Company registration number 07117732 (England and Wales)
PADPILOT LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PADPILOT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PADPILOT LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
31 December 2025
30 April 2025
Notes
£
£
£
£
Fixed assets
Intangible assets
5
80,786
64,134
Tangible assets
6
41,790
72,823
122,576
136,957
Current assets
Debtors
7
3,256,364
1,506,347
Cash at bank and in hand
394,524
1,034,546
3,650,888
2,540,893
Creditors: amounts falling due within one year
8
(794,746)
(506,347)
Net current assets
2,856,142
2,034,546
Total assets less current liabilities
2,978,718
2,171,503
Provisions for liabilities
(10,229)
(18,206)
Net assets
2,968,489
2,153,297
Capital and reserves
Called up share capital
2,000
2,000
Share premium account
149,700
149,700
Profit and loss reserves
2,816,789
2,001,597
Total equity
2,968,489
2,153,297

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

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

The financial statements were approved by the board of directors and authorised for issue on 16 July 2026 and are signed on its behalf by:
D J Skyte
Director
Company registration number 07117732 (England and Wales)
PADPILOT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Padpilot Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 19 The Glenmore Centre, Waterwells Business Park, Gloucester, Gloucestershire, GL2 2AP.

1.1
Reporting period

The financial statements have been prepared for the 8-month period ending 31 December 2025 in order to align the year end for group reporting purposes. The comparative financial statements were prepared for the 1 2-month period ending 30 April 2025.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 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.

1.3
Going concern

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

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
20 years straight line
Development costs
5 years straight line
PADPILOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.6
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:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
20% 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.

During the period, the depreciation rates for all assets was revised from 20% reducing balance to 20% straight line. This change in estimate was done to align accounting policies across the group, the change is not considered to have a significant impact on the accounts in either the current or future periods.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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. 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.

PADPILOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements
Revenue recognition

Whilst the materials and tests provided by the company are available over time via online platforms, the directors consider that the performance obligation of the materials and tests is met at the point at which access is granted rather than being satisfied over the period access is available for. This is because the benefit for the customer is considered to be when the access is granted, as such, no deferred income has been recognised in the accounts.

3
Employees

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

2025
2025
Number
Number
Total
12
13
PADPILOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 5 -
4
Directors' remuneration
2025
2025
£
£
Remuneration paid to directors
96,651
101,661

The directors of the company are considered to be the key management personnel. There are no other key management personnel

5
Intangible fixed assets
Software & Development
£
Cost
At 1 May 2025
130,446
Additions
30,000
At 31 December 2025
160,446
Amortisation and impairment
At 1 May 2025
66,312
Amortisation charged for the period
13,348
At 31 December 2025
79,660
Carrying amount
At 31 December 2025
80,786
At 30 April 2025
64,134
PADPILOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 6 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2025
180,838
Additions
4,023
Disposals
(56,318)
At 31 December 2025
128,543
Depreciation and impairment
At 1 May 2025
108,015
Depreciation charged in the period
25,845
Eliminated in respect of disposals
(47,107)
At 31 December 2025
86,753
Carrying amount
At 31 December 2025
41,790
At 30 April 2025
72,823
7
Debtors
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
347,443
197,685
Amounts owed by group undertakings
2,891,551
1,291,539
Other debtors
17,370
17,123
3,256,364
1,506,347
8
Creditors: amounts falling due within one year
2025
2025
£
£
Trade creditors
10,861
7,270
Corporation tax
654,724
375,017
Other creditors
129,161
124,060
794,746
506,347
PADPILOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

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

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

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

Senior Statutory Auditor:
Andrew Timms
Statutory Auditor:
UHY Hacker Young
Date of audit report:
16 July 2026
10
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
2025
£
£
Total commitments
80,500
52,500
11
Related party transactions

The company has taken advantage of the exemption available under section 33.1A of FRS 102, from disclosing transactions entered into between two or more wholly-owned members of the group.

12
Parent company

The company is a subsidiary of Poppy Bidco Limited.

The parent undertaking of the smallest group for which consolidated accounts are prepared is Rose Street Partners Limited. Consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

Rose Street Partners Limited and its directors are the ultimate controlling party.

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