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Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2025
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BENIVO LIMITED
CONTENTS
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BENIVO LIMITED
COMPANY INFORMATION
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BENIVO LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
The directors present their strategic report on the Group for the year ended 30 November 2025. The principal activity of the Group during the year continued to be that of providing a subscription-based technology platform with finance solutions for relocating employees, Global Mobility teams and their vendors.
The Group’s parent company is Benivo Limited. It has wholly owned subsidiary operations in the USA, India and Armenia which perform marketing, marketing and operations, and R&D activities respectively on behalf of the UK parent.
Turnover for the year was $9,393k (2024: $7,925k) representing an increase of 19% (2024: 38%). This growth particularly stands out in the context of an industry environment where management estimate that volumes have continued to fall over the same period. As expected, growth in turnover lags growth in Contracted Annual Recurring Revenue “CARR”, which increased by 51% in the year to $13,800k (2024: $9,100k), reflecting strong sales momentum in Q4.
In line with the Group’s plan to drive operating efficiencies, the Group’s operating expenses decreased over the year due to the increased automation of staff workloads, including the use of agentic AI to carry out certain multi-step tasks autonomously.The average monthly number of employees decreased from 125 in 2024 to 104 in 2025. Operating expense reductions were ahead of plan and resulted in the total expense falling by 11% to $12,899k (2024: $14,479k).
The Group ended the year with cash in hand of $2,800k (2024: $2,051k) and an unused debt facility of $2,000k. Subsequent to the year-end the Group repaid all loan amounts which were due and entered into a new long-term debt facility which is expected to fund ongoing operations until the business becomes cash flow positive.
Client satisfaction is measured by Net Promoter Score or NPS, where feedback is measured on a scale of -100 to +100. The Group scored +50 or higher for a fifth consecutive year. In the current year approximately 67% of respondents gave a satisfaction score of 9 or 10 out of 10, which is the highest satisfaction category in the NPS methodology.
During the year, the Group achieved SOC 2 Type 2 certification, to supplement its existing ISO 27001 certification and to validate the Group’s ongoing commitment to the highest standards of security, availability, and confidentiality in the handling of customer data.
The principal risks and uncertainties facing the Group are broadly grouped as macro-economic, competitive, reputational, financial instrument risk and going concern.
Macro-economic risks
The Group’s revenues are dependent upon the volume of relocating employees at its current and prospective clients, a significant proportion of which are international. Uncertainty regarding the global economy, and the geo-political environment for international relocations, may affect these volumes and accordingly impact on the Group’s future revenue prospects.
Competitive risks
The Group is dependent upon on contracts which are subject to periodic competitive tender. Measures are taken to ensure contracts are renewed on a timely basis, but there always remains a degree of risk. The Group has a history of retaining clients on a long-term basis.
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BENIVO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
Reputational risks
In addition to maintaining data security, the Group’s ability to provide a resilient and secure platform to its clients is crucial. Failure to maintain market leading data security and operational resilience could result in reputational damage and impede its ability to grow its customer base in the future. To mitigate this risk, the Group has in place best in class data management policies, is fully ISO 27001 and SOC 2 Type 2 certified and has a dedicated security team that proactively manages our response to the ever-changing security threat landscape.
Financial instrument risks
The Group is exposed to transaction foreign exchange risk, primarily due to a mismatch between revenue and operating cost currencies. This is continually monitored, and natural hedging strategies are maintained wherever possible. Primary credit risk comes from trade debtors. Given the blue-chip nature of the Group’s client base, the exposure to bad debt is considered low.
Going concern risk
After reviewing the Group’s forecasts, the directors believe the Group has sufficient resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. In particular, revenues are expected to continue to grow faster than operating expenses as signed contracts and in progress client implementations become billable, which should improve operating results. Accordingly, the Group has adopted the going concern basis in preparing its financial statements.
Subsequent to the year-end, on 14 July 2026, the Group secured a four-year debt facility of up to $6,000k. The Company also entered into a new shareholder loan agreement of $1,000k to provide additional liquidity.
Contracted Annual Recurring Revenue “CARR” is a key performance indicator. For 2025 it was $13.8m, an increase of 51% on the prior year. CARR per FTE is also considered a key performance indicator. Over the year it increased by 82% to $147k from $81k in 2024.
In 2025, the Group reported a net liability position of $2,344k (2024: $1,772k). To strengthen its financial position, the Group secured a new debt facility subsequent to the year-end.
The Group expects continued growth in its client base, turnover and CARR in 2026, as it continues to both invest significant R&D effort in extending its product capabilities, and extend its reputational presence in its chosen markets.
This report was approved by the board and signed on its behalf.
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BENIVO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
The directors present their report and the financial statements for the year ended 30 November 2025.
The loss for the year, after taxation, amounted to $3,799,000 (2024 - loss $6,006,166).
The directors who served during the year were:
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Group (Accounts and Reports) Regulation 2008', in the strategic report.
Subsequent to the year-end, on 14 July 2026, the Group secured a four-year debt facility of up to $6,000k. The Company also entered into a new shareholder loan agreement of $1,000k to provide additional liquidity.
This report was approved by the board and signed on its behalf.
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BENIVO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group'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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BENIVO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENIVO LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2025
We have audited the financial statements of Benivo Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025, which comprise the consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).
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 Group's or the parent 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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BENIVO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENIVO LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
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 group 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 group 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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BENIVO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENIVO LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HM Revenue and Customs.
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BENIVO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENIVO LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards require that we identify non-compliance with laws and regulations through enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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BENIVO LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
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BENIVO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
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BENIVO LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2026.
The notes on pages 17 to 35 form part of these financial statements.
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BENIVO LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 35 form part of these financial statements.
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