an estimate of the shares that will eventually vest. A corresponding adjustment is made to equity.

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 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.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.16

Research and development

Expenditure on pure and applied research is charged to the profit and loss account in the period in which it is incurred.

Development costs are also charged to the profit and loss accounts in the period of expenditure unless individual projects satisfy the following criteria:-

- The project is clearly defined and creates a new product;

- The project involves conversion of an existing product into a new coding language;

- The expenditure is separately identifiable and material in cost terms;

- There have been fundamentally no sales in current period; and

- There is a likelihood of future sales exceeding costs.

Once capitalised development assets will be written down over a 10 year term on a straight line basis reflecting structured, scalable and flexible code structures used in new .net software development.

TRAILIGHT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2
Employees

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

2025
2024
Number
Number
Total
39
41
3
Intangible fixed assets
Other
£
Cost
At 1 January 2025 and 31 December 2025
1,799,535
Amortisation and impairment
At 1 January 2025 and 31 December 2025
1,799,535
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0

On 30 November 2015 an impairment test was undertaken by comparing the carrying values of capitalised development with recoverable amount. The recoverable amount is based on value-in use calculations. These calculations use pre-tax cash flow projections covering a ten year period based on financial budgets and forecasts as approved by the directors with no terminal value. Ten years were selected as this represents the estimated lifetime of the software platforms.

The key assumptions used for value-in-use calculations are those regarding revenue growth rates and discount rates over the forecast period. Growth rates are based on past experience, the anticipated impact of the company's significant investment in research and development and expectations of future changes in the market. The value in use calculations use information from approved budgets in the first three years, followed by applying specific growth rates for which the key assumptions in respect of annual revenue growth rates range between 0% and 7% from year 4 onwards.

The discount rate used was 12%, based on an assessment of the Group's cost of capital and on comparison with other listed technology companies.

After review of the value-in-use of Trailight Ltd, the directors considers that the recent history of losses and net cash outflows forecast in the immediate future meant that a provision was recognised at 30 November 2015 representing the full carrying value of development costs capitalised by the company being £1,799,535.

TRAILIGHT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
92,091
81,398
173,489
Additions
-
0
3,793
3,793
At 31 December 2025
92,091
85,191
177,282
Depreciation and impairment
At 1 January 2025
70,533
41,005
111,538
Depreciation charged in the year
9,209
6,245
15,454
At 31 December 2025
79,742
47,250
126,992
Carrying amount
At 31 December 2025
12,349
37,941
50,290
At 31 December 2024
21,558
40,393
61,951
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
448,161
430,418
Corporation tax recoverable
177,530
133,960
Other debtors
223,361
97,263
849,052
661,641
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
67,319
110,824
Amounts owed to group undertakings
965,469
231,353
Taxation and social security
175,895
282,883
Other creditors
1,422,011
1,380,497
2,630,694
2,005,557
TRAILIGHT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
7
Share-based payment transactions
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 January 2025
51,343
51,343
11.67
11.67
Granted
28,778
-
0
20.60
-
0
Cancelled
(5,000)
-
0
20.00
-
0
Exercised
63,696
-
0
11.34
-
0
Expired
(11,425)
-
0
32.32
-
0
Outstanding at 31 December 2025
-
51,343
-
0
11.67
Exercisable at 31 December 2025
-
0
-
0
-
0
-

The company operates an equity settled share option scheme for certain employees and directors. Options are granted with a fixed exercise price and vest subject to continued employment and other conditions where applicable.

The options have been granted over Ordinary shares at exercise prices ranging from £10 to £40 per share.

In 2024, the Directors of the Group were of the opinion that the fair value of the options granted historically were immaterial, and accordingly, did not reflect any charge in the profit or loss account.

In 2025, the Directors of the Group were of the opinion that the fair value of the options are now material, and accordingly, have recognised a charge in the profit or loss account.

The Company is unable to directly measure the fair value of employee services received. Instead, the fair value of the options granted during the year were determined using a Black-Scholes option pricing model.

