Registered number: 07932357
EXUS SOFTWARE LTD
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
EXUS SOFTWARE LTD
COMPANY INFORMATION
EXUS SOFTWARE LTD
CONTENTS
EXUS SOFTWARE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report on EXUS Software Ltd for the year ended 31 December 2025.
The company's principal product is the EXUS Financial Suite ("EFS") offering debt collection and recovery software that manages credit risk along the whole life cycle of accounts, from the moment of disbursement to eventual collection, write-off or debt sale with fast and easy integration introducing simplicity and intelligence to the customer’s business processes through state-of-the-art technology.
The company made a pre-tax profit of €1,899,617 in 2025 (2024 - €3,247,844). At 31 December 2025 the company had a net asset position of €4,210,667 (2024 - €3,318,913).
In 2025, the Company continued to increase its global reach, operating in more than 50 countries supporting clients in the financial services and utility business sectors.
The company made a pre-tax profit of €1,899,617 in 2025 (2024 - €3,247,844). At 31 December 2025 the company had a net asset position of €4,210,667 (2024 - €3,318,913).
In 2025, the Company continued to increase its global reach, operating in more than 50 countries supporting clients in the financial services and utility business sectors.
The Key Performance Indicators (KPIs) are as follows:
31.12.2025 31.12.2024
Sales growth (Turnover) 17.8% 45.9%
Profit/(loss) before tax €1,899,617 €3,247,844
Capital reserves €4,210,667 €3,318,913
31.12.2025 31.12.2024
Sales growth (Turnover) 17.8% 45.9%
Profit/(loss) before tax €1,899,617 €3,247,844
Capital reserves €4,210,667 €3,318,913
The company's operations expose it to a variety of financial risks, principally credit risk and liquidity risk. The financial risks are monitored regularly by the finance department and at meetings of the Board.
The company's financial instruments mainly comprise cash, trade receivables, trade payables, bank loans and lease liabilities.
Credit risk
Credit risk arises from cash and cash equivalents, and deposits with banks and financial institutions, as well as credit exposure to customers. Risk control assesses the credit quality of the customer receivables by taking into account their financial positions, past experience and other factors. The Company uses credit risk insurance as a further mitigation tool.
Liquidity risk
The company monitors cash flow against budgets and flexed forecasts that are designed to ensure it has sufficient available funds for operations and planned expansions.
The company's financial instruments mainly comprise cash, trade receivables, trade payables, bank loans and lease liabilities.
Credit risk
Credit risk arises from cash and cash equivalents, and deposits with banks and financial institutions, as well as credit exposure to customers. Risk control assesses the credit quality of the customer receivables by taking into account their financial positions, past experience and other factors. The Company uses credit risk insurance as a further mitigation tool.
Liquidity risk
The company monitors cash flow against budgets and flexed forecasts that are designed to ensure it has sufficient available funds for operations and planned expansions.
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EXUS SOFTWARE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
31.12.2025 31.12.2024
Total average number of employees 7 8
Total average number of employees 7 8
This report was approved by the board and signed on its behalf.
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EXUS SOFTWARE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to €1,548,976 (2024 - €3,213,001).
During the year, dividends of €657,222 (2024 - €1,103,000) were declared.
The directors who served from 1 January 2025 to the date of signing the accounts were:
The company is committed to the continuous research and development of its product, EXUS Financial Suite (EFS), to maintain its position as the best-in-class debt collection and recovery software with the aim of becoming a global leader in improving debt collection results for our customers, through technology.
The company does not envisage any major changes to its operations or organisation in the near future and it will continue in its efforts to expand its footprint in the geographical areas where it already has a successful presence.
Matters covered by the Strategic Report
The Strategic Report contains information required to be contained in the Directors' Report in respect of financial instruments.
The company does not envisage any major changes to its operations or organisation in the near future and it will continue in its efforts to expand its footprint in the geographical areas where it already has a successful presence.
Matters covered by the Strategic Report
The Strategic Report contains information required to be contained in the Directors' Report in respect of financial instruments.
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EXUS SOFTWARE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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EXUS SOFTWARE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006.
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 the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS Accounting standards in conformity with the requirements of the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements;
∙assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
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EXUS SOFTWARE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXUS SOFTWARE LTD
We have audited the financial statements of Exus Software Ltd for the year ended 31 December 2025 which comprise the Statement of Profit or Loss, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of material accounting policies set out on pages 17 - 25. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included:
- discussions with management on their assessment on why they deem the going concern basis of preparation appropriate.
