1.
General Information
Koios Consulting Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
09422819
. The registered office is 51 Lime Street, C/O HCR Law LLP, London, EC3M 7DQ. The group comprises the company and its wholly owned subsidiaries Koios savjetovanje d.o.o. (Croatia) and Yard Associates Limited (England and Wales). The group's principal activities are described in the directors' report.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", including Section 1A Small Entities, and with the Companies Act 2006 as it applies to companies subject to the small companies regime. They have been prepared under the historical cost convention, modified by the measurement of certain investments at fair value through profit or loss.
These are the first financial statements of the company prepared under FRS 102 and the first consolidated financial statements of the group. The date of transition to FRS 102 is 1 January 2024 (note 19).
The functional currency of the company is pound sterling. The consolidated financial statements and the company balance sheet are presented in euro (€), the functional currency of the group's largest subsidiary and the currency of the group's bank financing. Amounts are rounded to the nearest euro.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The company has adopted FRS 102 in these financial statements for the first time.
2.2.
Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 31 December each year.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Any subsidiary undertakings sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
2.3.
Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Goodwill is the excess of the cost of a business combination over the fair value of the group's share of the identifiable net assets acquired. Goodwill is amortised on a straight-line basis over its estimated useful life of 9 years. It is reviewed for impairment where there are indicators of impairment; impairment losses are recognised in profit or loss and are not reversed. Goodwill arising on the acquisition of foreign operations are treated as an asset of that foreign operation: it is carried in pounds sterling and translated at the closing rate.
2.4.
Going Concern Disclosure
At 31 December 2025 the group had net current liabilities of €582,286 (2024: €666,901). These include revolving bank facilities of €700,000, which are renewed annually: the facility with Privredna banka Zagreb d.d. was renewed in January 2026 and the facility with Hrvatska poštanska banka d.d. runs to 31 October 2026 (notes 11 and 18). The directors have assessed the ability of the company and the group to continue in operation for a period of at least 12 months from the date of approval of these financial statements, taking account of trading, cash flows and available facilities, and have a reasonable expectation that they will be able to meet their obligations as they fall due. The financial statements have therefore been prepared on a going concern basis.
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5.
Turnover
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 rendering of services.
Turnover 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Where the group acts as agent and is a reseller of software only the margin or commission due to the group is recognised as turnover.
2.6.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets.
Goodwill is amortised on a straight line basis over its expected useful life which is estimated to be 9 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised. The carrying amount of goodwill is amortised over the remaining useful life on a straight line basis.
2.7.
Research and Development
All research costs are recognised as an expense in the Profit and Loss Account.
Development costs on intangible assets are recognised if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. Once the product is completed and available for use, the capitalised development costs are amortised to Profit and Loss Account on a straight line basis over their expected useful economic lives which is 4 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
The carrying value of Intangibles is reviewed for impairment at each balance sheet date and any impairment is recognised in the Profit and Loss Account.
2.8.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.9.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.10.
Financial Instruments
The group has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102. Financial assets and liabilities are recognised when the group becomes a party to the contractual provisions of the instrument, and are offset only where there is a legally enforceable right of set-off and an intention to settle on a net basis.
Financial instruments are recognised 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. 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 and bank loans, 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 payment ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
They are subsequently measured at amortised cost using the effective interest method; amounts receivable or payable within one year are not discounted. Investments in listed securities and money market funds are measured at fair value, with changes in fair value recognised in profit or loss.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
2.11.
Foreign Currencies
The functional currency of the company and of Yard Associates Limited is pound sterling; the functional currency of Koios savjetovanje d.o.o. is euro. Transactions in foreign currencies are translated into the functional currency at the rate on the date of the transaction, or at an average rate where this approximates the actual rates. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rate. Exchange differences, including those on intra-group loans, are recognised in profit or loss: those on loans, borrowings and cash within interest payable and similar expenses, and other exchange differences within administrative expenses.
On consolidation and for the company balance sheet, the assets and liabilities of entities whose functional currency is pound sterling, including goodwill arising on the acquisition of Yard Associates Limited, are translated into euro at the closing rate. Their income and expenses are translated at the average rate for the period. The resulting exchange differences are recognised in other comprehensive income and accumulated in the translation reserve. At the date of transition, the company's assets, liabilities and equity were translated at the rate on that date, and translation differences are accumulated from 1 January 2024.
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.12.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.13.
Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.14.
Government Grant
Government grants are recognised in other operating income using the accrual model, when there is reasonable assurance that the grant will be received and the conditions attached to it will be complied with.
2.15.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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, an 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 groups of assets.
