Company Registration No. 03921897 (England and Wales)
Causeway Technologies Limited
Annual report and financial statements
for the year ended 31 December 2025
Causeway Technologies Limited
Company information
Directors
Philip Brown
Peter Nagle
Mark Howell
Nathan Runnicles
(Appointed 24 November 2025)
Secretary
David Evans
Company number
03921897
Registered office
Third Floor, Sterling House
20 Station Road
Gerrards Cross
Buckinghamshire
England
SL9 8EL
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers
Barclays Bank Plc
Birmingham
B3 2BH
Causeway Technologies Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11 - 12
Statement of changes in equity
13
Notes to the financial statements
14 - 32
Causeway Technologies Limited
Strategic report
For the year ended 31 December 2025
1

The directors present the strategic report for the year ended 31 December 2025 for Causeway Software Holdings Limited (the "Group"or "Causeway") of which Causeway Technologies Limited (the "company") is the key trading subsidiary.

Principal Activities

During the year under review the Group continued to consolidate its position as a leading software provider that now serves over 4,000 customers (2024: 3,500 customers) across the construction and maintenance lifecycle.

Business Review and future developments

Financial Review

Causeway provides software based upon recurring revenue subscriptions. The typical minimum term for customer subscription contracts is 5-years, as such the Group tracks both annual recurring revenue (ARR) and total contract value (TCV), representing the contracted value of all live contracts.

At 31 December 2025 the Annual Recurring Revenue (“ARR”) of all software contracts amounted to £81.8m, with 16% growth from continuing applications compared to prior year (2024: £74.1m). Approximately 8 4% of ARR is contracted with UK clients (FY24: 90%). The TCV of all software contracts amounted to £296.6m up 11% on prior year (2024: £268.1m).

Recurring software revenue recognised in 2025 was £74.9m with continuing application revenue growth of 15%. Recurring software revenue represented 94% (2024: 92%) of total Group revenue, providing a solid platform for stability and growth.

Group EBITDA in the period amounted to £24.3m (2024: £18.1m), which included continued significant platform investment that will underpin Causeway’s future growth prospects. EBITDA adjusted for this investment was £28.8m, a 23% increase on prior year (2024: £23.5m) as cost management lifted margins to 35% (2024: 32%). Operating cashflow (before investments and exceptional costs) was £30.9m representing cash conversion of 107%.

The Group’s significant investment in research and development (“R&D”) continued with total spend (reported within operating expenses) of £18.0m (2024: £16.2m). This included the platform migration of group products to CausewayOne which was achieved by the end of 2025. CausewayOne is a platform that supports the full construction and maintenance lifecycle, supporting shared data and integration of key workflows and processes across systems. Nearly 80% of UK client ARR has now been successfully migrated to CausewayOne, representing a major strategic milestone for the Group. Migration of the remainder will continue through 2026. The platform is expected to yield significant growth opportunities over the coming years and underpins the Group’s significant AI roadmap release schedule for 2026.

In 2021 the Group secured a £120 million investment to fund strategic acquisitions and accelerate organic growth. Five Arrows Principal Investments, the European corporate private equity arm of Rothschild & Co, made this investment in return for a significant minority stake in Causeway. During 2022 the group secured a new financing package with Goldman Sachs, who have now provided £145m of term facilities to date. The facilities have been utilised to finance acquisitions and to support organic growth investments. The Goldman Sachs facilities are held by Causeway Technologies Holdings Limited, a wholly owned subsidiary of the Company.

In December 2025 Causeway Technologies Limited acquired LetsBuild Belgium SA, whose field-focused tool helps teams manage quality, safety and site inspections in a structured and efficient way. This acquisition provides the Group with the opportunity to further expand the Causeway product offering in the UK and Continental Europe. Integration efforts in flight will see LetsBuild released to UK clients via CausewayOne in summer 2026.

