Registration number: 10378863

Sapio Research Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Sapio Research Ltd

Company Information

Directors

Mrs Jane Virginia Platt Miss Jessica Catherine Bunce Mr Andrew Christopher John White

Registered office

52-54 Southwark Street London England SE1 1UN

Accountants

Alison & Ryan Robinson 22A Bank Street Ashford Kent TN23 1BE

Sapio Research Ltd

(Registration number: 10378863)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	88,602	153,263
Current assets
Debtors	5	949,819	686,589
Cash at bank and in hand		1,727,929	1,301,131
		2,677,748	1,987,720
Creditors: Amounts falling due within one year	6	(1,120,775)	(596,322)
Net current assets		1,556,973	1,391,398
Net assets		1,645,575	1,544,661
Capital and reserves
Called up share capital	7	80	80
Share premium reserve		6,131	6,131
Retained earnings		1,639,364	1,538,450
Shareholders' funds		1,645,575	1,544,661

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the directors on 22 April 2026 and signed on their behalf by:
 

......................................... Miss Jessica Catherine Bunce Director

Sapio Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
52-54 Southwark Street
London
SE1 1UN
England

These financial statements were authorised for issue by the directors on 22 April 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Sapio Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line
Motor vehicles	20% straight line
Plant & machinery	25% straight line
Furniture and fittings	20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Sapio Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Obligations under the operating lease
- £177,787

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2024 - 25).

4	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Other tangible assets  £	Total £
Cost or valuation
At 1 January 2025	254,947	71,052	40,490	3,388	369,877
At 31 December 2025	254,947	71,052	40,490	3,388	369,877
Depreciation
At 1 January 2025	151,705	45,871	16,196	2,842	216,614
Charge for the year	50,989	5,405	8,098	169	64,661
At 31 December 2025	202,694	51,276	24,294	3,011	281,275
Carrying amount
At 31 December 2025	52,253	19,776	16,196	377	88,602
At 31 December 2024	103,242	25,181	24,294	546	153,263

Sapio Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

5

debtors

Current	2025 £	2024 £
Trade debtors	781,529	592,719
Prepayments	25,969	52,404
Other debtors	142,321	41,466
	949,819	686,589

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	115,585	63,646
Taxation and social security	282,440	208,088
Accruals and deferred income	708,585	310,729
Other creditors	14,165	13,859
	1,120,775	596,322

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary B of £1 each	35	35	35	35
Ordinary C of £1 each	29	29	29	29
Ordinary E of £1 each	12	12	12	12
Ordinary F of £1 each	4	4	4	4
	80	80	80	80

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

Sapio Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

	2025 £	2024 £
Not later than one year	125,760	84,070
Later than one year and not later than five years	52,027	177,787
	177,787	261,857

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2024 - £Nil).

9

Dividends

Interim dividends paid

		2025 £		2024 £
Interim dividend of £3,409.50 (2024 - £Nil) per each Ordinary B		119,333		-
Interim dividend of £3,036.81 (2024 - £Nil) per each Ordinary C		88,068		-
Interim dividend of £3,050.00 (2024 - £Nil) per each Ordinary E		36,600		-
Interim dividend of £Nil per each Ordinary F		-		-
		244,000		-

10	Related party transactions

Sapio Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	291,797	223,508

11	Financial instruments

Categorisation of financial instruments

2025  £

2024  £

Financial assets measured at fair value

Prudential investment plan
Actual fund value

The fair value is £Nil (2024 - £Nil) and the change in value included in profit or loss is £Nil (2024 - £12,055).