Investments in subsidiaries are measured in the company balance sheet at cost less impairment. Unlisted equity investments
whose fair value cannot be measured reliably are measured at cost less impairment. Current asset investments in money market funds are measured at fair value through profit or loss. Investments are reviewed for indicators of impairment at each reporting date.
2.16.
Share-based payments
The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straightline basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.17.
Share capital
Equity instruments are recognised at the cost of proceeds.
Dividends are recognised in equity when they are paid or, if earlier, when they are approved by the shareholders.
2.18.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3.
Average Number of Employees
Group
Average number of employees, including directors, during the year was: 74 (2024: 73)
Company
Average number of employees, including directors, during the year was: 1 (2024: 1)
4.
Intangible Assets
Group
Company
| Goodwill | Other | Development Costs | Total | |
|---|---|---|---|---|
| € | € | € | € | |
| Cost | ||||
| As at 1 January 2025 |
|
|
|
|
| Additions |
|
|
|
|
| Other |
( |
( |
|
( |
| As at 31 December 2025 |
|
|
|
|
| Amortisation | ||||
| As at 1 January 2025 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Other |
( |
( |
|
( |
| As at 31 December 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2025 |
|
|
|
|
| As at 1 January 2025 |
|
|
|
|
| Other | |||
|---|---|---|---|
| € | |||
| Cost | |||
| As at 1 January 2025 |
|
||
| Other |
( |
||
| As at 31 December 2025 |
|
||
...CONTINUED
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
| Amortisation | |||
| As at 1 January 2025 |
|
||
| Provided during the period |
|
||
| Other |
( |
||
| As at 31 December 2025 |
|
||
| Net Book Value | |||
| As at 31 December 2025 |
|
||
| As at 1 January 2025 |
|
||
5.
Tangible Assets
Group
Company
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|
| € | € | € | € | |
| Cost | ||||
| As at 1 January 2025 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
( |
( |
| Other |
( |
( |
( |
( |
| As at 31 December 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2025 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
( |
( |
| Other |
( |
( |
( |
( |
| As at 31 December 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2025 |
|
|
|
|
| As at 1 January 2025 |
|
|
|
|
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|
| € | € | € | € | |
| Cost | ||||
| As at 1 January 2025 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
( |
( |
| Other |
( |
( |
( |
( |
| As at 31 December 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2025 |
|
|
|
|
...CONTINUED
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
( |
( |
| Other |
( |
( |
( |
( |
| As at 31 December 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2025 |
|
|
|
|
| As at 1 January 2025 |
|
|
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| € | € | ||
| Motor Vehicles |
|
|
|
6.
Investments
Group
Company
| Unlisted | |
|---|---|
| € | |
| Cost or Valuation | |
| As at 1 January 2025 |
|
| Other |
( |
| As at 31 December 2025 |
|
| Provision | |
| As at 1 January 2025 |
|
| As at 31 December 2025 |
|
| Net Book Value | |
| As at 31 December 2025 |
|
| As at 1 January 2025 |
|
| Subsidiaries | Unlisted | Total | |
|---|---|---|---|
| € | € | € | |
| Cost or Valuation | |||
| As at 1 January 2025 |
|
|
|
| Additions |
|
|
|
| Other |
( |
( |
( |
| As at 31 December 2025 |
|
|
|
| Provision | |||
| As at 1 January 2025 |
|
|
- |
| As at 31 December 2025 |
|
|
- |
...CONTINUED
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
| Net Book Value | |||
| As at 31 December 2025 |
|
|
|
| As at 1 January 2025 |
|
|
|
The company had the following investments in group undertakings:
- 100% of Yard Associates Limited, a company registered in England and Wales under company number 05901256 with registered office The Maltings, East Tyndall Street, Cardiff, Wales, CF24 5EA
- 100% of Koios Savjetovanje D.O.O., a company registered in Croatia with registered office Radnicka cesta 37a, 10000 Zagreb, Croatia
7.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 as restated |
2025 | 2024 as restated |
||||
| € | € | € | € | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Prepayments and accrued income |
|
|
|
|
|||
| Other debtors |
|
|
|
|
|||
| Corporation tax recoverable assets | - |
|
|
|
|||
| Deferred tax current asset | - | 17,330 | - | - | |||
| VAT | - | - | - |
|
|||
| Directors' loan accounts |
|
|
|
|
|||
| Amounts owed by group undertakings | - | - | - |
|
|||
|
|
|
|
|
||||
| Due after more than one year | |||||||
| Other debtors | - |
|
|
|
|||
|
|
|
|
|
||||
Prepayments and accrued income include accrued income on contracts in progress of €166,444 (2024: €111,571). All debtors fall due within one year.