Financial Forecast

Management anticipates continued growth in the year ending 31 December 2026, underpinned by the Group's opening recurring software revenue position of £81.8m. The Group continues to manage operating costs in order to target strong conversion to EBITDA of incremental revenues. The Group plans to continue to invest significant sums in R&D and AI in particular, with expenditure budgeted to grow in the period.

Causeway Technologies Limited
Strategic report (continued)
For the year ended 31 December 2025
2
Principal risks and uncertainties
The key risks of the Group are a possible increase in attrition of the customer base that might arise due to adverse market conditions that impact the demand for their services or where their financials are negatively impacted by inflationary pressures in their supply chain.
To mitigate churn risk the Company has transitioned clients to longer term subscription-based ARR software contracts that provide insulation against the impact of economic cycles on clients' demand for its software. Furthermore, it should be noted that customers rely upon Causeway's licenced software products to carry out critical business workflows and functions. Continued use of these products is contingent upon the customers paying in line with contractual terms. It should be further noted a substantial value of the contracted £81.8m ARR is received from larger and more financially resilient companies who themselves are delivering major multi-year projects, principally on behalf of the UK Government and other public sector institutions.
Notwithstanding these safeguards, the business has the ability to reduce operating costs in the event that there is an increase in the incidence of customer failures and default.
The most significant financial risks that the company is exposed to are described below.

Credit risk

Credit risk is primarily attributable to its trade receivables. The Group continuously monitors customer credit levels and obtains, where necessary, external credit reports on customers. The amounts presented in the balance sheet are net of any allowance for doubtful debtors, based an assessment of specific balances undertaken by management. The Group has no significant concentration of credit risk, with exposure spread over a number of clients. All customers have a licence contract, which reduces the risk of non-payment of licence fees.

Liquidity risk

The Group manages its liquidity by monitoring the day-to-day cash flow needs of the business. The Group has substantial cash reserves and access to facilities to support working capital requirements and to finance expansion opportunities. The Group also monitors cashflow forecasts to ensure that sufficient liquidity exists within the Group to settle liabilities as they fall due and to ensure that covenant requirements are complied with.

Interest rate risk

The Group finances its operations through a mixture of retained profits, investment, and bank borrowings. The bank borrowings bear interest at a fixed rate above SONIA and therefore movements in SONIA affect the group’s exposure to interest rate risk.

Key performance indicators

Reference to key financial and non-financial performance indicators is made above, under “Business Review”.

Environmental matters

The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations. The Group monitors its Carbon Footprint and has a carbon reduction plan validated by the Science Based Targets initiative. These targets demonstrate Causeway’s measurable progress towards decarbonisation and our role in supporting the wider construction industry to report carbon accurately.

Causeway Technologies Limited
Strategic report (continued)
For the year ended 31 December 2025
3

S172 Companies Act 2006

The Board is aware of its duties under s172 of the Companies Act 2006 and has worked throughout the year to promote the success of the company for the benefit of its members as a whole. In doing so, they have had regard (among other matters) to:

The likely consequences of any decision in the long term

The Group's long-term strategic objectives, including progress made during the year and principal risks to these objectives, are stated earlier within this report.

Shareholders

The Board considers its shareholders to be the ultimate stakeholders of the Group and the company and is focused on long term value for their benefit. Our intention is to behave responsibly towards our shareholders and treat them fairly and equally.

Employees

The Board considers employees to be a primary stakeholder in the business, and strives to retain and motivate all employees, as well as attracting high quality new talent. The culture is to be supportive and actively recognise efforts, ensuring employees feel they are making an impact doing fulfilling work, as well as encouraging people to grow and develop. The business has a strong focus on employee engagement and HR strategy and seek year on year to continue achieving recognition as an award-winning workplace that employees enjoy being a part of. The wellbeing of employees is very important, and integrating work and family life, as well as taking care of oneself and giving back, are all encouraged.

Customers

The G roup is a critical supplier to the construction industry and the satisfaction of its customers is a high priority.

