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Summary of significant accounting policies This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the Group, consisting of Alfa Financial Software Holdings PLC (Alfa or the Company) and its subsidiaries, and are presented to the nearest \u00a30.1m unless otherwise stated. The principal activity of the Group is to develop, implement and support software and SaaS solutions to the auto and equipment finance industry in the United Kingdom, Europe, Africa, Americas, and Australasia. 1.1 Basis of preparation Compliance with IFRS The consolidated financial statements of the Group have been prepared in accordance with the Companies Act 2006 and with United Kingdom adopted International Accounting Standards. Historical cost convention The consolidated financial statements have been prepared under the historical cost convention, other than the revaluation of financial assets and financial liabilities recorded at fair value through profit or loss. Going concern The financial statements are prepared on the going concern basis. The Group continues to be cash-generative and the Directors believe that the Group has a resilient business model. The Group meets its day-to-day working capital requirements through its cash reserves generated from operating activities. The Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group has sufficient cash reserves to continue to operate for a period of not less than 12 months from the date of these financial statements. The going concern assessment also includes downside stress testing in line with FRC guidance which demonstrates that even in the most extreme downside conditions considered reasonably possible, given the existing level of cash held, the Group would continue to be able to meet its obligations as they fall due. On this basis, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.
New and amended standards adopted by the Group
The Group has not adopted any new and amended standards in the current financial year
that have had any material impact on the disclosures or on the amounts reported in these
financial statements.
New standards, amendments and interpretations not yet adopted
At the date of authorisation of these financial statements, the Group has not applied the following
new and revised IFRS Standards that have been issued but are not yet effective:
\u2022 IFRS 18 \u2013 \u2018Presentation and Disclosures in Financial Statements\u2019 (effective 1 January 2027)
\u2022 UK Sustainability Reporting Standards \u2013 UK SRS S1 \u2018General Requirements for Disclosure of
Sustainability-related Financial Information\u2019 and UK SRS S2 \u2018Climate-related Disclosures\u2019
(published in February 2026 and available for voluntary use in the UK)
The Directors have not yet completed a detailed assessment of the impact of these new and
revised standards. IFRS 18 is not expected to have a material impact on the recognition and
measurement of the Group\u2019s assets and liabilities but is expected to affect the presentation and
disclosures in future periods. UK SRS S1 and UK SRS S2 are expected to impact the nature and
extent of the Group\u2019s sustainability-related and climate-related disclosures rather than the
amounts recognised in the consolidated financial statements.
1.2 Group structure
Basis of consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. Unless otherwise stated,
subsidiaries have share capital consisting solely of ordinary shares, and the proportion of
ownership interests held equals the voting rights held by the Group. The country of incorporation
or registration is also each subsidiary\u2019s principal place of business.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
All subsidiaries have a 31 December year end. The Group exercises control over the employee
benefit trust (EBT) because it is exposed to, and has a right to, variable returns from this EBT and
is able to use its power over the EBT to affect those returns. The EBT is therefore consolidated by
the Group.
1.3 Segment reporting
Operating and reporting segments are reported in a manner consistent with the internal
reporting provided to the Chief Operating Decision Maker (CODM). The Group\u2019s Chief Executive
Officer (CEO), who is responsible for allocating resources and assessing performance, has been
identified as the CODM.
The CODM regularly reviews the Group\u2019s operating results in order to assess performance and to
allocate resources. The CODM considers the business from a product perspective and, therefore,
recognises one operating and reporting segment, being the sale of software and related services.
The Group splits revenue by type of activity but reports operating results on a consolidated basis,
as presented to the CODM, along with the required entity-wide disclosures.
The Group discloses revenue split by type of activity, being Subscription, Software Engineering
and Delivery.
a.\u2003 Subscription revenues include recurring revenues paid on a monthly or annual basis,
including subscription licence revenues, maintenance and cloud hosting.
b.\u2003 Software Engineering revenues include revenues from development, the recognition of
customised licence revenue, and any one-off licence fees.
c.\u2003 Delivery revenues are revenues from any work done for customers including pre-
implementation, implementation work and ongoing services.
See note 1.5 for details of our revenue recognition accounting policy and note 2 for the critical
accounting judgements in relation to revenue recognition.
Functional currency Items included in the consolidated financial statements of each of the Group\u2019s subsidiaries are measured using their functional currency. The functional currency of the parent and each subsidiary is the currency of the primary economic environment in which the entity operates. See applicable exchange rates used in 2025 and 2024 below:
2025
2024
Closing
Average
Closing
Average
USD
1.35
1.32
1.25
1.28
EUR
1.15
1.17
1.21
1.18
NZD
2.34
2.27
2.24
2.11
AUD
2.02
2.05
2.02
1.94
Presentation currency The consolidated financial statements are presented in pounds sterling. The Company\u2019s functional and presentation currency is pounds sterling. Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position. \u2022 Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions). \u2022 All resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange differences arising from the settlement of such transactions and from the translation at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. See applicable exchange rates used by the Group above. 1.5 Revenue recognition The Group derives revenue by type of activity being Subscription, Software Engineering and Delivery (as disclosed in note 1.3). i\u2003 Subscription revenue includes the periodic rights to use Alfa Systems, periodic maintenance, and subscription (including cloud hosting). ii\u2003 Software Engineering revenue includes chargeable development revenue, customised licence revenue, options over the right to use Alfa Systems, and one-off licence fees. iii\u2003Delivery revenue includes software implementation services. The Group provides the right to use, software development services, core implementation services and ongoing support of its product, Alfa Systems. The Group\u2019s contractual arrangements contain multiple deliverables or services, such as the development or customisation of the software to the customer\u2019s requirements, implementation services such as migration of data and testing, and certain project management services. Alfa assesses whether there are distinct performance obligations at the start of each contract and throughout the performance of the implementation, development and services projects and maintenance period. These performance obligations are laid out in this note. Any one contract may include a single performance obligation or a combination of those listed below: 1.5.1 Software implementation services Where implementation services are considered to be distinct, i.e. when relatively straightforward, do not require additional development services and could be performed by an external third party, the implementation services are accounted for as a separate performance obligation from any development services. When a customer is in the process of implementing the software, the transaction price is allocated to this based on the stand-alone selling prices (derived from standard day rates) and is recognised over time based on the effort incurred, limited to the amount to which Alfa has a right to payment. For customers under the Group\u2019s subscription-based contracts that are undergoing implementation, revenue for software implementation services is deemed to be distinct from any other performance obligation. Recognition over time is appropriate because customers simultaneously receive and consume the benefits provided. A percentage-of-completion basis is used to estimate progress towards completion of the performance obligation over time. To calculate the percentage-of-completion, data is derived from timesheets for the days worked for the customer on implementation work and compared with the latest forecast of total implementation days to be completed on the project. When the type of services provided are ongoing services, the transaction price is deemed to be the actual day rate, and revenue is recognised at a point in time as the service is provided. 1.5.2 Development services and licence services (the customised licence) Another performance obligation is the granting of a right to use Alfa Systems, which includes the delivery of the related software licence and any development efforts which change the underlying code. During the initial phase of implementing the software, the total revenue attributable to this performance obligation is estimated at the outset of the relevant software implementation project and recognised as the effort is expended, on a percentage-of-completion basis, limited to the amount of revenue to which Alfa has the right to payment. See note 5.6 for the accounting policy for variable consideration. Recognition over time is appropriate because customers obtain the ability to benefit from the product from the start of the implementation project; the development or customisation of the asset is tailored to the customer\u2019s specific requirements; and the customer is entitled to the benefits of the efforts as at the date the efforts are delivered. A percentage-of-completion basis is used to estimate progress towards completion of the performance obligation over time. To calculate the percentage-of-completion, data is derived from timesheets for the days worked for the customer on development work and compared with the latest forecast of total development days to be completed on the project. Revenue attributable to development services is valued using the residual value method as there are no stand-alone selling prices which are observable, as each project is customised. For customers under the Group\u2019s subscription-based contracts that are undergoing implementation, revenue for development services is deemed to be distinct from any other performance obligation and is recognised based on a percentage-of-completion basis. Once the customer is already using the software, and the services provided are ongoing development, the transaction price is deemed to be the actual day rate and revenue is recognised at a point in time as the development service is provided. 1.5.3 Option over the right to use Alfa Systems In the event that perpetual licence customers have to pay periodic maintenance fees in order to keep using Alfa Systems, a component of these future maintenance fees is attributable to the right to use the software. In these circumstances, the licence granted by Alfa is considered to renew in future periods. There may be a material right in respect of discounts in future periods. In order to ascribe a value to this option, management annualises the value of the customised licence performance obligation and compares it to the annual right to use software performance obligation post-go-live. The value of this option is built up from the start of the implementation project in line with the percentage-of-completion of development revenue described in note 1.5.2 above. Following the completion of the implementation project, the value of this option is recognised evenly over the expected remaining customer life. 1.5.4 Periodic right to use Alfa Systems When a customer pays its maintenance fee annually, this performance obligation represents the proportion of this fee which relates to the periodic option to renew the right to use Alfa Systems. If there is the right of clawback of the annual right to use, such amounts are recognised throughout the annual period. If there is no right of clawback, then the annual right to use amount is recognised in full when there is a right of collection. When a customer pays for its maintenance fee as part of a subscription contract (see note 1.5.6 below), it will not be treated as a separate performance obligation (and will instead be part of the subscription amount).
1.5.5 Periodic maintenance amounts
This represents the stand-alone selling price of the ongoing support or maintenance of Alfa
Systems which is recognised throughout the period over which the services are delivered.
1.5.6 Subscription amounts
Certain of the Group\u2019s implementation and service contracts include a subscription payment
mechanism. This represents a monthly fee charged to the customer covering one or more of
the following performance obligations: the provision of monthly hosting services; the monthly
periodic right to use Alfa Systems; and the provision of monthly maintenance services (when this
becomes applicable to the customer). The monthly payments are recognised as revenue in the
period to which they relate. This reflects the underlying performance obligations of the Group
and termination rights of the customer.
1.5.7 One-off revenue amounts
From time to time, the Group is entitled to receive one-off licence revenue from its customers as
they increase the number of contracts on their version of Alfa Systems. Additionally, there are
times when catch-up periodic maintenance amounts are entitled to be received by the Group,
also as a result of the increased number of contracts. Generally, this revenue is recognised at the
point in time it is invoiced, or becomes contractually payable, reflecting the fact that the Group
has no remaining performance obligations to satisfy.
Costs to obtain contracts
The Group incentivises its sales force for securing sales. In line with IFRS 15, these costs are
capitalised and are amortised in line with the percentage-of-completion of the software
implementation project to which they relate.
Costs to fulfil contracts
The Group has recognised an asset in relation to employee costs to fulfil its long-term
development contracts (as disclosed in note 20). These costs relate directly to the contracts,
generate or enhance resources to be used to satisfy performance obligations in the future and
are expected to be recovered. This asset is presented within prepayments in the statement of
financial position. These costs are amortised within cost of sales in line with the percentage-of-
completion of the development project to which they relate.
1.6 Operating expenses
Operating expenses include items such as personnel costs (including training and recruitment),
cost of software not capitalised, research and development costs, and other infrastructure
expenses. These items have been grouped into the following categories for disclosure purposes:
\u2022 Cost of sales \u2013 this includes salaries and other direct costs associated with satisfying customer
contracts (including hosting costs) and for developing software.
\u2022 Sales, general and administrative expenses \u2013 this includes all the residual operating costs.
1.7 Income tax
Taxation expense for the year comprises current and deferred tax recognised in the reporting
period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. Current or deferred taxation assets and
liabilities are not discounted.
Under the R&D Expenditure Credit (also referred to as the \u2018RDEC\u2019) scheme, the Group has received
a tax credit based on qualifying R&D expenditure. This tax credit is recognised within pre-tax
income, as \u2018Other Income\u2019.
Current tax
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the reporting date in the countries where the Group and its subsidiaries operate and
generate taxable income. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred income tax is recognised, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s
consolidated financial statements. However, deferred income tax assets and liabilities are not
recognised on the initial recognition of an asset or liability in a transaction other than a business
combination which, at the time of the transaction, affects neither accounting nor taxable profit
and does not give rise to equal taxable and deductible temporary differences.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes, assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. 1.8 Leases The Group enters into lease contracts in respect of various properties and motor vehicles. These rental contracts are typically made for fixed periods of two to ten years, and sometimes have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. In accordance with IFRS 16, leases are recognised as a right-of-use asset with a corresponding liability, at the date at which the leased asset is available for use by the Group. These assets and liabilities are initially measured on a present value basis (as set out in more detail below), with each subsequent lease payment allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Alfa assesses whether a contract is, or contains, a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability, with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months, or less) and leases of low-value assets. For these leases, the Group recognises the lease payments as an expense on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives; \u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; \u2022 The amount expected to be payable by the lessee under residual value guarantees; \u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and \u2022 Penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented in separate lines, split between current and non-current liabilities, in the consolidated statement of financial position. It is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed, or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; \u2022 The lease payments change due to changes in an index, or rate, or a change in expected payment under a guaranteed residual value. In these cases, the lease liability is remeasured by discounting the revised lease payments, using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); and \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. Right-of-use assets The right-of-use assets comprise: \u2022 The initial measurement of the corresponding lease liability; \u2022 Lease payments made at, or before, the commencement day; \u2022 Any initial direct costs; and \u2022 Restoration costs. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses (if applicable). They are depreciated from the commencement date of the lease and over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects an expectation that the Group will exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. Currently, the Group does not have any leases that include a purchase option, or transfer ownership of the underlying asset. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located, or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. During the current financial period, there have been no changes in such assessments. Variable rents that do not depend on an index, or rate, are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included as an expense in the consolidated statement of profit or loss and comprehensive income. 1.9 Impairment of non-financial assets Goodwill is tested annually for impairment. The carrying amount is allocated to the cash- generating unit (CGU) that is expected to benefit from investment and which represents the lowest level at which the goodwill is monitored for internal management purposes. The carrying value of the CGU is then compared to the higher of its fair value less costs of disposal and its value in use. Any impairment attributed to the goodwill is recognised immediately as an expense and is not subsequently reversed. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 1.10 Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand as well as short-term deposits with original maturities of three months or less. 1.11 Financial assets Recognition and derecognition Financial assets are recognised in the statement of financial position when the Group becomes party to the contractual provision of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: \u2022 Amortised cost; \u2022 Fair value through profit or loss (FVTPL); and \u2022 Fair value through other comprehensive income (FVOCI). In the periods presented, the Group does not have any material financial assets categorised as FVTPL or FVOCI. The classification is determined by both: \u2022 The entity\u2019s business model for managing the financial asset; and \u2022 The contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognised in profit or loss, where material, are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within sales, general and administrative expenses. Subsequent measurement of financial assets Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 They are held within a business model whose objective is to hold the financial assets and collect their contractual cash flows; and \u2022 The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s trade and most other receivables (notes 19 and 20) and cash and cash equivalents (note 21) fall into this category of financial instruments. Impairment of financial assets Under IFRS 9, the requirements are to use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. The Group considers a broad range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. 1.12 Trade receivables Trade receivables are amounts due from customers for licences sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days of the invoice date and are therefore all classified as current. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. The Group has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. The expected impairment loss is recognised in the consolidated statement of profit or loss and comprehensive income within sales, general and administrative expenses, and subsequent recoveries are credited to the same account previously used to recognise the impairment charge. During the current and prior period, the result of the above was immaterial and no impairment loss has been recognised. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The credit qualities of these receivables are periodically assessed by reference to external credit ratings (if available) or to historical information about their default rates. The Group does not hold any collateral as security. As the total carrying amount of the current portion of the trade and other receivables is due within the next 12 months after the reporting date, the impact of applying the effective interest method is not significant and, therefore, the carrying amount equals the contractual amount or the fair value initially recognised. 1.13 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the item. Depreciation on assets is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: \u2022 Fixtures and fittings: 3-10 years \u2022 IT equipment: 2-5 years The assets\u2019 residual values and useful lives are reviewed and adjusted if necessary at each reporting date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Repairs and maintenance are charged to the consolidated statement of profit or loss and comprehensive income as incurred. Any gains or losses on disposals are recognised within sales, general and administrative expenses in the consolidated statement of profit or loss and comprehensive income unless otherwise specified. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, which is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. 1.14 Goodwill and other intangible assets Goodwill Goodwill arose on the acquisition of subsidiaries in 2012 and represents the excess of the consideration transferred over the fair value of the identifiable assets acquired and the liabilities and contingent liabilities assumed. The Group assesses whether goodwill has suffered any impairment on an annual basis in accordance with the accounting policy stated in note 1.9 above. There is one CGU, being the Group, as its geographical operations do not have separate or distinct cash inflows. The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts. Budgeted cash flow projections are based on the expectation of signing new customers in the Group\u2019s sales pipeline as well as ongoing projects with existing customers. Budgeted gross margin is based on historical evidence and the expectations of market development and efficiency leverage. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. The discount rate used reflects the Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for region-specific risks and other factors as required by IFRS. Intangible assets Internally generated intangible assets are initially measured at cost, and only qualify for capitalisation if the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset, including how the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. The cost for internally generated intangible assets is based on the time spent by staff on product development activities, to which a day rate based on salary cost is applied. Development expenditure incurred on minor or major upgrades, or other changes in software functionality, does not satisfy the criteria, where it is considered that the product is not substantially new in its design or functional characteristics. Such expenditure is therefore recognised as an expense. The Group continually assesses the eligibility of development costs for capitalisation on a project by-project basis. See note 15 for disclosure of development costs which have met the criteria of IAS 38 for recognition. Externally acquired intangible assets are initially recorded at historical cost. Historical cost includes expenditure that is directly attributable to the acquisition of the item. The Group amortises intangible assets with a limited useful life, using the straight-line method over the following periods: \u2022 Computer software: licence period or 10 years as applicable \u2022 Internally generated software: 3-5 years Amortisation is presented within sales, general and administrative expenses. Research and development costs which do not meet the criteria set out above are recognised as an expense when incurred. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. 1.15 Trade and other payables Trade payables are obligations to pay for goods or services which have been acquired in the ordinary course of business from suppliers. Trade payables are recognised initially at fair value and subsequently measured at amortised costs using the effective interest rate method. As the total carrying amount is due within the next 12 months from the reporting date, the impact of applying the effective interest method is not significant and, therefore, the carrying amount equals the contractual amount or the fair value initially recognised. The Group\u2019s financial liabilities include trade and other payables and lease liabilities. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expired. Trade and other payables and lease liabilities are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. 1.16 Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. When the effect of the discounting is material, provisions are measured at the present value of the expenditures expected to be required to settle the obligation. 1.17 Employee benefits The Group provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. Short-term benefits Short-term benefits, including health cover and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. Post-employment benefits The Group operates various defined contribution plans for its employees. A defined contribution plan is a pension plan where the Group pays fixed contributions into a separate independent entity. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee\u2019s service in the current and prior periods. Employee share scheme expense The Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. For those share schemes with market-related vesting conditions, the fair value is determined using the Monte Carlo model at the grant date. For share options issued with non-market performance vesting conditions, the fair value of the underlying vehicle is equal to the grant date share price discounted by the expected dividend yield to reflect the lack of dividend accrual over the vesting period. For all other share awards, those with pure employment conditions attached, the fair value is determined by reference to the market value of the shares at the grant date or (where they have an exercise price) by using the Black Scholes model. For all share schemes with non-market vesting conditions, the likelihood of vesting has been taken into account when determining the relevant charge. Vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations. 1.18 Equity Ordinary shares Ordinary shares are classified as equity. There are no restrictions on the distribution of capital and the repayment of capital. Cumulative translation reserve Exchange differences arising on translation of foreign subsidiaries are recognised in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount would be reclassified to profit or loss if the entity was disposed of. Own shares Own shares represent the shares of the parent company Alfa Financial Software Holdings PLC that are either held by the EBT, or acquired by the Group as part of its share buy-back programme (see note 27). Own shares are recorded at cost and deducted from equity. 1.19 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of Alfa by the weighted average number of ordinary shares outstanding during the year (excluding own shares held). Diluted earnings per share Diluted earnings per share is calculated in line with the basic earnings per share calculation above except that the weighted average number of shares includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day of the accounting period or the date of the grant, if later. The shares have no right to voting or to dividends while held in trust.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "
This note provides a list of the significant accounting policies adopted in the preparation of these
consolidated financial statements. These policies have been consistently applied to all the years
presented, unless otherwise stated. The financial statements are for the Group, consisting of Alfa
Financial Software Holdings PLC (Alfa or the Company) and its subsidiaries, and are presented to
the nearest \u00a30.1m unless otherwise stated.