Amounts owed by group undertakings were unsecured, interest free and repayable on demand.
8.
Current Asset Investments
| 2025 | 2024 as restated |
||
|---|---|---|---|
| € | € | ||
| Listed investments | - | 500,265 | |
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
9.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 as restated |
2025 | 2024 as restated |
||||
| € | € | € | € | ||||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
|
|||
| Trade creditors |
|
|
|
|
|||
| Bank loans and overdrafts |
|
|
|
|
|||
| Corporation tax |
|
|
|
|
|||
| Other taxes and social security |
|
|
|
|
|||
| VAT |
|
|
|
- | |||
| Net wages | 137,648 | 123,923 | 1,334 | 1,462 | |||
| Other creditors |
|
|
|
|
|||
| Accruals and deferred income |
|
|
|
|
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|
|
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|
|
||||
Amounts due on hire purchase contracts are secured against motor vehicles included in Tangible Assets.
The bank loans are borrowings of Koios savjetovanje d.o.o. and comprise:
• a term loan from Privredna banka Zagreb d.d. of €2,240,000, drawn in June 2024, repayable in 84 equal monthly instalments ending on 31 August 2031 and bearing fixed interest of 4.50% per annum; balance €1,813,314 (2024: €2,155,912);
• a revolving facility from Privredna banka Zagreb d.d., drawn €400,000 (2024: €600,000), at fixed interest of 4.20% per annum (2024: 4.00%), with final repayment on 31 December 2025; it was renewed in January 2026 (note 18);
• a revolving facility from Hrvatska poštanska banka d.d., drawn €300,000 (2024: €500,000), renewed in November 2025 to 31 October 2026 at fixed interest of 4.25% per annum (2024: 4.70%); and
• in 2024, a 12-month loan from Erste&Steiermärkische Bank d.d. at 4.95% per annum, with €116,667 outstanding at 31 December 2024, repaid in full in July 2025.
The bank loans are secured by promissory notes issued by Koios savjetovanje d.o.o., co-signed by a director as guarantor (note 17), by joint and several guarantees from the company and Yard Associates Limited, and by security over the company's shares in Yard Associates Limited. The term loan agreement includes financial covenants.
Obligations under hire purchase contracts relate to a motor vehicle held by the company, are secured on that vehicle and are repayable by October 2027.
Amounts due to subsidiaries are secured against its shareholding in Yard Associates Limited, a wholly owned subsidiary, with no fixed repayment terms and interest is paid at 5% p.a.
10.
Creditors: Amounts Falling Due After More Than One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 as restated |
2025 | 2024 as restated |
||||
| € | € | € | € | ||||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
|
|||
| Bank loans |
|
|
|
|
|||
|
|
|
|
|
||||
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Amounts due on hire purchase contracts are secured against motor vehicles included in Tangible Assets.
The bank loans are borrowings of Koios savjetovanje d.o.o. and comprise:
• a term loan from Privredna banka Zagreb d.d. of €2,240,000, drawn in June 2024, repayable in 84 equal monthly instalments ending on 31 August 2031 and bearing fixed interest of 4.50% per annum; balance €1,813,314 (2024: €2,155,912);
• a revolving facility from Privredna banka Zagreb d.d., drawn €400,000 (2024: €600,000), at fixed interest of 4.20% per annum (2024: 4.00%), with final repayment on 31 December 2025; it was renewed in January 2026 (note 18);
• a revolving facility from Hrvatska poštanska banka d.d., drawn €300,000 (2024: €500,000), renewed in November 2025 to 31 October 2026 at fixed interest of 4.25% per annum (2024: 4.70%)
The bank loans are secured by promissory notes issued by Koios savjetovanje d.o.o., co-signed by a director as guarantor (note 17), by joint and several guarantees from the company and Yard Associates Limited, and by security over the company's shares in Yard Associates Limited. The term loan agreement includes financial covenants.
Amounts due to subsidiaries are secured against its shareholding in Yard Associates Limited, a wholly owned subsidiary, with no fixed repayment terms and interest is paid at 5% p.a.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
| Group | ||||
|---|---|---|---|---|
| 2025 | 2024 as restated |
|||
| € | € | |||
| Bank loans |
|
|
||
11.
Obligations Under Finance Leases and Hire Purchase
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 as restated |
2025 | 2024 as restated |
||||
| € | € | € | € | ||||
| The future minimum finance lease payments are as follows: | |||||||
| Not later than one year |
|
|
|
|
|||
| Later than one year and not later than five years |
|
|
|
|
|||
|
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|
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|
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|
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Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
13.