The sales and product teams are in regular contact with customers through regular account management

meetings, calls, webinars and through this are able to obtain feedback regarding existing and new solutions, as

well as discuss opportunities and ideas for how we can better their experience as the industry digitises its

operations. The business also monitors volumes and trends in support calls, making improvements where

required, to ensure a high-quality level of service.

The Environment

The Board places a strong emphasis on sustainability and protecting the environment. The organisation measures its carbon footprint and has a carbon reduction plan, and regularly sets new goals to address the environmental impact of products and business operations. The business is also committed to helping customers reduce their impact on the environment.

High Standard of Business Conduct

The Board set out to behave in a responsible manner, operating within the high standards of business conduct and good governance. This is epitomised in the certifications achieved for ISO 22301 Business Continuity Management and ISO 27001 Information Security Management, ensuring that risks are identified and minimised, and that the business has the resource and ability to continue in normal operation where abnormal circumstances arise.

Suppliers

There have been continuing efforts to strengthen and improve the group's relationship with its suppliers. A large

proportion of spend is with a small number of key suppliers, who the group have been maintaining relationships

with over several years. With the recent acquisitions, the Board have taken the opportunity to review business

critical suppliers and consider where we can take advantage of economies of scale. The company uses automated procure to pay processes to improve the supplier experience and ensure prompt payment. The most recent Payment Practices report submitted for the six months to 31 December 2025 shows an average time to pay suppliers of 23 days.

Causeway Technologies Limited
Strategic report (continued)
For the year ended 31 December 2025
4

On behalf of the board

Nathan Runnicles
Director
29 May 2026
Causeway Technologies Limited
Directors' report
For the year ended 31 December 2025
5

The directors present their annual report and financial statements of the company for the year ended 31 December 2025.

Results and dividends

The loss for the year, after taxation, amounted to £8,571,141 (2024: £16,419,398).

Total assets are £215.1m as at 31 December 2025 (2024: £200.5m) and the company continues to enjoy strong liquidity with cash reserves at the year end of £17.4m (2024: £10.1m). Shareholder's funds decreased to stand at £(7.3m) at the end of the year (2024: £1.5m).

EBITDA in the current financial year is £17,832,120 (2024: £8,858,704).

No ordinary interim dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Philip Brown
Peter Nagle
Mark Howell
Nathan Runnicles
(Appointed 24 November 2025)
Matters covered in the Strategic Report

Information on the financial risk management review and future prospects and the principal risks and uncertainties of the business are shown in the Strategic Report.

Charitable contributions

During the year, the company made charitable donations of £344,941 (2024: £112,737).

Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Nathan Runnicles
Director
29 May 2026
Causeway Technologies Limited
Directors' responsibilities statement
For the year ended 31 December 2025
6

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Causeway Technologies Limited
Independent auditor's report
To the members of Causeway Technologies Limited
7
Opinion

We have audited the financial statements of Causeway Technologies Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting S tandard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 UK, including the FRC’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.

Conclusions relating to going concern

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.

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.

Other information

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.

Causeway Technologies Limited
Independent auditor's report (continued)
To the members of Causeway Technologies Limited
8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Causeway Technologies Limited
Independent auditor's report (continued)
To the members of Causeway Technologies Limited
9

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

T here are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our 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.

Darren Drake
Senior Statutory Auditor
For and on behalf of Saffery LLP
29 May 2026
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Causeway Technologies Limited
Statement of comprehensive income
For the year ended 31 December 2025
10
2025
2024
Notes
£
£
Turnover
3
76,425,062
68,915,498
Cost of sales
(7,866,974)
(7,409,686)
Gross profit
68,558,088
61,505,812
Administrative expenses
(66,972,969)
(66,766,460)
Operating profit/(loss)
5
1,585,119
(5,260,648)
Interest receivable and similar income
9
1,517,322
1,435,519
Interest payable and similar expenses
10
(12,297,762)
(12,425,391)
Loss before taxation
(9,195,321)
(16,250,520)
Tax on loss
11
624,180
(168,878)
Loss for the financial year
(8,571,141)
(16,419,398)

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 32 form part of these financial statements.
Causeway Technologies Limited
Statement of financial position
As at 31 December 2025
31 December 2025
11
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
40,478,891
36,019,174
Other intangible assets
12
66,288,736
72,267,921
Total intangible assets
106,767,627
108,287,095
Tangible assets
13
2,180,185
3,057,037
Investments
14
14,574,177
19,183,546
123,521,989
130,527,678
Current assets
Stocks
17
349,138
140,267
Debtors
16
73,906,209
59,762,244
Cash at bank and in hand
17,364,570
10,077,487
91,619,917
69,979,998
Creditors: amounts falling due within one year
18
(11,975,226)
(7,441,288)
Net current assets
79,644,691
62,538,710
Total assets less current liabilities
203,166,680
193,066,388
Creditors: amounts falling due after more than one year
19
(171,178,743)
(151,908,949)
Provisions for liabilities
Deferred tax liability
20
127,798
797,905
(127,798)
(797,905)
Deferred income
21
(39,167,842)
(38,820,354)
Net (liabilities)/assets
(7,307,703)
1,539,180
Capital and reserves
Called up share capital
22
11,200
11,200
Share premium account
27
5,340,800
5,340,800
Revaluation reserve
27
(41,140)
(41,191)
Capital redemption reserve
27
53
-
0
Profit and loss reserves
27
(12,618,616)
(3,771,629)
Total equity
(7,307,703)
1,539,180
The notes on pages 14 to 32 form part of these financial statements.
Causeway Technologies Limited
Statement of financial position (continued)
As at 31 December 2025
31 December 2025
12
The financial statements were approved by the board of directors and authorised for issue on 29 May 2026 and are signed on its behalf by:
Nathan Runnicles
Director
Company Registration No. 03921897
Causeway Technologies Limited
Statement of changes in equity
For the year ended 31 December 2025
13
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2024
11,200
5,340,800
-
0
-
0
12,647,769
17,999,769
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
-
(16,419,398)
(16,419,398)
Other movements
-
-
(41,191)
-
-
(41,191)
Balance at 31 December 2024
11,200
5,340,800
(41,191)
-
0
(3,771,629)
1,539,180
Year ended 31 December 2025:
Loss and total comprehensive income for the year
-
-
-
-
(8,571,141)
(8,571,141)
Other movements
-
-
51
53
(275,846)
(275,742)
Balance at 31 December 2025
11,200
5,340,800
(41,140)
53
(12,618,616)
(7,307,703)
Causeway Technologies Limited
Notes to the financial statements
For the year ended 31 December 2025
14
1
Accounting policies
Company information

Causeway Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire, England, SL9 8EL.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 2).

The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

This company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”:

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Causeway Software Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire, England, SL9 8EL.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
15
1.3
Revenue

Revenue is recognised to the extent that it is probable that the economic benefit 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, valued added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Sales of goods and services

Revenue from the sale of goods and services is recognised when all of the following conditions are satisfied:

- The company has transferred the significant risks and rewards of ownership to the buyer;

- The company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold;

- The amount of revenue can be measured reliably ;

- It is probable that the company will receive the consideration due under the transactions ;

- The costs incurred or to be incurred in respect of the transaction can be measured reliably; and

- The stage of completion of the contract at the end of the reporting period can be measured reliably.

Where the directors consider it possible to unbundle components of revenue which make up a contractual arrangement with a customer, and these components can be fair valued, each component of revenue is recognised separately.
Initial licence fees are recognised on delivery of software licences to customers where it can be demonstrated that the risks and rewards of ownership have passed. Annual licence and maintenance fees are recognised on a straight line basis over the life of the contract.
Turnover of maintenance service contracts is invoiced in advance and released to the Statement of Comprehensive Income on a straight line basis over the course of the contract in line with contract terms.
Turnover of professional services is recognised as delivered.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

1.4
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquire e at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

Included in goodwill are amounts reclassified from investments resulting from the hive up of the trade and assets of acquired businesses.

