The directors present the strategic report for the year ended 31 July 2025.
The Group delivered a strong financial performance during FY25, achieving record levels of revenue and profitability while continuing to invest in the long-term development of the business. Group turnover increased from £9.97 million in FY24 to £13.52 million in FY25 (~36% growth on revenue), whilst operating profit increased from £2.72 million to £4.2 million. The net profit margin also increased from 24% to 25%. These results were driven by continued growth across both the Digital and Consulting businesses.
The Digital business continued to expand during the year, with turnover increasing from £2.47 million to £4.97 million. Annual Recurring Revenue reached £5.3 million by the year end, providing increased visibility of future revenues.
The Consulting business performed well, with turnover increasing from £7.51 million to £8.54 million. The group continued to support existing pharmaceutical clients whilst securing new engagements during the year.
During the second half of FY25, management focused on strengthening operational performance through the implementation of more sophisticated financial reporting and performance metrics. In addition, the Group commenced preparations for a potential external investment process and, following a competitive selection process, appointed Clearwater International as its corporate finance adviser. These activities were undertaken whilst maintaining strong commercial performance across the business.
The Group operates within a specialist scientific consultancy serving primarily the ‘Pricing and Market Access’ function within the pharmaceutical industry. Whilst this provides a degree of resilience, the Directors continue to monitor a number of principal risks.
One identified risk was the rapid development of artificial intelligence technologies and the potential impact on the competitive differentiation of the Group's Digital products. During FY25 this risk did not materialise, although the Directors continue to monitor developments in this area and are ensuring that we stay ahead of the competitors.
A further risk arose from the significant management time required to prepare the business for a potential investment process. The Directors recognised the potential impact on day-to-day operations and implemented appropriate management oversight to ensure that business performance and client service standards were maintained throughout the year.
The Directors monitor a range of financial and operational key performance indicators to assess the performance of the Group.
The principal financial KPIs include Group turnover, operating profit, Digital sales, Digital Annual Recurring Revenue (ARR), Digital revenue, Consulting sales and Consulting revenue. During FY25, all principal revenue measures showed growth compared with the prior year, with Group turnover increasing by approximately 36% and operating profit increasing by approximately 55%. Digital sales increased by approximately 102%, whilst Consulting sales increased by approximately 14%. By end of FY25, the Group were working with top 20 of the 25 $10Billion dollar pharmaceutical or biotech companies.
Operationally, management also monitors Consulting backlog, Consulting pipeline, Digital pipeline and the profitability of both operating divisions. During FY25, additional emphasis was placed on enhancing financial reporting and operational metrics to support improved decision-making and business planning.
Future Developments
During FY25 the Directors commenced preparations for a potential investment in the Group and initiated a comprehensive sell-side due diligence process. As part of this programme, advisers were appointed across legal, technology, commercial, financial due diligence and financial modelling workstreams, selecting prestigious and leading companies such as Squires, BCG and KPMG.
The Directors remain focused on maintaining the Group's growth trajectory whilst progressing the investment process. Strategic priorities include continued development of the Digital business, sustained growth of the Consulting division and further enhancement of operational processes and financial reporting to support the next stage of the Group's development.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 July 2025.
The results for the year are set out on page 9.
Ordinary dividends were declared and paid amounting to £2,611,492. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
After the reporting date, an investment was raised with CBPE, a private equity firm on February 13th 2026. Access Infinity founders selected CBPE as their investment partners on a 50:50 partnership, at an enterprise value of £120m. The deal was completed on Feb 11, 2026 and Access Infinity is successfully operating growing as planned in FY26.
Mercer & Hole LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Access Infinity Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the parent company and the industry in which it operates and considered the risk of acts by the parent company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006, employment law, and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
gaining an understanding of management's controls designed to prevent and detect irregularities; and
identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.
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.
Other matters which we are required to address
In the previous accounting period the directors of the group claimed audit exemption. Therefore prior year consolidated financial statements were not subject to audit.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £3,264,884 (2024 - £2,265,352 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Access Infinity Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 81-87 High Holborn, London, WC1V 6DF.
The group consists of Access Infinity Limited and all of its subsidiaries.
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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Access Infinity Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 July 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
The group maintains a balance sheet with net assets amounting to £4,210,205 (2024: £3,447,890) including cash balances of £5,603,049 (2024: £3,310,544) as at the year ended 31 July 2025.
The directors have prepared detailed cash flow forecasts and reviewed various scenarios to conclude that there are no significant risk to group's revenue in near future and they have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue is recognised at the fair value of the consideration received or receivable for sale of services in the ordinary nature of the business. Turnover is shown net of Value Added Tax for services provided to external customers.