The fair value of the options granted were determined at the dates of grant, taking into account the terms and conditions upon which the options have been granted, with the following key inputs.

Share price volatility 44.90%

Average risk free rate 4.606%

The volatility assumption, measured as the standard deviation of estimated share price returns, is based on a statistical analysis of daily share price movements over the last five years of comparable publicly quoted companies.

The expected term was estimated based on management's best assessment of the expected timing of an event that would allow the options to become exercisable.

The total share-based payment charge recognised in the period was £17,633.39 (FY24: £nil).

TRAILIGHT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
700,040,000
700,040,000
7,000,400
7,000,400
Ordinary B shares of 1p each
1,000
1,000
10
10
700,041,000
700,041,000
7,000,410
7,000,410

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

9
Operating lease commitments
As lessee

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
61,250
113,750
10
Parent company

The ultimate parent company is Comply Technologies, Inc., a company registered in the United States.

2025-12-31 2025-01-01 false false false 26 May 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity D R McNair Scott C Grant M M E Royde B D Alexander M J Stanton J H Van Arsdale III 02545823 2025-01-01 2025-12-31 02545823 2025-12-31 02545823 2024-12-31 02545823 core:LandBuildings 2025-12-31 02545823 core:OtherPropertyPlantEquipment 2025-12-31 02545823 core:LandBuildings 2024-12-31 02545823 core:OtherPropertyPlantEquipment 2024-12-31 02545823 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 02545823 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 02545823 core:CurrentFinancialInstruments 2025-12-31 02545823 core:CurrentFinancialInstruments 2024-12-31 02545823 core:ShareCapital 2025-12-31 02545823 core:ShareCapital 2024-12-31 02545823 core:OtherMiscellaneousReserve 2025-12-31 02545823 core:OtherMiscellaneousReserve 2024-12-31 02545823 core:RetainedEarningsAccumulatedLosses 2025-12-31 02545823 core:RetainedEarningsAccumulatedLosses 2024-12-31 02545823 core:ShareCapitalOrdinaryShareClass1 2025-12-31 02545823 core:ShareCapitalOrdinaryShareClass1 2024-12-31 02545823 core:ShareCapitalOrdinaryShareClass2 2025-12-31 02545823 core:ShareCapitalOrdinaryShareClass2 2024-12-31 02545823 core:ShareCapitalOrdinaryShares 2025-12-31 02545823 core:ShareCapitalOrdinaryShares 2024-12-31 02545823 bus:Director4 2025-01-01 2025-12-31 02545823 core:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 02545823 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 02545823 core:FurnitureFittings 2025-01-01 2025-12-31 02545823 core:ComputerEquipment 2025-01-01 2025-12-31 02545823 2024-01-01 2024-12-31 02545823 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 02545823 core:IntangibleAssetsOtherThanGoodwill 2025-12-31 02545823 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 02545823 core:LandBuildings 2024-12-31 02545823 core:OtherPropertyPlantEquipment 2024-12-31 02545823 2024-12-31 02545823 core:LandBuildings 2025-01-01 2025-12-31 02545823 core:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 02545823 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 02545823 bus:OrdinaryShareClass2 2025-01-01 2025-12-31 02545823 bus:OrdinaryShareClass1 2025-12-31 02545823 bus:OrdinaryShareClass1 2024-12-31 02545823 bus:OrdinaryShareClass2 2025-12-31 02545823 bus:OrdinaryShareClass2 2024-12-31 02545823 bus:AllOrdinaryShares 2025-12-31 02545823 bus:AllOrdinaryShares 2024-12-31 02545823 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 02545823 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 02545823 bus:FRS102 2025-01-01 2025-12-31 02545823 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 02545823 bus:Director1 2025-01-01 2025-12-31 02545823 bus:Director2 2025-01-01 2025-12-31 02545823 bus:Director3 2025-01-01 2025-12-31 02545823 bus:Director5 2025-01-01 2025-12-31 02545823 bus:Director6 2025-01-01 2025-12-31 02545823 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP