Company Registration Number 04040122
ASITE SOLUTIONS LIMITED
COMPANY INFORMATION
ASITE SOLUTIONS LIMITED
CONTENTS
ASITE SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The Directors present their Strategic Report for the year ended 30 June 2025.
Asite Solutions Limited continues to strengthen its position as a leading provider of digital engineering and supply chain collaboration solutions for the built environment. The company remains committed to its vision of connecting people and helping the world to build better.
During the year, revenue increased by 31%, from £15,529,479 in 2024 to £20,274,215 in 2025. This growth was driven by significant contract wins and the continued adoption of Asite’s Software as a Service (SaaS) platform across the UK and European markets.
The company improved significantly from an operating loss of £(1,738,594) in 2024 to an operating profit £4,370,021 in 2025. The year-on-year improvement was primarily due to strong revenue growth and effective cost control measures. The company has strengthened materially during the year and has established a sustainable profitable operating platform.
During the year, revenue increased by 31%, from £15,529,479 in 2024 to £20,274,215 in 2025. This growth was driven by significant contract wins and the continued adoption of Asite’s Software as a Service (SaaS) platform across the UK and European markets.
The company improved significantly from an operating loss of £(1,738,594) in 2024 to an operating profit £4,370,021 in 2025. The year-on-year improvement was primarily due to strong revenue growth and effective cost control measures. The company has strengthened materially during the year and has established a sustainable profitable operating platform.
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ASITE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
The company tracks several financial and operational KPIs to measure its performance:
• Turnover: £20,274,215 (2024: £15,529,479).
• EBITDA: £6,956,594 (2024: £783,934).
• EBITDA as % of turnover: 34% (2024: 5%).
• Average headcount: 65 employees (2024: 74 employees).
• Annual Recurring Revenue (ARR): £20.8 million (2024: £16.6 million).
The positive EBITDA trend reflects continued improvements in operational efficiency and controlled spending, particularly in distribution and administrative expenses.
Current trading, market conditions and outlook
In FY26, the strong performance of the global construction sector is expected to drive further business growth.
The company is experiencing continued strong revenue growth, both in net new business and in increased uptake within existing customer accounts.
This growth, combined with continued focus on operational efficiency, is expected to deliver a strong EBITDA positive position for the Group in FY26.
• Turnover: £20,274,215 (2024: £15,529,479).
• EBITDA: £6,956,594 (2024: £783,934).
• EBITDA as % of turnover: 34% (2024: 5%).
• Average headcount: 65 employees (2024: 74 employees).
• Annual Recurring Revenue (ARR): £20.8 million (2024: £16.6 million).
The positive EBITDA trend reflects continued improvements in operational efficiency and controlled spending, particularly in distribution and administrative expenses.
Current trading, market conditions and outlook
In FY26, the strong performance of the global construction sector is expected to drive further business growth.
The company is experiencing continued strong revenue growth, both in net new business and in increased uptake within existing customer accounts.
This growth, combined with continued focus on operational efficiency, is expected to deliver a strong EBITDA positive position for the Group in FY26.
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ASITE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Continued EBITDA growth and effective working capital management will further strengthen the balance sheet and cash reserves.
Overall, Asite’s financial position is robust and sustainable. The company remains focused on:
• Expanding product offerings and enhancing its platform’s capabilities.
• Strengthening partnerships to drive adoption across the construction and infrastructure sectors.
• Exploring new market opportunities to further increase recurring revenue streams.
Asite Solutions Limited continuously assesses and mitigates risks that could impact its operations. Key risks include:
∙Talent Retention: The ability to attract and retain key employees remains critical to the company's success. Competitive compensation and professional development initiatives are in place to mitigate this risk.
∙Technology and Innovation: The company invests heavily in R&D to stay ahead of industry trends and mitigate risks related to technology obsolescence.
∙Regulatory and Compliance Risks: Compliance with data protection regulations and industry standards remains a top priority. The company has robust policies to address these areas.
The Company continues to invest in the development of its OpenWage technology platform, a payroll and workforce payments solution designed to facilitate wage advances to employees. During the year, development activity remained paused following the loss of a key member of management involved in the commercialisation of the platform. Management currently expects development activities to recommence from January 2027, with a view to finalising the product and progressing commercial deployment.
The directors remain committed to the project and believe that the Openwage platform has the potential to provide an innovative complementary offering alongside the Company's existing software solutions. Forecasts prepared by management continue to support the expected generation of future economic benefits from the technology and underpin the carrying value of the related development asset recognised within intangible fixed assets.
Over the next 12 to 24 months, the Company's focus will be on completing the remaining development work, further validating the product's commercial proposition and evaluating opportunities to bring the platform to market. The directors will continue to monitor development progress, customer demand and the wider market environment to ensure that the Company's investment in the technology remains appropriate and delivers long-term value for stakeholders.
The directors remain committed to the project and believe that the Openwage platform has the potential to provide an innovative complementary offering alongside the Company's existing software solutions. Forecasts prepared by management continue to support the expected generation of future economic benefits from the technology and underpin the carrying value of the related development asset recognised within intangible fixed assets.
Over the next 12 to 24 months, the Company's focus will be on completing the remaining development work, further validating the product's commercial proposition and evaluating opportunities to bring the platform to market. The directors will continue to monitor development progress, customer demand and the wider market environment to ensure that the Company's investment in the technology remains appropriate and delivers long-term value for stakeholders.
This report was approved by the board and signed on its behalf.
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ASITE SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The Directors present their report and the financial statements for the year ended 30 June 2025.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The profit for the year, after taxation, amounted to £7,598,782 (2024 - loss £2,155,084).
No dividends were paid during the year (2024: £Nil). The Directors do not recommend the payment of a final dividend.
The Directors who served during the year were:
The Directors are not expecting to make any significant changes in the nature of the business in the near future but continued growth via investment in marketing, R&D and ecosystem partnerships remain a key focus for the Company’s growth.
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ASITE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
The Company continues to invest in research and development in the field of digital engineering. Research and development costs incurred during the year to 30 June 2025 totalled £2,719,009 (2024: £3,703,402) all of which was capitalised. The Directors regard investment in this area as a prerequisite for success in the medium to long term future.
Financial instruments
Objectives and policies
The Company is exposed to price risk, credit risk, liquidity risk, cash flow and foreign currency risk. The Directors review risk management strategies regularly.
Price
The Company has minimal exposure to price risk as all prices are pre-set by management.
Credit
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is mainly exposed to credit risk from credit sales. Credit risk is managed by monitoring payments against contractual agreements and if required suspension of dealing with customers in case of non-payments. A debt collection agency was also engaged to support collections in defined instances.
Liquidity
Liquidity risk arises from the Company's management of working capital and the finance charges on its debt instruments. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Board receives regular cash flow statements as well as information regarding cash balances. At the end of the financial year, the cashflow projections indicated that the Company is expected to have sufficient liquidity. The decisions taken by management to actively monitor and manage costs has mitigated any immediate liquidity risk without prohibiting the business from delivering its core functions.
Cash flow
The Company is exposed to cash flow risk as a result of the timing between paying suppliers and the receipt of money from customers and management manage this through regular review.
Foreign currency
The Company is exposed to foreign currency risk through its overseas investments and operations in various countries across the world. The Company may hedge against these currency risks.
Creditor payment policy
The Company does not have a policy to follow any code or standard on payment practice. However, the Company will continue to settle the terms of payment with its suppliers and, when agreeing the terms of each transaction, will ensure that those suppliers are aware of the terms of payment and will abide by those terms of payment, unless subsequently renegotiated.
Financial instruments
Objectives and policies
The Company is exposed to price risk, credit risk, liquidity risk, cash flow and foreign currency risk. The Directors review risk management strategies regularly.
Price
The Company has minimal exposure to price risk as all prices are pre-set by management.
Credit
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is mainly exposed to credit risk from credit sales. Credit risk is managed by monitoring payments against contractual agreements and if required suspension of dealing with customers in case of non-payments. A debt collection agency was also engaged to support collections in defined instances.
Liquidity
Liquidity risk arises from the Company's management of working capital and the finance charges on its debt instruments. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Board receives regular cash flow statements as well as information regarding cash balances. At the end of the financial year, the cashflow projections indicated that the Company is expected to have sufficient liquidity. The decisions taken by management to actively monitor and manage costs has mitigated any immediate liquidity risk without prohibiting the business from delivering its core functions.
Cash flow
The Company is exposed to cash flow risk as a result of the timing between paying suppliers and the receipt of money from customers and management manage this through regular review.
Foreign currency
The Company is exposed to foreign currency risk through its overseas investments and operations in various countries across the world. The Company may hedge against these currency risks.
Creditor payment policy
The Company does not have a policy to follow any code or standard on payment practice. However, the Company will continue to settle the terms of payment with its suppliers and, when agreeing the terms of each transaction, will ensure that those suppliers are aware of the terms of payment and will abide by those terms of payment, unless subsequently renegotiated.
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ASITE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Whilst the Company had net current liabilities of £8.8 million at 30 June 2025 (2024: £10.3 million), this position arises principally from deferred income and amounts owed to group undertakings.
During the year, the Company generated a profit after tax of £7.6 million (2024: loss of £2.2 million), increased cash balances to £2.2 million (2024: £0.6 million) and returned to a positive net asset position of £0.7 million (2024: net liabilities of £6.9 million). The repayment of the Ashgrove facility during the year has further strengthened the Company's financial position.
Based on the results of their review, including forecasts and available funding resources, the directors are satisfied that the Company has adequate resources to meet its obligations as they fall due and therefore continue to adopt the going concern basis in preparing the financial statements.
There have been no significant events affecting the Company since the year end.
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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ASITE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASITE SOLUTIONS LIMITED
We have audited the financial statements of Asite Solutions Limited (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of 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 Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
We draw attention to Note 27 to the financial statements, which describes the correction of a material prior period error relating to the accounting treatment of expenditure incurred on the development of the OpenWage Technology. As explained in the note, certain expenditure previously recognised within trade and other debtors has been reclassified and capitalised as an internally generated intangible asset in accordance with FRS 102 Section 18. The comparative information has been restated to reflect this correction.
Our opinion is not modified in respect of this matter.
Our opinion is not modified in respect of this matter.
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.
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ASITE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASITE SOLUTIONS LIMITED (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.
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.
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ASITE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASITE SOLUTIONS LIMITED (CONTINUED)
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.
Explanation as to what extent the auditors were considered capable of detecting irregularities, including fraud
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:
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:
•We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation GDPR and occupational health and employment legislation.
• We enquired of the Directors, reviewed correspondence with HMRC and reviewed director's meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Directors have in place to ensure compliance.
• We gained an understanding of the controls that the Directors have in place to prevent and detect fraud. We enquired of the Directors about any incidences of fraud that had taken place during the accounting period.
• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
• We enquired of the Directors about actual and potential litigation and claims.
• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
• We enquired of the Directors, reviewed correspondence with HMRC and reviewed director's meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Directors have in place to ensure compliance.
• We gained an understanding of the controls that the Directors have in place to prevent and detect fraud. We enquired of the Directors about any incidences of fraud that had taken place during the accounting period.
• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
• We enquired of the Directors about actual and potential litigation and claims.
• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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.
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.
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ASITE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASITE SOLUTIONS LIMITED (CONTINUED)
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
Leeds
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ASITE SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
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ASITE SOLUTIONS LIMITED
REGISTERED NUMBER: 04040122
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 35 form part of these financial statements.
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ASITE SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The Company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The Company is tax resident in the United Kingdom. It trades from its registered office address - 7th Floor Leconfield House, Curzon Street, London, England, W1J 5JA.
The principal activity of the Company is to provide collaborative Software as a Service (SaaS) to the Architectural, Engineering and Construction (AEC) industry to promote successful supply chain collaboration.
The principal activity of the Company is to provide collaborative Software as a Service (SaaS) to the Architectural, Engineering and Construction (AEC) industry to promote successful supply chain collaboration.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' 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 3).
The following principal accounting policies have been applied:
The 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Asite Limited as at 30 June 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
In assessing the appropriateness of the going concern basis, the directors have considered the Company's financial position, forecasts and cash flow projections for a period of at least 12 months from the date of approval of these financial statements. At 30 June 2025, the Company reported net current liabilities of £8.8 million (2024: £10.3 million) and net assets of £0.7 million (2024: net liabilities of £6.9 million). The net current liability position arises principally due to deferred income and balances owed to group undertakings.