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
16
1.5
Intangible fixed assets other than goodwill

Software licences and trademarks

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following basis:

Trademarks
3 to 5 years
Customer contracts
3 to 14 years
Goodwill
5 to 20 years
Brand
3 to 10 years
Software
3 to 10 years
1.6
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings and refurbishments
10 years
Fixtures and fittings
5 years
Computer equipment
3 years

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

1.7
Investments

Investments in subsidiaries are valued at cost less provision for impairment.

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
17
1.8
Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit ("CGU") to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

1.9
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

1.10
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
18
1.11
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Statement of Financial Position date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Basic financial liabilities

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.12
Taxation

The taxation expense for the year comprises current and deferred tax.

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
19
Current tax

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 operate s and generate s income.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

1.13
Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

1.14
Short term employee benefits

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

1.15
Pensions

Defined contribution pension plan

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 into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
20
1.16
Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

1.17

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.18

Research and development

Research and development expenditure is written off in the year in which it is incurred.

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

1.19

Deferred Income

For all contracts, the company invoices the full annual subscription fee prior to commencing work and all further invoices are raised in line with the payment schedule. Deferred income is released on a straight line basis over the period of the subscription.

The amounts presented comprises cash received in advance of the service having been provided. And therefore, the balance has been shown separately on the balance sheet.

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
21
2
Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and 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. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below.

Critical judgements

Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:

Depreciation and amortisation rates

The company depreciates or amortises its intangible and tangible fixed assets over their estimated useful lives, as more fully described in the accounting policies for Intangible and Tangible assets in sections 1.4, 1.5 and 1.6 above. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, developments in the wider business and maintenance programmes. Management believes that the assets have a long track record of stability and achievement and that there are high barriers to market entry. Management is committed to continue to invest in the intangible assets for the long term to maintain and enhance their value.

Impairment of non-financial assets

Where there are indicators of impairment of individual assets, management perform impairment tests based on the fair value less costs to sell or a value in use calculation. The value in use model is based on a discounted cash flow model, cash flow being based on budgets, and estimated discount rates. Forecast revenues take into consideration contracted sales and attrition rates.

Deferred revenue

Revenue contracts are often invoiced in advance for considerable periods of time therefore creating a deferred reven u e balance. The revenue is recognised in line with the company's revenue recognition policy at 1.3 and recognised on a straight line basis over the life of the contract. Revenue is deferred until the service has been provided.

Valuation of intangible assets

Intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The valuation of intangible assets are subject to estimation uncertainty as it is based on the reasonableness of the estimated useful lives and management's knowledge in assessing for impairments. Impairment reviews are carried out annually and if a reliable estimate of the useful life cannot be made, it is assumed to not exceed ten years.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Annual licence support and development
76,425,062
68,915,498
Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
3
Turnover and other revenue (continued)
22
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
73,419,631
65,854,306
Rest of the world
3,005,431
3,061,192
76,425,062
68,915,498
4
EBITDA
2025
2024
£
£
Reconciliation of EBITDA to profit before tax
EBITDA per management accounts
25,639,841
20,108,490
M&A costs
(894,807)
(1,076,431)
Termination and redundancy pay
(1,224,066)
(1,132,259)
Facility fees
(27,470)
(826,736)
FX revaluation
(27,851)
(131,683)
Exceptional costs
(3,829,160)
(6,431,761)
Charitable donations
(344,941)
(112,737)
Group adjustments
(1,250,067)
(1,538,179)
EBITDA per statutory accounts
18,041,479
8,858,704
Interest receivable
1,517,322
1,435,519
Interest payable
(12,297,762)
(12,429,270)
Depreciation
(1,149,747)
(970,937)
Amortisation
(13,099,613)
(13,144,536)
Impairment losses
(2,207,000)
-
Loss on ordinary activities before taxation
(9,195,321)
(16,250,520)
5
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
1,149,747
970,937
Amortisation of intangible assets
13,099,613
13,144,536
Impairment of intangible assets
2,207,000
467,416
Exchange differences
27,851
143,049
Other operating lease rentals - Land and Buildings
639,977
250,051
Depreciation - business combinations
-
26,228
Termination and redundancy pay
1,224,066
1,042,166
Other exceptional costs in relation to acquisitions
894,807
3,023,607
(Profit)/loss on disposal of intangible assets
(39,738)
5,340,822
Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
23
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group
157,200
164,000
For other services
Taxation compliance services
55,400
51,300
All other non-audit services
40,300
59,400
95,700
110,700

Auditor's remuneration for audit and non-audit services is incurred by the company on behalf of the Group headed by Causeway Software Holdings Limited.

7
Employees

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

2025
2024
Number
Number
Total
430
425

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
30,016,769
27,781,542
Social security costs
4,034,188
3,442,980
Pension costs
996,415
969,907
35,047,372
32,194,429
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,157,320
1,125,747
Company pension contributions to defined contribution schemes
10,000
10,000
1,167,320
1,135,747
Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
8
Directors' remuneration (continued)
24

The number of Directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid Director:
2025
2024
£
£
Remuneration for qualifying services
882,646
882,577
Company pension contributions to defined contribution schemes
10,000
10,000

The Directors are considered to be the only key management personnel.

9
Interest receivable and similar income
2025
2024
£
£
Interest receivable from group companies
1,517,322
1,435,519
10
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
12,297,762
12,425,391
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
151,719
-
0
Adjustments in respect of prior periods
(105,792)
-
0
Total current tax
45,927
-
0
Deferred tax
Origination and reversal of timing differences
(670,107)
168,878
Total tax (credit)/charge
(624,180)
168,878
Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
11
Taxation (continued)
25

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(9,195,321)
(16,250,520)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(2,298,830)
(4,062,630)
Tax effect of expenses that are not deductible in determining taxable profit
2,374,681
1,112,768
Tax effect of income not taxable in determining taxable profit
(376,706)
-
0
Group relief
(2,842,211)
(1,544,284)
Deferred tax adjustments in respect of prior years
31,262
294,764
Fixed assets differences
2,792,486
4,093,657
Other tax adjustments, reliefs and transfers
(199,070)
274,603
Adjustment in respect of prior periods (deferred tax)
(105,792)
-
0
Taxation (credit)/charge for the year
(624,180)
168,878
12
Intangible fixed assets
Goodwill
Trademarks
Customer contracts
Brand
Software
Total
£
£
£
£
£
£
Cost
At 1 January 2025
48,870,534
11,887,128
77,337,000
483,000
2,431,000
141,008,662
Additions
10,757,910
822,235
-
0
-
0
-
0
11,580,145
At 31 December 2025
59,628,444
12,709,363
77,337,000
483,000
2,431,000
152,588,807
Amortisation and impairment
At 1 January 2025
12,851,360
8,916,430
9,034,727
217,350
1,701,700
32,721,567
Amortisation charged for the year
6,298,193
2,018,886
4,830,834
(48,300)
-
0
13,099,613
At 31 December 2025
19,149,553
10,935,316
13,865,561
169,050
1,701,700
45,821,180
Carrying amount
At 31 December 2025
40,478,891
1,774,047
63,471,439
313,950
729,300
106,767,627
At 31 December 2024
36,019,174
2,970,698
68,302,273
265,650
729,300
108,287,095

Amortisation on intangible assets is charged to administrative expenses.

Customer contracts, brand and software relate to individually identifiable intangible assets relating to the acquisition of Yotta group, and One Network group.

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
26
13
Tangible fixed assets
Buildings and refurbishments
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2025
2,227,681
1,805,021
1,644,011
5,676,713
Additions
32,545
356,913
363,252
752,710
Business combinations
56,690
41,135
786,585
884,410
Disposals
(774,256)
(132,715)
(683,628)
(1,590,599)
At 31 December 2025
1,542,660
2,070,354
2,110,220
5,723,234
Depreciation and impairment
At 1 January 2025
778,974
832,719
1,007,983
2,619,676
Depreciation charged in the year
194,055
503,562
452,130
1,149,747
Depreciation - business combinations
56,690
28,650
667,257
752,597
Disposals
(216,408)
(131,407)
(631,156)
(978,971)
At 31 December 2025
813,311
1,233,524
1,496,214
3,543,049
Carrying amount
At 31 December 2025
729,349
836,830
614,006
2,180,185
At 31 December 2024
1,448,707
972,302
636,028
3,057,037

Depreciation on tangible assets is charged to administrative expenses.

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
27
14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
14,574,177
19,183,546
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
19,183,546
Additions (LetsBuild Belgium SA)
8,590,685
Additions (Buchanan Computing Limited)
40,645
Additions (Causeway Technologies PTY)
54
Transfer on hive-ups
(11,033,753)
At 31 December 2025
16,781,177
Impairment
At 1 January 2025
-
Impairment losses
2,207,000
At 31 December 2025
2,207,000
Carrying amount
At 31 December 2025
14,574,177
At 31 December 2024
19,183,546
Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
28
15
Subsidiaries

The following are subsidiary undertakings of the company.

Those companies held 100% indirectly through BG Topco 3 Limited are marked with a *

Those companies held 100% indirectly through Buchanan Computing Limited are marked with a **

Name of undertaking
Country of incorporation
Principal activity
Class of
shares held
Holding
Causeway Technologies PTY Limited
Australia
Provision of software and consultancy services for construction companies
Ordinary
100
BG Topco 3 Limited
United Kingdom
Provision of software and consultancy services for construction companies
Ordinary
100
BG Nominee 3 Limited*
United Kingdom
Provision of software and consultancy services for construction companies
Ordinary
100
BG Midco 3 Limited*
United Kingdom
Provision of software and consultancy services for construction companies
Ordinary
100
BG Bidco 3 Limited*
United Kingdom
Provision of software and consultancy services for facilities companies
Ordinary
100
Roadworks Information Limited*
United Kingdom
Provision of software and consultancy services for facilities companies
Ordinary
100
Causeway Technologies Inc*
United States of America
Provision of software and consultancy services for facilities companies
Ordinary
100
Buchanan Computing Limited
United Kingdom
Provision of software and consultancy services for facilities companies
Ordinary
100
Buchanan Technologies Limited**
United Kingdom
Provision of software and consultancy services for facilities companies
Ordinary
100

The registered offices of the subsidiary undertakings are as follows:

United Kingdom Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire,

England, SL9 8EL

Australia Level 3 261 George Street SYDNEY NSW 2000

United States of America 1000 N.West Street, Suite 1200, Wilmington, Delaware, DE 19801

Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
29
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
10,997,194
13,976,932
Amounts owed by group undertakings
59,746,731
43,515,502
Other debtors
1,185,949
985,561
Prepayments and accrued income
1,976,335
1,284,249
73,906,209
59,762,244

An impairment loss of £440,000 (2024: £837,440) was recognised against trade debtors.

Amounts owed by group undertakings bear interest at 1% above the rate of interest set out in a facility agreement between Goldman Sachs Limited, Barclays Bank and Causeway Technologies Holdings Limited. Amounts owed by group undertakings are repayable on demand.

17
Stocks
2025
2024
£
£
Raw materials and consumables
349,138
140,267
18
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,093,123
1,302,687
Other creditors
7,171,059
3,055,473
Accruals
3,711,044
3,083,128
11,975,226
7,441,288
19
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
171,178,743
149,908,949
Other creditors
-
0
2,000,000
171,178,743
151,908,949
Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
19
Creditors: amounts falling due after more than one year (continued)
30

Other creditors includes deferred consideration of £nil (2024: £2,000,000) due in respect of acquisitions. The deferred consideration of £2,000,000 is repayable during 2026 and has accordingly been presented as an amount falling due within one year.

