Company registration number 10875600 (England and Wales)
LIBRAESVA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
LIBRAESVA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LIBRAESVA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,462
45,602
Current assets
Debtors
4
506,412
419,174
Cash at bank and in hand
1,726,935
1,004,362
2,233,347
1,423,536
Creditors: amounts falling due within one year
5
(1,204,877)
(1,019,422)
Net current assets
1,028,470
404,114
Total assets less current liabilities
1,058,932
449,716
Creditors: amounts falling due after more than one year
6
(829,672)
(545,931)
Net assets/(liabilities)
229,260
(96,215)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
229,160
(96,315)
Total equity
229,260
(96,215)

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

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 3 August 2026
P. Frizzi
Director
Company registration number 10875600 (England and Wales)
LIBRAESVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Libraesva Limited is a private company limited by shares incorporated in England and Wales. The registered office is 169 New London Road, Chelmsford, Essex, United Kingdom, CM2 0AE.

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

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

1.3
Revenue

Turnover is measured at the fair value of the consideration received or receivable for goods supplied or services rendered, net of discounts and Value Added Tax. Where income relates to a period of use, revenue is recognised over that period.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% or 33.3% straight line

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, as estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

LIBRAESVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
Taxation

The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

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.

1.10
Retirement benefits

Contributions to defined contribution pensions plans are recognised as an expense in the period in which the related service is provided. These contributions represent the company's contributions to a pension plan which commenced under the automatic enrolment scheme.

1.11
Leases
As lessee

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 lease s asset are consumed.

2
Employees

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

2025
2024
Number
Number
Total
6
7
LIBRAESVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2025
68,989
Additions
1,251
Disposals
(6,307)
At 31 December 2025
63,933
Depreciation and impairment
At 1 January 2025
23,387
Depreciation charged in the year
16,370
Eliminated in respect of disposals
(6,286)
At 31 December 2025
33,471
Carrying amount
At 31 December 2025
30,462
At 31 December 2024
45,602
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
192,190
385,197
Amounts owed by group undertakings
75,761
-
0
Other debtors
238,461
33,977
506,412
419,174
5
Creditors: amounts falling due within one year
2025
2024
as restated
£
£
Trade creditors
119,866
11,471
Amounts owed to group undertakings
19,561
15,154
Taxation and social security
13,389
119,408
Other creditors
1,052,061
873,389
1,204,877
1,019,422

The other creditors balance predominately comprises of deferred revenue. Deferred revenue included within other creditors totals £994,042 (2024: £873,389).

LIBRAESVA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
6
Creditors: amounts falling due after more than one year
2025
2024
as restated
£
£
Other creditors
829,672
545,931

The other creditors balance comprises entirely of deferred revenue both in the current year and the prior year.

7
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
28,256
-
0
8
Change in revenue recognition accounting policy

The company has conducted a comprehensive reassessment of its revenue recognition policy for its SaaS products in accordance with Section 23 of FRS 102. Historically, the Group to which the company belongs, recognised revenue at a point in time upon granting customers access to its software.

However, following a detailed review of the company's contractual obligations, evolving SaaS business model and the constructive obligation this has created, and industry best practices, it has been determined that revenue should instead be recognised over time to more accurately reflect the nature of the company's services. The reassessment was driven by the recognition that SaaS products provide customers with a right to access Intellectual Property that is continuously maintained, updated, and enhanced throughout the contract duration. Key factors supporting this conclusion include continuous update and enhancements, ongoing customer benefit and the hosting and maintenance of the services, timing of revenue recognition, alignment with industry standards and improvement with financial reporting accuracy.

This revision underscores the company's commitment to transparent and high-quality financial reporting, ensuring that investors and stakeholders have a more precise view of the company's long-term revenue generation model and business performance. This change to receiving more frequent functional upgrades has occurred over a period and, in managementʼs judgement, while not contractually obliged to deliver upgrades, an implicit constructive obligation has been created with customers from the start of the prior year that this business practice will continue (which has given rise to a performance obligation under Section 23 of FRS 102). As such, the prior year revenues have also been restated to be recognised over time.

The adjustments made in respect of the change in revenue recognition accounting policy have reduced sales by £531,272 (2024: £268,621), increased deferred income by £1,823,714 (2024: £1,292,442) and reduced reserves by £1,292,442 (2024: £1,023,821).

The aggregate impact on periods prior to 2024 is a reduction in sales of £1,023,821 and an increase in deferred income of £1,023,821.

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