The Company generated a profit after tax of £7.6 million during the year (2024: loss of £2.2 million), driven by a 31% increase in revenue to £20.3 million and a significant improvement in operating performance. Cash balances increased to £2.2 million at 30 June 2025 (2024: £0.6 million).
The directors have prepared detailed forecasts and cash flow projections which demonstrate that the Company is expected to generate sufficient cash from trading activities to meet its obligations as they fall due. The forecasts reflect continued growth in recurring SaaS revenues, ongoing customer retention and management's focus on operational efficiency. Sensitivity analyses have also been performed to consider reasonably possible downside scenarios.
The directors have also considered the Company's wider group funding arrangements. During the year the Ashgrove facility of £5.9 million was fully repaid and support has continued to be available from the Company's parent undertaking, Asite Limited.
After considering the forecasts, available cash resources, expected trading performance and the support available from the parent undertaking, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.
The Company typically enters into multi-element arrangements which include software licence fees, consultancy and training services. Revenue is allocated to the elements of the arrangement based upon the fair value of each element.
The Company sells a licence for access to its products which are hosted from the Company’s dedicated servers. The license fees grant access to web space for the duration of the customer’s project and include maintenance and support. The revenue for the licence is recognised on an accruals basis to match the period of use by the customer until the end of the contract. The unrecognised element is included within ‘deferred income’ and the amount recognised prior to billing is included within ‘accrued income’.
Training revenue relates to customer training to use the product. Consultancy revenue relates to the initial tailoring of the product to match the needs of the project and on-going consultancy work provided to the customer post implementation. Revenue is recognised on the consulting and training fees based on fixed daily rates as the service is provided. The fixed daily rates are predetermined at the contract signing date.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
The estimated useful lives range as follows:
At each reporting date, the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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 profit or loss.
Associates held at cost less impairment.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 "Other Financial Instrument Issues" of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal the related actual results.
The Directors consider the key accounting estimates to be valuation and capitalisation of development costs, and residual values of intangible fixed assets, and provision for trade debtors.
At the start of an internally developed project, management assess if it will generate probable future economic benefits and meet the criteria for the costs to be capitalised. Once management conclude it meets the criteria they then use their judgement to assess the allocation of costs that specifically relate to the project.
The residual values of intangible fixed assets are reviewed on an ongoing basis by the Directors.
Provisions for trade debtors are reviewed by the Directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
3.Judgements in applying accounting policies (continued)
Management has exercised significant judgement in determining whether expenditure incurred in relation to the development of the OpenWage Technology meets the recognition criteria for an internally generated intangible asset under Section 18 of FRS 102. The key judgement relates to identifying the point at which the project moved from the research phase to the development phase and whether the criteria for capitalisation were satisfied.
In making this assessment, management considered the technical feasibility of completing the technology, its intention and ability to complete and commercialise the product, the existence of probable future economic benefits, the availability of adequate technical and financial resources to complete development, and the ability to reliably measure costs directly attributable to the project. Based on this assessment, management concluded that the OpenWage Technology met the development-phase recognition criteria from the date beneficial ownership transferred to the Company and that qualifying development expenditure should be capitalised as an intangible asset.
Management undertook a detailed review of approximately £2.4 million of expenditure incurred in relation to the technology and determined that £1.6 million represented directly attributable development costs that met the requirements for capitalisation. The remaining expenditure, primarily comprising sales and marketing costs and general overheads, did not qualify for recognition as part of the cost of the intangible asset and was expensed as incurred.
In addition, judgement was required in assessing whether any indicators of impairment existed at the reporting date. While development activities were temporarily paused during the year, management concluded that the recoverable amount of the asset exceeded its carrying value based on forecast future cash flows from the technology and therefore no impairment provision was required. As the technology was not yet available for use at the reporting date, no amortisation has been recognised.