- a review of budget forecasts covering the period of assessment and beyond to assess continued profitability
- a review of the cash position together with the company's ability to settle liabilities as they fall due
- a review of the financial, operational and compliance factors that may impact on the entities ability to trade as a going concern.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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EXUS SOFTWARE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXUS SOFTWARE LTD (CONTINUED)
The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Responsibilities of directors
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EXUS SOFTWARE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXUS SOFTWARE LTD (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; and
• tested journal entries to identify unusual transactions; and
• tested the operating effectiveness of key controls over purchase cycles on a sample basis; and
• reviewed the application of accounting policies including the application of capitalisation of intangible assets.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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EXUS SOFTWARE LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXUS SOFTWARE LTD (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Carlisle
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EXUS SOFTWARE LTD
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
REGISTERED NUMBER: 07932357
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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EXUS SOFTWARE LTD
REGISTERED NUMBER: 07932357
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements on pages 10 to 45 were approved and authorised for issue by the board of directors and were signed on its behalf by:
The notes on 16 to 45 form part of these financial statements.
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EXUS SOFTWARE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The notes on 16 - 45 form part of these financial statements.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company's individual financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs).
Details of the company's accounting policies, including changes during the year, are included in note 4.
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the company. These standards are not expected to have a material impact on the entity in the current or future periods or on foreseeable future transactions.
Details of the company's accounting policies, including changes during the year, are included in note 4.
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the company. These standards are not expected to have a material impact on the entity in the current or future periods or on foreseeable future transactions.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies
Based on the above, as well as management information, the directors believe that the existing financial position and projected financial performance allow the Company to continue to trade and have deemed the going concern basis of preparation of the financial statements to be appropriate.
Revenue is recognised when the company transfers control of a product or service to a customer. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Software products and implementation services
The company offers to its customers the products and services through the following models/contracts:
a. Subscription model: This involves (i) the annual/quarterly/monthly subscription fee for the license to use the software and the support and maintenance services and (ii) the fees for the project
implementation services.
b. Perpetual license model: This involves (i) the license fee to use the software, (ii) the fees for the project implementation services, and (iii) the annual fees for support and maintenance.
Beyond the above models, customers may order ad-hoc services that may include training, consulting, implementation of change requests etc.
Subscription fees are recognised on a pro-rata basis.
Software products and implementation services
The company offers to its customers the products and services through the following models/contracts:
a. Subscription model: This involves (i) the annual/quarterly/monthly subscription fee for the license to use the software and the support and maintenance services and (ii) the fees for the project
implementation services.
b. Perpetual license model: This involves (i) the license fee to use the software, (ii) the fees for the project implementation services, and (iii) the annual fees for support and maintenance.
Beyond the above models, customers may order ad-hoc services that may include training, consulting, implementation of change requests etc.
Subscription fees are recognised on a pro-rata basis.
Perpetual licence fees are recognised as revenue upon product shipment, provided a signed agreement is in place, fees are fixed or determinable, no significant vendor obligations remain and collection of the resulting debt is deemed probable. Fees from licences sold together with consulting services are generally recognised upon shipment provided that the above criteria have been met and payment of the licence fees are not dependent on the performance of the consulting services. In instances where a significant vendor obligation exists, revenue recognition is delayed until the obligation has been satisfied. No revenue is recognised for multiple deliveries or multiple element products if an element of the contract remains undelivered and is essential to the functionality of the elements already delivered.
Where these criteria are not met, both the licence and consulting fees are recognised under the percentage completion method of accounting.
Implementation and customisation fees are recognised as revenue on a percentage of completion basis over the period from delivery of the product to customer acceptance. The degree of completion of a contract is measured using the costs incurred to date or milestones reached, depending upon the nature of the individual contract and the most appropriate measure of the percentage of completion. Losses on contracts are recognised as soon as a loss is foreseen by reference to the estimated costs of completion.
Where these criteria are not met, both the licence and consulting fees are recognised under the percentage completion method of accounting.
Implementation and customisation fees are recognised as revenue on a percentage of completion basis over the period from delivery of the product to customer acceptance. The degree of completion of a contract is measured using the costs incurred to date or milestones reached, depending upon the nature of the individual contract and the most appropriate measure of the percentage of completion. Losses on contracts are recognised as soon as a loss is foreseen by reference to the estimated costs of completion.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
Maintenance fees generally call for the company to provide technical support to customers. Revenue on technical support is recognised on a pro-rata basis over the contract period. Payments for maintenance fees are generally made in advance and are non-refundable.
Revenue from other services that may be ordered by a customer, eg: training, change requests, consulting, etc is recognised as the services are performed.
Revenue also includes, where applicable, the expenses and disbursements recoverable from customers.
Revenue from other services that may be ordered by a customer, eg: training, change requests, consulting, etc is recognised as the services are performed.
