Company Registration No. 12360574 (England and Wales)
Sitigrid Ltd
Unaudited accounts
for the period from 1 January 2025 to 31 March 2026
Sitigrid Ltd
Unaudited accounts
Contents
Sitigrid Ltd
Company Information
for the period from 1 January 2025 to 31 March 2026
Directors
Macdonald Andrade
Mark Bygraves
Martin John Reason
Amanda Whiteley
Jeffrey Whittingham
Company Number
12360574 (England and Wales)
Registered Office
Office 7 35-37 Ludgate Hill
London
EC4M 7JN
United Kingdom
Accountants
Leap Accounts & Outsourcing Limited
Office 7
35-37 Ludgate Hill
London
EC4M 7JN
Sitigrid Ltd
Statement of financial position
as at 31 March 2026
Intangible assets
512,957
427,229
Tangible assets
2,236
1,801
Cash at bank and in hand
62,120
78,621
Creditors: amounts falling due within one year
(451,884)
(184,684)
Net current assets/(liabilities)
1,049,416
(70,063)
Total assets less current liabilities
1,564,609
358,967
Provisions for liabilities
Other provisions
(24,000)
-
Net assets
1,476,881
358,967
Called up share capital
308
300
Share premium
1,337,323
1,329,831
Profit and loss account
139,250
(971,164)
Shareholders' funds
1,476,881
358,967
For the period ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2026 and were signed on its behalf by
Jeffrey Whittingham
Director
Company Registration No. 12360574
Sitigrid Ltd
Notes to the Accounts
for the period from 1 January 2025 to 31 March 2026
Sitigrid Ltd is a private company, limited by shares, registered in England and Wales, registration number 12360574. The registered office is Office 7 35-37 Ludgate Hill, London, EC4M 7JN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
4 Years
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortisation is applied over a 10 year period.
The financial statements have been prepared on the going concern basis.
At 31 March 2026 the company had net assets of £1,476,881 and net current assets of £1,049,416. Current assets include accrued income of £1,317,180, representing amounts earned under customer contracts which had not been invoiced at the period end.
Cash at bank was £62,120.
The directors have prepared cash flow forecasts covering the period to 31 December 2027. Those forecasts reflect the expected timing of invoicing and collection of the accrued income balance, contracted revenue from existing customer arrangements, and the corporation tax and research and development expenditure credit positions for the two accounting periods falling within the period of account.
Creditors falling due within one year include £179,047 owed to two directors in respect of deferred remuneration. Those directors have confirmed that they will not seek repayment of these amounts to the extent that repayment would prejudice the company's ability to meet its other liabilities as they fall due.
On the basis of these forecasts the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
Sitigrid Ltd
Notes to the Accounts
for the period from 1 January 2025 to 31 March 2026
The company operates an equity-settled share-based payment arrangement under which directors have been granted options over ordinary shares.
The fair value of options granted is measured at the grant date using the Black-Scholes option pricing model, taking into account the terms and conditions on which the options were granted. Where options vest immediately, the full fair value is recognised as an expense at the grant date. Where options vest over a period, the fair value is recognised as an expense over the vesting period, based on the company's estimate of the number of options that will eventually vest.
A corresponding credit is recognised directly in equity within the share-based payment reserve. No adjustment is made to the total expense recognised for options that do not ultimately vest as a result of a market condition not being met.
The company granted 66,667 share options over ordinary shares of £0.0001 during the comparative period. The options have an exercise price of £0.90 per share, vested in full on the date of grant. The options are equity-settled and are settled by the issue of new ordinary shares.
No options were granted, exercised, forfeited or lapsed during the 15 months ended 31 March 2026.
Turnover represents amounts receivable for services provided in the ordinary course of business, net of value added tax, discounts and credits, and is measured at the fair value of the consideration receivable.
Minimum and monthly scheme fees are recognised over the period to which they relate. Fees determined by reference to volumes supplied or benefit delivered are recognised when the underlying supply has taken place and the amount can be measured reliably, based on settlement data available at the reporting date, and are adjusted on completion of the annual customer reconciliation. Revenue recognised but not yet invoiced is held as accrued income within debtors.
4
Intangible fixed assets
Other
Charge for the period
78,180
At 31 December 2024
427,229
Sitigrid Ltd
Notes to the Accounts
for the period from 1 January 2025 to 31 March 2026
5
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
121,999
36,000
Accrued income and prepayments
1,317,181
-
7
Creditors: amounts falling due within one year
2026
2024
Trade creditors
2,434
9,121
Taxes and social security
71,829
8,281
Loans from directors
179,047
112,442
Sitigrid Ltd
Notes to the Accounts
for the period from 1 January 2025 to 31 March 2026
8
Deferred taxation
2026
2024
Other deferred taxation
63,728
-
Charged to the profit and loss account
63,728
-
Provision at end of period
63,728
-
Deferred tax arises in respect of qualifying development expenditure which has been capitalised as an intangible asset in the financial statements but for which a deduction has been taken in full for corporation tax purposes in the period in which the expenditure was incurred, under section 1308 of the Corporation Tax Act 2009. The amortisation subsequently charged in the financial statements in respect of those assets is not deductible for tax purposes and is added back in arriving at taxable profits. The resulting timing difference gives rise to a deferred tax liability, which reverses over the remaining useful economic lives of the assets concerned.
Deferred tax has been measured at 25%, being the main rate of UK corporation tax enacted at the balance sheet date and the rate expected to apply when the timing differences reverse
9
Transactions with related parties
At the balance sheet date the company owed £179,046.60 (2024: £112,441.68) to the directors in respect of loans made to the company. The loans are unsecured, interest free and repayable on demand. No guarantees have been given or received.
10
Average number of employees
During the period the average number of employees was 4 (2024: 2).