Revenue is recognised on a contract by contract basis and reflected in the profit and loss account by recording turnover according to stage of completion for its projects. The company makes an estimate of the stage of completion for its projects to determine revenue recognition. The work performed is compared in line with contracted work and time sheet date to determine the stage of completion. The corresponding proportion of total contracted revenue for that project is then recognised. Where losses on projects are expected, these are recognised immediately.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The group makes an estimate of the stage of completion for its projects to determine revenue recognition. The work performed is compared in line with contracted work and time sheet date to determine the stage of completion. The corresponding proportion of total contracted revenue for that project is then recognised. Where losses on projects are expected, these are recognised immediately.
A share-based payment scheme is in place for the benefit of employees. The fair value of the scheme as determined at the grant date is expensed on a straight-line basis over the vesting period, based on the Group's estimate of the shares that will eventually vest.
Assumptions considered in the valuation of the issued shares include; estimated market value of the shares at grant date, expected life if the awards; risk free rates; and the expected volatility of share price, estimated with reference to volatility of listed companies within the same industry.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
During the year, the Company disposed of its 5% equity investment in iSprout Business Centre Private Limited, a private limited company incorporated in India. The disposal resulted in a gain of £284,122, which has been recognised in the profit and loss account under gain on disposal of fixed asset investments. The gain arose from proceeds received on disposal exceeding the carrying value of the investment at the date of disposal.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Included within dividends declared during the year is £858,531 of dividends awarded to shareholders that were applied against consideration payable by the shareholders' investment entities, Ekoya Investments Limited and Om Harmonics Pvt Limited, for the acquisition of the Company's investment in iSprout Business Centre Private Limited. This portion of the dividend was settled through an offset arrangement and therefore did not result in any cash movement through the Company.
Other investments relate to a 5% investment in Isprout Business Centre Private Limited, a private limited company registered in India. This investment was disposed of during the year realising a gain on sale of £284k.
Details of the company's subsidiaries at 31 July 2025 are as follows:
The following are the major deferred tax liabilities and assets recognised by the group and company:
The group operates an equity-settled share option scheme for employees under Enterprise Management Incentive ("EMI") arrangements. Options are granted over ordinary shares and generally become exercisable only upon the occurrence of an exit event, subject to continuing service conditions.
In accordance with the company's accounting policy, the fair value of options is determined at the grant date using the Black-Scholes model and recognised over the vesting period, with a corresponding credit recognised within equity.
The group operated one share option scheme during the year ended 31 July 2025 (2024: one).
During the year, a share based payment charge of £5 (2024: £3,202) was recognised.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
In the prior year, the company issued 616 A Ordinary shares, 383 B Ordinary shares, 616 C Ordinary Shares and 383 D Ordinary shares, all at par value. Ordinary shares carry voting rights, the right to receive dividends and equal right to distribution upon winding up.
A Ordinary shares, B Ordinary shares, C Ordinary shares and D ordinary shares carry the right to receive dividends declared by the company in amounts which need not be equal, as determined by the directors.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
After the reporting date, an investment was raised with CBPE, a private equity firm on February 13th 2026. Access Infinity founders selected CBPE as their investment partners on a 50:50 partnership, at an enterprise value of £120m. The deal was completed on Feb 11, 2026 and Access Infinity is successfully operating growing as planned in FY26.
Access Infinity Ltd undertook the following transactions during the year-ended 31 July 2025:
As at the year end the company owed Ekoya Investments Limited, a company under control of one of the directors, £nil (2024: £383,925). This amount was interest free and repayable on demand.
As at the year end the company owed Om Harmonics PVT Limited, a company under control of one of the directors, £nil (2024: £617,488). This amount is interest free and repayable on demand.
As outlined in note 12, included within dividends declared during the year is £858,531 of dividends awarded to shareholders that were applied against consideration payable by the shareholders' investment entities, Ekoya Investments Limited and Om Harmonics Pvt Limited, for the acquisition of the Company's investment in iSprout Business Centre Private Limited. This portion of the dividend was settled through an offset arrangement and therefore did not result in any cash movement through the Company.
During the year, the Company entered into transactions with Access Infinity APAC Private Limited, a 99% owned subsidiary undertaking. Under the Group's transfer pricing policy, Access Infinity APAC Private Limited provides operational services in support of the Group's activities. As Indian revenues are generated by the UK parent company, charges are made between the entities on a cost-plus basis. Cost-plus transfer pricing charges incurred during the year amounted to £950,827 (2024: £737,696).
As at the year end the company owed Access Infinity APAC Private Limited it's subsidiary, £84,359 (2024: £125,000). This amount is interest free and repayable on demand.
As at the year end the company owed Access Infinity US Inc it's subsidiary, £1,059 (2024: £nil). This amount is interest free and repayable on demand.
As at the year end the company was owed £nil by Shrinivas Rao Mukku (2024: £80,000) and £nil by Ahmed Sagar Edathodu (2024: £211,200) under director loan accounts. The balances were unsecured, interest free and repayable on demand.