Revenue also includes, where applicable, the expenses and disbursements recoverable from customers.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
The company assesses whether a contract is or contains a lease, at inception of a contract. The company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate. The incremental borrowing rate is determined by the directors by initially averaging the EU marginal lending rate for the reporting period, then including a prudent estimate of interest specific for leases. This is then compared to the current EU lending rates for bank loans to confirm the rate calculated is deemed reasonable.
Lease payments included in the measurement of the lease liability comprise:
• fixed lease payments (including in-substance fixed payments), less any lease incentives;
The lease liability is included in the 'Loans and borrowings' line in the Statement of Financial Position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The right-of-use assets are included in the 'Property, Plant and Equipment' and 'Investment Property' lines, as applicable, in the Statement of Financial Position.
The company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 4.8.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The company has used this practical expedient.
• fixed lease payments (including in-substance fixed payments), less any lease incentives;
The lease liability is included in the 'Loans and borrowings' line in the Statement of Financial Position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The right-of-use assets are included in the 'Property, Plant and Equipment' and 'Investment Property' lines, as applicable, in the Statement of Financial Position.
The company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 4.8.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The company has used this practical expedient.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
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Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the date of the reporting period.
Employee entitlements to sick leave, maternity or other non-accumulating compensated absences are not recognised until the time of leave.
The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expenses when they are due.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
Income tax expense represents the sum of the tax currently payable and deferred tax.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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The intangible assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An intangible asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Where directors cannot reasonably determine between research and development costs, amounts are expensed in the income statement. Where development costs can be determined, these amounts are capitalised in line with IFRS requirements.
An intangible asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Where directors cannot reasonably determine between research and development costs, amounts are expensed in the income statement. Where development costs can be determined, these amounts are capitalised in line with IFRS requirements.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
(i) Classification of financial assets
The company classifies its financial assets into one of three categories: those to be measured at amortised cost, fair value through profit or loss, and fair value through other comprehensive income. The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows. Financial assets of the company include trade receivables, other receivables and cash and cash equivalents. All of the company's financial assets are currently classified
as measured at amortised cost.
(ii) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the company commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.
(iii) Measurement
At initial recognition, the company measures a financial asset at its fair value plus, in the case of a financial asset not subsequently measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial assets.
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in comprehensive income and presented in other gains/(losses). Impairment losses are presented as separate line item in the statement of comprehensive income.
The company classifies its financial assets into one of three categories: those to be measured at amortised cost, fair value through profit or loss, and fair value through other comprehensive income. The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows. Financial assets of the company include trade receivables, other receivables and cash and cash equivalents. All of the company's financial assets are currently classified
as measured at amortised cost.
(ii) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the company commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.
(iii) Measurement
At initial recognition, the company measures a financial asset at its fair value plus, in the case of a financial asset not subsequently measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial assets.
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in comprehensive income and presented in other gains/(losses). Impairment losses are presented as separate line item in the statement of comprehensive income.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
4.Accounting policies (continued)
(iv) Impairment
The company assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost.
For trade receivables, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Impairment of other financial assets at amortised cost are measured as either 12-month expected or lifetime credit loss, depending on whether there has been a significant increase in credit risk since initial recognition.
The company assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost.
For trade receivables, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Impairment of other financial assets at amortised cost are measured as either 12-month expected or lifetime credit loss, depending on whether there has been a significant increase in credit risk since initial recognition.
Financial liabilities
Financial liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method.
The company's leases, trade and most other payables fall into this category of financial instruments. The company derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
Financial liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method.
The company's leases, trade and most other payables fall into this category of financial instruments. The company derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
5.1 Judgement
The company makes judgements in applying accounting policies in the following areas:
Cost of sales allocation - Since 2024, Exus Software Limited has operated under a pure SaaS model. The original 2024 cost of sales value was calculated on an historical basis. To ensure better alignment with other SaaS companies, both the current year and the revised prior year cost of sales allocation is based on this.
5.2 Estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:
Impairment of debtors - the company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Implementation and customisation fees - these are recognised as revenue on a percentage of completion basis over the period from delivery of the product to customer acceptance. The degree of completion of a contract is measured using the costs incurred to date or milestones reached, depending upon the nature of the individual contract and the most appropriate measure of the percentage of completion. Losses on contracts are recognised as soon as a loss is foreseen by reference to the estimated costs of completion.
The company makes judgements in applying accounting policies in the following areas:
Cost of sales allocation - Since 2024, Exus Software Limited has operated under a pure SaaS model. The original 2024 cost of sales value was calculated on an historical basis. To ensure better alignment with other SaaS companies, both the current year and the revised prior year cost of sales allocation is based on this.
5.2 Estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:
Impairment of debtors - the company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Implementation and customisation fees - these are recognised as revenue on a percentage of completion basis over the period from delivery of the product to customer acceptance. The degree of completion of a contract is measured using the costs incurred to date or milestones reached, depending upon the nature of the individual contract and the most appropriate measure of the percentage of completion. Losses on contracts are recognised as soon as a loss is foreseen by reference to the estimated costs of completion.