Amounts owed to group undertakings bear interest at 1% above the rate of interest set out in a facility agreement between Goldman Sachs Limited, Barclays Bank and Causeway Technologies Holdings Limited. Amounts owed to group undertakings are repayable on demand.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
-
476,406
Tax losses
(222,680)
(186,334)
Fixed asset timing differences
379,513
575,801
Short term timing differences
(29,035)
(67,968)
127,798
797,905
2025
Movements in the year:
£
Liability at 1 January 2025
797,905
Charge to profit or loss
(670,107)
Liability at 31 December 2025
127,798
21
Deferred income
2025
2024
£
£
Deferred Income / Unearned Revenue (amount expected to be earned within one year)
39,167,842
38,820,354
22
Share capital
2025
2024
£
£
Allotted, called up and fully paid
11,200,000 (2024: 11,200,000) Ordinary shares of £0.001 each
11,200
11,200
Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
22
Share capital (continued)
31

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

23
Acquisitions

On 2 December 2025 the company acquired 100% of the issued share capital of LetsBuild Belgium SA, a company whose primary activity is the provision of software in the construction sector, helping teams manage quality, safety and site inspections in a structured and efficient way. The fair value of the total consideration was €9,097,270.

The acquisition has been accounted for under the acquisition method.

24
Contingent liabilities

The company and its parent Causeway Software Solutions Limited are parties to a cross guarantee in respect of bank borrowings of Causeway Technologies Holdings Limited. The amounts due to the bank at 31 December 2025 were £145m (2024: £135m) and inclusive of unamortised issue costs were £148.3m (2024: £139.6m).

There were no other contingent liabilities at 31 December 2025 or 31 December 2024.

25
Pension commitments
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,006,415
979,907

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension costs charge represents contributions payable by the company to the fund and amounted to £1,006,415 (2024: £979,907). Contributions totalling £205,581 (2024: £142,703) were payable to the fund at the reporting date and are included in creditors.

26
Operating lease commitments

At 31 December 2025 the company had future minimum lease payments under non-cancellable operating leases relating to land and buildings as follows:

2025
2024
£
£
Within one year
458,015
417,776
Between two and five years
128,261
282,991
586,276
700,767
Causeway Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
32
27
Reserves
Share premium

The share premium account includes any premiums received on the issue of share capital. Any transaction costs associated with the issue of shares are deducted from share premium.

Revaluation reserve

The revaluation reserve account balance represents the fair value uplift required to account for the investment in terms of the business combination accounting at the date control was obtained by Causeway Technologies Limited.

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.

28
Charges

The company has granted numerous fixed and floating charges over its assets in respect of the facilities in note 24 Contingent liabilities. All relate to the new facility agreed in 2022 and subsequent drawdowns and extensions to the facilities.

On 28 April 2022, the company granted a fixed and floating charge over all of its assets in respect of the aforementioned facilities. This charge is outstanding at date of audit report signature.

29
Related party transactions

During the year the company incurred expenses of £244 (202 4: £499) on behalf of Livestax Limited, a related party by virtue of common directors. At the year end £nil (202 4: £nil) was owed by the company to Livestax Limited.

During the year the company was charged an amount of £244,850 (202 4: £250,250) for director's services by Haringtons Salons Limited, a related party by virtue of a common director. At the year end £Nil (202 4: £Nil) was owed by Haringtons Salons Limited to the company.

As a wholly owned subsidiary of Causeway Software Holdings Limited, the company is exempt under FRS 102 from the requirement to disclose transactions with other members of the Group headed by Causeway Software Holdings Limited.

30
Ultimate controlling party

The ultimate holding company of this company is Causeway Software Holdings Limited, a company incorporated in England & Wales. Copies of the Group financial statements can be obtained from Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire, England, SL9 8EL.

There is no one individual with ultimate control.

The results of the group headed by Causeway Software Holdings Limited are consolidated and this is the largest and smallest of group undertakings for which group accounts are drawn up. Copies of the group financial statements of Causeway Software Holdings Limited can be obtained from Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire, England, SL9 8EL.

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