Other Commitments
The company has guaranteed, jointly and severally with Yard Associates Limited, the term loan of Koios savjetovanje d.o.o. from Privredna banka Zagreb d.d., of which €1,813,314 (2024: €2,155,912) was outstanding at the year end. The company's shares in Yard Associates Limited are held as security by Privredna banka Zagreb d.d. and in respect of the loan from Koios savjetovanje d.o.o. (note 10).
At 31 December 2025, banks had issued guarantees on behalf of Koios savjetovanje d.o.o. totalling €54,087 (2024: €40,611): a guarantee of €40,611 in favour of the landlord of the Zagreb office and a performance guarantee of €13,476 under a framework agreement with a customer. No liability is expected to arise.
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| € | € | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
14.
Pension Commitments
The group operates defined contribution pension arrangements. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost for the year, representing contributions payable by the group, was €57,211 (2024: €48,127), of which €18,747 (2024: €23,578) was paid by the company.
15.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 January 2025 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 December 2025 | |
|---|---|---|---|---|---|
| € | € | € | € | € | |
| Mr Stjepan Pavlek Posavec |
|
|
|
- |
|
The above loan was unsecured, interest paid at 2.25% - 3.75% and repayable on demand.
16.
Reserves
| Share Premium | Capital Redemption | Foreign exchange reserve | Profit and Loss Account | |
|---|---|---|---|---|
| € | € | € | € | |
| As at 1 January 2025 |
|
|
|
|
| Profit for year | - | - | - | 262,425 |
| Other comprehensive income | - | - | (23,086) | - |
| Other comprehensive income for the year | - | - |
( |
|
| Total comprehensive income for the year | - | - | (23,086) |
|
| Dividends paid | - | - | - | (279,762) |
| As at 31 December 2025 |
|
|
( |
|
Koios Consulting Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Share premium account – amounts subscribed for share capital in excess of nominal value.
Capital redemption reserve – the nominal value of shares repurchased and cancelled.
Foreign exchange reserve – cumulative exchange differences arising on translating the sterling financial statements of foreign operations, and the goodwill, into the presentation currency. The reserve is not distributable.
Profit and loss account – cumulative profits and losses, less dividends paid and purchases of own shares.
17.
Post Balance Sheet Events
In January 2026 Privredna banka Zagreb d.d. renewed the group's revolving facility. The limit was reduced to €600,000, the
final repayment date was extended to 30 November 2026 and the fixed interest rate was reduced to 4.00% from 15 November 2025. The renewed facility is guaranteed by the company and Yard Associates Limited, and the promissory note securing it is co-signed by a director.
18.
Related Party Transactions
The group has taken advantage of the exemption in FRS 102 Section 33 from disclosing transactions between members of the group that are wholly owned.
Stjepan Pavlek Posavec, a director, has co-signed as guarantor the promissory notes that secure the group's borrowings from
Privredna banka Zagreb d.d. No fee is payable for this guarantee. Advances to directors are disclosed in note 15.
19.
Transition to FRS 102
The company previously prepared individual financial statements in pounds sterling under FRS 105 (the micro-entity regime),most recently for the year ended 31 December 2024, and did not prepare group accounts.
These are the first financial statements prepared under FRS 102 and the first consolidated financial statements of the group; the 2024 consolidated comparatives are presented for the first time. The date of transition is 1 January 2024.
The only adjustment to the company's figures on transition was the recognition of deferred tax on timing differences (accelerated capital allowances) and unused tax losses. In addition, the company's figures are now presented in euro.
The comparatives have been restated and details of the effects are detailed below.
|
1 January 2024
|
31 December 2024
|
||
|
Reconciliation of Equity
|
|||
|
Equity as reported under FRS 105 (£)
|
£465,343
|
£372,123
|
|
|
Adjustments to transition to FRS 102 for deferred tax
|
£(19,212)
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
£(17,396)
|
|
|
Equity under FRS 102
|
£446,131
|
£354,727
|
|
|
Closing exchange rate (€ per £1)
|
1.15342
|
1.20887
|
|
|
Equity under FRS 102 (€) – company statement of changes in equity
|
€514,575
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
€428,818
|
|
Reconciliation of Profit or Loss
|
2024
|
|
Profit as reported under FRS 105 (£)
|
£142,265
|
|
Adjustments to transition to FRS 102 for deferred tax
|
£1,816
|
|
Profit under FRS 102 (£)
|
£144,081
|
|
Profit under FRS 102 (€)
|
€168,439
|