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13.Tax expense (continued)
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13.Tax expense (continued)
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 35
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 36
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 37
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Capital redemption reserve
Retained earnings
Page 38
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 39
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
22.Financial instruments - fair values and risk management (continued)
Page 40
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
22.Financial instruments - fair values and risk management (continued)
The company's activities expose it to a variety of financial risks, including foreign exchange risk, credit risk, liquidity risk and interest rate risk. The company's overall risk management procedures focus on the unpredictability of financial markets and seek to minimise potential adverse effects on the company's financial performance.
Page 41
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
22.Financial instruments - fair values and risk management (continued)
Credit risk includes risks resulting from risks of concentration and counterparty default. It mainly arises from deposits with banks, contractual cash flows of debt instruments carried at amortised cost, as well as credit exposures to customers and related companies, including loans and outstanding receivables.
The company has a large number of customers but does have a small number of significant individual customers which make up a sizeable portion of the company's revenue. These customers are large, reputable retailers which are considered to present a very low risk of default. The company has policies in place to ensure that sales of goods and provision of services are made to customers with an appropriate credit history and to limit the amount of credit exposure to customers to minimise credit risk resulting from counterparty default. These evaluations focus on the customer's past history of making payments when due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Furthermore, the company reviews the recoverable amount of each individual customer at the end of each reporting period to ensure that adequate impairment losses are made for irrecoverable amounts. Write offs are made on a case by case basis, subject to board approval. In this regard, the directors are of the opinion that the relevant credit risk is significantly reduced.
The company's financial assets are subject to the expected credit loss model. While cash at banks are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial as they are mainly deposited in reputable and creditworthy banks.
The credit risk on rental and utility deposits and other receivables are considered to be low by the directors given their nature.
The company applies IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on the payment profiles of
sales and the corresponding historical credit losses experiences. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors affecting the ability of the
customers to settle the receivables.
The company has a large number of customers but does have a small number of significant individual customers which make up a sizeable portion of the company's revenue. These customers are large, reputable retailers which are considered to present a very low risk of default. The company has policies in place to ensure that sales of goods and provision of services are made to customers with an appropriate credit history and to limit the amount of credit exposure to customers to minimise credit risk resulting from counterparty default. These evaluations focus on the customer's past history of making payments when due and current ability to pay, and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Furthermore, the company reviews the recoverable amount of each individual customer at the end of each reporting period to ensure that adequate impairment losses are made for irrecoverable amounts. Write offs are made on a case by case basis, subject to board approval. In this regard, the directors are of the opinion that the relevant credit risk is significantly reduced.
The company's financial assets are subject to the expected credit loss model. While cash at banks are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial as they are mainly deposited in reputable and creditworthy banks.
The credit risk on rental and utility deposits and other receivables are considered to be low by the directors given their nature.
The company applies IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on the payment profiles of
sales and the corresponding historical credit losses experiences. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors affecting the ability of the
customers to settle the receivables.
Page 42
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
22.Financial instruments - fair values and risk management (continued)
Page 43
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
22.Financial instruments - fair values and risk management (continued)
During the year, the Company made purchases of €3,750,000 (2024 - €2,595,000) from Group companies. There was also a dividend of €657,222 (2024 - €1,103,000) paid to the parent Company. As at the year end, the Company owed €550,000 (2024 - €Nil) to Exus MEPE and was owed €6,173 (2024 - €Nil) from Exus MEA WLL.
Within the year, there were also amounts paid to related individuals, including directors of the Company. The amounts paid during the year totalled €342,984 (2024 - €690,001). There were no balances owed as at the year end.
Within the year, there were also amounts paid to related individuals, including directors of the Company. The amounts paid during the year totalled €342,984 (2024 - €690,001). There were no balances owed as at the year end.
Exus Holdings Ltd, a special purpose entity incorporated in Cyprus, owns 100% of the company's issued share capital. There is no controlling shareholding in Exus Holdings Ltd, whose registered office address is 7 Thiseos, 2043 Strovolos, Nicosia, Cyprus.
The directors considerExus Holdings Ltd to be the ultimate parent undertaking and the ultimate controlling party on the basis of control.
The directors consider
Page 44
EXUS SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Since 2024, Exus Software Ltd has operated under a pure SaaS model. The original 2024 cost of sales value was calculated on an historical basis. To ensure better alignment with other SaaS companies and to improve the comparability of the financial statements, the 2024 cost of sales and administration expenses have been revised to reflect this. This has resulted in an increase in administration expenses of €2,909,584 and decrease in cost of sales of €2,909,584, with no effect on profit.
Page 45