The carrying value of the capitalised development asset at 30 June 2025 was £1.6 million. Changes to the assumptions underpinning the assessment of capitalisation criteria, future commercial viability, forecast cash flows or impairment could result in a material adjustment to the carrying amount of the intangible asset in future periods.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Analysis of turnover by country of destination:
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
12.Taxation (continued)
There are no known factors at the current time that may materially impact future tax charges.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Page 31
ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Profit and loss account
The Company had no capital commitments or contingent liabilities at the balance sheet date.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £117,076 (2024: £132,226 ). Contributions totalling £59,790 (2024: £22,072 ) were payable to the fund at the balance sheet date and are included in creditors.
Page 32
ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Subsequent to the reporting date, the outstanding balance due to the Group headed by Asite Limited from R20 Advisory Limited of £2.2 million was repaid in full.
On 23 June 2025, the Group headed by Asite Limited entered into a new £5.0 million revolving credit facility with Barclays Bank PLC, which began drawing down in July 2025. The facility replaces the Group's previous financing arrangements and provides additional financial flexibility to support ongoing operations and future growth.
On 3 November 2025, the Group headed by Asite Limited incorporated Asite Secure Limited, a wholly owned subsidiary. The company has remained dormant since incorporation and has not undertaken any trading activity.
On 23 June 2025, the Group headed by Asite Limited entered into a new £5.0 million revolving credit facility with Barclays Bank PLC, which began drawing down in July 2025. The facility replaces the Group's previous financing arrangements and provides additional financial flexibility to support ongoing operations and future growth.
On 3 November 2025, the Group headed by Asite Limited incorporated Asite Secure Limited, a wholly owned subsidiary. The company has remained dormant since incorporation and has not undertaken any trading activity.
Page 33
ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
During the year, the directors identified an error in the accounting treatment applied to expenditure incurred in relation to the development of the OpenWage Technology. Historically, such expenditure had been recognised within amounts owed by group undertakings/other debtors on the basis that the costs were being funded on behalf of OpenWage Limited. Following a review of the underlying arrangements and beneficial ownership of the related intellectual property, management concluded that the Company controlled the underlying technology and that qualifying development expenditure should instead have been recognised as an internally generated intangible asset in accordance with FRS 102 Section 18. The previous treatment therefore represented a material prior period error.
The error has been corrected by retrospectively restating the comparative information. Expenditure of £1.624m incurred up to 1 July 2023 that met the criteria for capitalisation has been recognised as an intangible asset. The remaining £0.712m of expenditure incurred up to that date did not meet the conditions for capitalisation and has been recognised through retained earnings. An additional £0.086m of expenditure incurred during the year ended 30 June 2024 has been recognised as an operating expense.
No amortisation has been recognised in respect of the capitalised development costs because the OpenWage Technology was not available for use as at 30 June 2025. Management has also assessed the asset for indicators of impairment and concluded that no impairment charge is required.
The cumulative impact of the prior period adjustment on opening reserves at 1 July 2024 is a reduction of £842k, comprising £756k of expenditure incurred prior to 1 July 2023 and £86k of expenditure incurred during the year ended 30 June 2024 that did not meet the criteria for capitalisation.
The error has been corrected by retrospectively restating the comparative information. Expenditure of £1.624m incurred up to 1 July 2023 that met the criteria for capitalisation has been recognised as an intangible asset. The remaining £0.712m of expenditure incurred up to that date did not meet the conditions for capitalisation and has been recognised through retained earnings. An additional £0.086m of expenditure incurred during the year ended 30 June 2024 has been recognised as an operating expense.
No amortisation has been recognised in respect of the capitalised development costs because the OpenWage Technology was not available for use as at 30 June 2025. Management has also assessed the asset for indicators of impairment and concluded that no impairment charge is required.
The cumulative impact of the prior period adjustment on opening reserves at 1 July 2024 is a reduction of £842k, comprising £756k of expenditure incurred prior to 1 July 2023 and £86k of expenditure incurred during the year ended 30 June 2024 that did not meet the criteria for capitalisation.
Page 34
ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The immediate parent undertaking and parent undertaking of the smallest and largest group in which the Company is consolidated is Asite Limited , a company incorporated in England and Wales. The registered office of Asite Limited is 7th Floor, Leconfield House, Curzon Street, London, W1J 5JA . Consolidated accounts of Asite Limited are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. This group is owned by a number of private shareholders and companies and as such the Directors do not consider there to be an ultimate controlling party.
Page 35