Acorah Software Products - Accounts Production 19.2.450 false true true 28 February 2025 1 March 2024 false 1 March 2025 28 February 2026 28 February 2026 11211343 Prof A M Montanaro Prof J J Morton UCLTF Corporate Directors Ltd Mr P Barrett Mr I Hogarth Prof T S Cubitt iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11211343 2025-02-28 11211343 2026-02-28 11211343 2025-03-01 2026-02-28 11211343 frs-core:CurrentFinancialInstruments 2026-02-28 11211343 frs-core:BetweenOneFiveYears 2026-02-28 11211343 frs-core:ComputerEquipment 2026-02-28 11211343 frs-core:ComputerEquipment 2025-03-01 2026-02-28 11211343 frs-core:ComputerEquipment 2025-02-28 11211343 frs-core:FurnitureFittings 2026-02-28 11211343 frs-core:FurnitureFittings 2025-03-01 2026-02-28 11211343 frs-core:FurnitureFittings 2025-02-28 11211343 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2026-02-28 11211343 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2025-03-01 2026-02-28 11211343 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2025-02-28 11211343 frs-core:WithinOneYear 2026-02-28 11211343 frs-core:OtherReservesSubtotal 2026-02-28 11211343 frs-core:SharePremium 2026-02-28 11211343 frs-core:ShareCapital 2026-02-28 11211343 frs-core:RetainedEarningsAccumulatedLosses 2026-02-28 11211343 frs-bus:PrivateLimitedCompanyLtd 2025-03-01 2026-02-28 11211343 frs-bus:FilletedAccounts 2025-03-01 2026-02-28 11211343 frs-bus:SmallEntities 2025-03-01 2026-02-28 11211343 frs-bus:AuditExempt-NoAccountantsReport 2025-03-01 2026-02-28 11211343 frs-bus:SmallCompaniesRegimeForAccounts 2025-03-01 2026-02-28 11211343 frs-core:CostValuation 2025-02-28 11211343 frs-core:AdditionsToInvestments 2026-02-28 11211343 frs-core:DisposalsRepaymentsInvestments 2026-02-28 11211343 frs-core:CostValuation 2026-02-28 11211343 frs-core:ProvisionsForImpairmentInvestments 2025-02-28 11211343 frs-core:ProvisionsForImpairmentInvestments 2026-02-28 11211343 frs-bus:Director1 2025-03-01 2026-02-28 11211343 frs-bus:Director2 2025-03-01 2026-02-28 11211343 frs-bus:Director3 2025-03-01 2026-02-28 11211343 frs-bus:Director4 2025-03-01 2026-02-28 11211343 frs-bus:Director5 2025-03-01 2026-02-28 11211343 frs-bus:Director6 2025-03-01 2026-02-28 11211343 frs-countries:EnglandWales 2025-03-01 2026-02-28 11211343 2024-02-29 11211343 2025-02-28 11211343 2024-03-01 2025-02-28 11211343 frs-core:CurrentFinancialInstruments 2025-02-28 11211343 frs-core:BetweenOneFiveYears 2025-02-28 11211343 frs-core:WithinOneYear 2025-02-28 11211343 frs-core:OtherReservesSubtotal 2025-02-28 11211343 frs-core:SharePremium 2025-02-28 11211343 frs-core:ShareCapital 2025-02-28 11211343 frs-core:RetainedEarningsAccumulatedLosses 2025-02-28
Registered number: 11211343
Phasecraft Limited
Unaudited Financial Statements
For The Year Ended 28 February 2026
Finerva
Phasecraft Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—7

Page 1
Phasecraft Limited
Balance Sheet
As At 28 February 2026
Balance Sheet
Registered number: 11211343

| 2026 | 2025
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 188,999 |  | 315,498
Investments | 5 |  | 44,155 |  | 14,067
|  |  | 233,154 |  | 329,565
CURRENT ASSETS
Debtors | 6 | 7,154,376 |  | 1,690,461 |
Cash at bank and in hand |  | 25,373,478 |  | 9,037,917 |
|  | 32,527,854 |  | 10,728,378 |
Creditors: Amounts Falling Due Within One Year | 7 | (831,120 ) |  | (408,958 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 31,696,734 |  | 10,319,420
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 31,929,888 |  | 10,648,985
NET ASSETS |  |  | 31,929,888 |  | 10,648,985
CAPITAL AND RESERVES
Called up share capital | 8 |  | 4 |  | 3
Share premium account |  |  | 42,604,424 |  | 17,329,925
Share Based Payments Reserve |  |  | 1,084,529 |  | 413,999
Profit and Loss Account |  |  | (11,759,069 ) |  | (7,094,942 )
SHAREHOLDERS' FUNDS |  |  | 31,929,888 |  | 10,648,985

Page 1
Page 2
Phasecraft Limited
Balance Sheet (continued)
As At 28 February 2026
For the year ending 28 February 2026 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 were approved by the board of directors on 1 July 2026 and were signed on its behalf by:

Prof A M Montanaro Director
1 July 2026

The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Phasecraft Limited
Notes to the Financial Statements
For The Year Ended 28 February 2026
Notes to the Financial Statements
1. General Information
Phasecraft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11211343 . The registered office is 77 Charlotte Street, London, W1T 4PW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. In assessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.
2.3. Turnover
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from a contract to provide services is recognised in the period in which the services are provided.
2.4. Research and Development
Expenditure on research and development is expensed off in the year it is incurred.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold | straight line over the period of the lease
Fixtures & Fittings | 3 years on a straight line basis
Computer Equipment | 3 years on a straight line basis

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.
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.
2.6. Leasing and Hire Purchase Contracts
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease an an integral part of the total lease expenses.
Page 3
Page 4
Phasecraft Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
2.7. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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.
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.
Current tax for the year is recognised in profit or loss.
2.10. Pensions
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 in 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 in the periods during which services are rendered by employees.
2.11. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
2.12. Related party exemption
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries in the group.
Page 4
Page 5
Phasecraft Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
2.13. Share Based Payments
The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense (or as additional investment in the subsidiary, for awards granted to employees of the subsidiary) with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense (or investment in subsidiary) is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense (or investment) is based on the number of awards that are expected to meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
2.14. Preparation of consolidated accounts exemption
The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group.
3. Average Number of Employees
Average number of employees during the year was as follows: 36 (2025: 31)
36 31
4. Tangible Assets

| Land & Property
--- | ---
| Leasehold | Fixtures & Fittings | Computer Equipment | Total
| £ | £ | £ | £
Cost
As at 1 March 2025 | 347,694 | 108,449 | 71,921 | 528,064
Additions | 5,511 | 17,283 | 21,499 | 44,293
Disposals | - | (7,139 ) | (667 ) | (7,806 )
As at 28 February 2026 | 353,205 | 118,593 | 92,753 | 564,551
Depreciation
As at 1 March 2025 | 117,920 | 54,044 | 40,602 | 212,566
Provided during the period | 85,708 | 36,064 | 21,108 | 142,880
Impairment losses | 25,000 | - | - | 25,000
Disposals | - | (4,425 ) | (469 ) | (4,894 )
As at 28 February 2026 | 228,628 | 85,683 | 61,241 | 375,552
Net Book Value
As at 28 February 2026 | 124,577 | 32,910 | 31,512 | 188,999
As at 1 March 2025 | 229,774 | 54,405 | 31,319 | 315,498

Page 5
Page 6
Phasecraft Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
5. Investments

| Subsidiaries
--- | ---
| £
Cost or Valuation
As at 1 March 2025 | 14,067
Additions | 31,146
Disposals | (1,058 )
As at 28 February 2026 | 44,155
Provision
As at 1 March 2025 | -
As at 28 February 2026 | -
Net Book Value
As at 28 February 2026 | 44,155
As at 1 March 2025 | 14,067

6. Debtors

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 425,201 |  | 92,895
Amounts owed by group undertakings | 5,696,818 |  | 453,514
Other debtors | 1,032,357 |  | 1,144,052
| 7,154,376 |  | 1,690,461

7. Creditors: Amounts Falling Due Within One Year

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Trade creditors | 382,380 |  | 183,853
Other creditors | 227,186 |  | 135,406
Taxation and social security | 221,554 |  | 89,699
| 831,120 |  | 408,958

Included within other creditors are outstanding pension contributions of £19,144 (2025: £9,953).
8. Share Capital

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 4 |  | 3

Page 6
Page 7
Phasecraft Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Not later than one year | 227,299 |  | 235,318
Later than one year and not later than five years | 156,839 |  | 279,775
| 384,138 |  | 515,093

10. Share Based Payments
The company operates an equity based share option scheme to certain employees which provides additional remuneration for those employees who are key to the company. The options are granted under an approved EMI option plan, a CSOP plan and a US-Sub Plan, with the exercise price equalling the nominal value of the shares. The options expire ten years after the date of the grant. Employees are not entitled to dividends until the shares are exercised. All options granted have performance conditions relating to the relevant employee remaining in the employment of the company at exercise.
A reconciliation of share option movements during the year ended 28 February 2026 is shown below:
2026 2025
Weighted Weighted
average average
Number of exercise Number of exercise
options price options price
Outstanding at the beginning of the year: 21,544 £ 5.80
Granted during the year: 41,596 £ 3.01 21,544 £5.80
Forfeited during the year: 1,076 £18.82
Exercised during the year: 1,973 £0.001
Outstanding at the end of the year: 60,091 £ 3.83 21,544 £5.80
The company is unable to directly measure the fair value of the share options. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value share option schemes similar to that of the company.
Equity settled schemes - charges arising: £684,777 (2025: £399,940)
Page 7