Company registration number 05011090 (England and Wales)
RAPITA SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
RAPITA SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
RAPITA SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,459
2,625
Tangible assets
5
52,889
47,741
54,348
50,366
Current assets
Stocks
67,965
80,913
Debtors
6
2,542,464
1,517,545
Cash at bank and in hand
544,372
689,946
3,154,801
2,288,404
Creditors: amounts falling due within one year
7
(2,129,183)
(1,929,619)
Net current assets
1,025,618
358,785
Total assets less current liabilities
1,079,966
409,151
Provisions for liabilities
(10,995)
-
Net assets
1,068,971
409,151
Capital and reserves
Called up share capital
8
8,721
8,721
Share premium account
197,427
197,427
Profit and loss reserves
862,823
203,003
Total equity
1,068,971
409,151

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 30 July 2026 and are signed on its behalf by:
Mr R S Dandu
Director
Company registration number 05011090 (England and Wales)
RAPITA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Rapita Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Atlas House, Link Business Park, Osbaldwick Road, York, England, YO10 3JB.

1.1
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.

1.2
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. The assessment has been made from available financial information namely budgets and forecasts for FY26 and beyond, cashflows and sales order book, which show the business continuing to be profitable following the impacts of Covid-19 that have had a delayed impact on the company and sector.

The company also has continued support from the parent company available, who are willing and able to support the company should this be required.

Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

Revenue from the sale of software and hardware products is recognised upon completion of the order and delivery to the customer.

Revenue from the sale of annual subscriptions and licences is spread over the period of the contract.
Revenue from Engineering integration services on a time and material basis is recognised when the service/project work has been performed.

Income in relation to research projects in the form of grants is included in turnover as it relates to one of the company's principal activities.

RAPITA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.4
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.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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% straight line
1.5
Tangible fixed assets

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:

Leasehold improvements
over the period of the lease
Plant and equipment
33% straight line
Fixtures and fittings
33% on cost
Computer equipment
33% on cost

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash at bank and in hand

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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

RAPITA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

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.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors 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. A m ounts 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.

1.9
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
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.

RAPITA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -

Research and Development Expenditure Credit (RDEC)

The Company claims relief under the Research and Development Expenditure Credit (RDEC) scheme in respect of qualifying research and development expenditure.

RDEC is recognised as other operating income in the profit and loss account in the period in which the qualifying expenditure is incurred, where there is reasonable assurance that the conditions of the scheme will be met and the credit will be received.

The credit is measured at the estimated amount receivable based on qualifying expenditure and the applicable rate for the period. As the credit is taxable, the related corporation tax charge is included within taxation for the year. Any amount recoverable at the reporting date is recognised as a current debtor.

1.11
Employee benefits

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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.

RAPITA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty

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.

Long term contracts

For long-term contracts, the company estimates total contract revenue and costs based on contractual terms, historical data, and expected future conditions. Revenue is recognised progressively using an appropriate measure of progress, such as the percentage-of-completion method, while costs are estimated considering labour, materials, overheads, and contingencies. These estimates are reviewed periodically, with adjustments made as necessary to reflect changes in project scope, costs, or risks.

Deferred income

Deferred income relating to subscriptions and licenses is recognised over the period in which the related services are delivered. J udgement is required in assessing the pattern of service delivery and determining the appropriate allocation of income over the contract term. As these estimates involve forecasting future service activity, actual outcomes may differ and deferred income balances are reviewed at each reporting date and adjusted where necessary.

3
Employees

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

2025
2024
Number
Number
Total
56
56
4
Intangible fixed assets
Other
£
Cost
At 1 January 2025
7,572
Additions
146
At 31 December 2025
7,718
Amortisation and impairment
At 1 January 2025
4,947
Amortisation charged for the year
1,312
At 31 December 2025
6,259
Carrying amount
At 31 December 2025
1,459
At 31 December 2024
2,625
RAPITA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
2,326
2,996
57,374
293,038
355,734
Additions
-
0
2,683
1,771
43,022
47,476
Disposals
-
0
(2,996)
(1,995)
(45,238)
(50,229)
At 31 December 2025
2,326
2,683
57,150
290,822
352,981
Depreciation and impairment
At 1 January 2025
544
2,192
56,690
248,567
307,993
Depreciation charged in the year
464
2,370
1,086
38,408
42,328
Eliminated in respect of disposals
-
0
(2,996)
(1,995)
(45,238)
(50,229)
At 31 December 2025
1,008
1,566
55,781
241,737
300,092
Carrying amount
At 31 December 2025
1,318
1,117
1,369
49,085
52,889
At 31 December 2024
1,782
804
684
44,471
47,741
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,859,944
921,831
Corporation tax recoverable
260,798
217,709
Other debtors
421,722
378,005
2,542,464
1,517,545
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
96,953
103,896
Taxation and social security
142,075
106,208
Other creditors
1,890,155
1,719,515
2,129,183
1,929,619

Included within other creditors are credit card balances of £9,680 (2024: £11,496), which are secured by way of a fixed and floating charge over all assets.

Deferred income of £1,434,335 (2024: £1,286,029) is included in Other creditors, which relates to unearned income.

RAPITA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,000
6,000
6,000
6,000
Ordinary A shares of £1 each
1,361
1,361
1,361
1,361
Redeemable ordinary shares of £1 each
1,360
1,360
1,360
1,360
8,721
8,721
8,721
8,721
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 year 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:
Laura Masheder
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
4 August 2026
10
Operating lease commitments

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

2025
2024
£
£
200,118
270,748
RAPITA SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
11
Related party transactions

At the year end there were amounts of £197,054 (2024: £197,054) owed to Danlaw Inc, the parent company, and is included within Other creditors.

During the year, the company bought subcontractor labour from Rapita Systems Inc, a fellow subsidiary of Danlaw Inc, amounting to £72,336 (202 4: £73,049) and made sales to Rapita Systems Inc of £966,206 (202 4: £536,890). At the year end, there were amounts of £935,567 (202 4: £122,983) owed from Rapita Systems Inc, included within Trade Debtors and £15,608 (2024: £16,801) owed to Rapita Systems Inc, included within Trade Creditors.

During the year, the company made sales to Rapita Systems S.L., a fellow subsidiary of Danlaw Inc, amounting to £3,313 (202 4: £7,071) and bought subcontract labour from Rapita Systems S.L amounting to £231,076 (202 4: £234,130). At the year end, there were amounts of £nil (202 4: £111) owed from Rapita Systems S.L., included within Trade Debtors and £34,880 (2024: £69,486) owed to Rapita Systems S.L., included within Trade Creditors.

12
Parent company

The parent company of Rapita Systems Limited is Danlaw Inc and its registered office is 41131 Vincenti Ct, Novi, MI 48375, USA.

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