| Financial SatNav Limited |
| Notes to the Accounts |
| for the year ended 31 May 2026 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Platform development |
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Straight line over 10 years |
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Development expenditure is capitalised where it is directly attributable to the development of the Company’s software platform and where the relevant recognition criteria are met. Capitalised development costs are reviewed regularly for indicators of impairment, obsolescence or abandonment.
Where platform development costs relate to functionality, modules or technology that have become obsolete, are no longer in use, or are no longer expected to generate future economic benefits, the relevant carrying value will be written off and removed from capitalised development costs.
The Company will also review the useful economic lives of capitalised development expenditure to ensure that the amortisation period remains appropriate and reflects the expected period over which the underlying technology will generate economic benefits. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
over the lease term |
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Computer Equipment |
25% on cost |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2026 |
|
2025 |
| Number |
Number |
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Average number of persons employed by the company |
4 |
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5 |
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| 3 |
Intangible fixed assets |
£ |
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Platform development |
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Cost |
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At 1 June 2025 |
4,033,900 |
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Additions |
364,815 |
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Disposals |
(465,018) |
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At 31 May 2026 |
3,933,697 |
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Amortisation |
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At 1 June 2025 |
2,291,990 |
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Provided during the year |
439,872 |
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On disposals |
(465,018) |
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At 31 May 2026 |
2,266,844 |
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Net book value |
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At 31 May 2026 |
1,666,853 |
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At 31 May 2025 |
1,741,910 |
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Platform development is being written off in equal annual instalments over its estimated economic life of 10 years. |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 June 2025 |
6,234 |
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At 31 May 2026 |
6,234 |
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Depreciation |
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At 1 June 2025 |
5,904 |
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Charge for the year |
171 |
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At 31 May 2026 |
6,075 |
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Net book value |
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At 31 May 2026 |
159 |
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At 31 May 2025 |
330 |
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| 5 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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At 1 June 2025 |
2,758,345 |
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At 31 May 2026 |
2,758,345 |
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The company's investments at the Statement of Financial Position date in the share capital of companies including the following: |
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Financial SatNav International Limited |
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Registered Office: Suite 16, The Cubes, Beacon South Quarter, Sandyford, Dublin 18, D18 XD36, Ireland. |
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Nature of Business: Software Development |
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% |
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Class of Shares: |
Holding |
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Ordinary |
100 |
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| 6 |
Debtors |
2026 |
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2025 |
| £ |
£ |
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Trade debtors |
24,695 |
|
16,778 |
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Other debtors |
172,177 |
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88,306 |
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196,872 |
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105,084 |
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| 7 |
Foreign currency translation |
2026 |
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2025 |
| £ |
£ |
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Gain on foreign exchange (FX) |
47,855 |
|
53,151 |
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| 8 |
Creditors: amounts falling due within one year |
2026 |
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2025 |
| £ |
£ |
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Shareholder USD loan notes |
891,073 |
|
890,649 |
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Bank loans and overdrafts |
4,794 |
|
47,191 |
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R&D loan |
50,093 |
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- |
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Trade creditors |
38,374 |
|
14,611 |
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Taxation and social security costs |
41,624 |
|
19,641 |
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Other creditors |
28,498 |
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19,998 |
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1,054,456 |
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992,090 |
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| 9 |
Creditors: amounts falling due after one year |
2026 |
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2025 |
| £ |
£ |
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DC loan note |
248,773 |
|
248,775 |
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Bank loans |
- |
|
4,582 |
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Frangipane Investments LLP |
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1,736,040 |
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1,700,204 |
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Other creditors |
20,000 |
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20,000 |
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2,004,813 |
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1,973,561 |
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| 10 |
Related party transactions |
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Frangipane Investments LLP |
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Frangipane Investments LLP is a shareholder of the company. One of its designated partners, B Shanks, is also a director of Financial SatNav Ltd. At the year-end, the company owed £1,736,040 (2025: £1,700,204) to Frangipane Investments LLP in respect of long-term loan notes. Interest accrues on the outstanding principal at an annual rate of 2.25% and is due for repayment on the Redemption Date 31/12/2029. |
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Dr. Harindra Silva USD Loan Note |
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Included within creditors falling due within one year is an amount of £891,073 (2025: £890,648) due to a shareholder in respect of convertible loan notes. Interest accrues on the outstanding principal at an annual rate of 2.25% and is payable on the Redemption Date of 5 January 2027. |
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R&D Loan |
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Included within creditors falling due within one year is a balance of £50,093 (2025: £Nil) due to a shareholder. Interest accrues at a rate of 1% per annum and is repayable on receipt of R&D tax credit. |
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| 11 |
Other information |
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Financial SatNav Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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85 Great Portland Street |
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First Floor |
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London |
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W1W 7LT |