The principal activity of the Group is to develop, implement and support software and SaaS
solutions to the auto and equipment finance industry in the United Kingdom, Europe, Africa,
Americas, and Australasia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Alfa Financial Software Holdings PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "1.1 Basis of preparation Compliance with IFRS The consolidated financial statements of the Group have been prepared in accordance with the Companies Act 2006 and with United Kingdom adopted International Accounting Standards. Historical cost convention The consolidated financial statements have been prepared under the historical cost convention, other than the revaluation of financial assets and financial liabilities recorded at fair value through profit or loss. Going concern The financial statements are prepared on the going concern basis. The Group continues to be cash-generative and the Directors believe that the Group has a resilient business model. The Group meets its day-to-day working capital requirements through its cash reserves generated from operating activities. The Group\u2019s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group has sufficient cash reserves to continue to operate for a period of not less than 12 months from the date of these financial statements. The going concern assessment also includes downside stress testing in line with FRC guidance which demonstrates that even in the most extreme downside conditions considered reasonably possible, given the existing level of cash held, the Group would continue to be able to meet its obligations as they fall due. On this basis, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. New and amended standards adopted by the Group The Group has not adopted any new and amended standards in the current financial year that have had any material impact on the disclosures or on the amounts reported in these financial statements. New standards, amendments and interpretations not yet adopted At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 IFRS 18 \u2013 \u2018Presentation and Disclosures in Financial Statements\u2019 (effective 1 January 2027) \u2022 UK Sustainability Reporting Standards \u2013 UK SRS S1 \u2018General Requirements for Disclosure of Sustainability-related Financial Information\u2019 and UK SRS S2 \u2018Climate-related Disclosures\u2019 (published in February 2026 and available for voluntary use in the UK) The Directors have not yet completed a detailed assessment of the impact of these new and revised standards. IFRS 18 is not expected to have a material impact on the recognition and measurement of the Group\u2019s assets and liabilities but is expected to affect the presentation and disclosures in future periods. UK SRS S1 and UK SRS S2 are expected to impact the nature and extent of the Group\u2019s sustainability-related and climate-related disclosures rather than the amounts recognised in the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "
Compliance with IFRS
The consolidated financial statements of the Group have been prepared in accordance with the
Companies Act 2006 and with United Kingdom adopted International Accounting Standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
Going concern
The financial statements are prepared on the going concern basis. The Group continues to be
cash-generative and the Directors believe that the Group has a resilient business model. The
Group meets its day-to-day working capital requirements through its cash reserves generated
from operating activities. The Group\u2019s forecasts and projections, taking account of reasonably
possible changes in trading performance, show that the Group has sufficient cash reserves
to continue to operate for a period of not less than 12 months from the date of these
financial statements.
The going concern assessment also includes downside stress testing in line with FRC guidance
which demonstrates that even in the most extreme downside conditions considered reasonably
possible, given the existing level of cash held, the Group would continue to be able to meet its
obligations as they fall due.
On this basis, the Directors consider it appropriate to continue to adopt the going concern basis
of accounting in preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "New and amended standards adopted by the Group The Group has not adopted any new and amended standards in the current financial year that have had any material impact on the disclosures or on the amounts reported in these financial statements. New standards, amendments and interpretations not yet adopted At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 IFRS 18 \u2013 \u2018Presentation and Disclosures in Financial Statements\u2019 (effective 1 January 2027) \u2022 UK Sustainability Reporting Standards \u2013 UK SRS S1 \u2018General Requirements for Disclosure of Sustainability-related Financial Information\u2019 and UK SRS S2 \u2018Climate-related Disclosures\u2019 (published in February 2026 and available for voluntary use in the UK) The Directors have not yet completed a detailed assessment of the impact of these new and revised standards. IFRS 18 is not expected to have a material impact on the recognition and measurement of the Group\u2019s assets and liabilities but is expected to affect the presentation and disclosures in future periods. UK SRS S1 and UK SRS S2 are expected to impact the nature and extent of the Group\u2019s sustainability-related and climate-related disclosures rather than the amounts recognised in the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "New and amended standards adopted by the Group The Group has not adopted any new and amended standards in the current financial year that have had any material impact on the disclosures or on the amounts reported in these financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "New standards, amendments and interpretations not yet adopted At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective: \u2022 IFRS 18 \u2013 \u2018Presentation and Disclosures in Financial Statements\u2019 (effective 1 January 2027) \u2022 UK Sustainability Reporting Standards \u2013 UK SRS S1 \u2018General Requirements for Disclosure of Sustainability-related Financial Information\u2019 and UK SRS S2 \u2018Climate-related Disclosures\u2019 (published in February 2026 and available for voluntary use in the UK) The Directors have not yet completed a detailed assessment of the impact of these new and revised standards. IFRS 18 is not expected to have a material impact on the recognition and measurement of the Group\u2019s assets and liabilities but is expected to affect the presentation and disclosures in future periods. UK SRS S1 and UK SRS S2 are expected to impact the nature and extent of the Group\u2019s sustainability-related and climate-related disclosures rather than the amounts recognised in the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "1.2 Group structure Basis of consolidation Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Unless otherwise stated, subsidiaries have share capital consisting solely of ordinary shares, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also each subsidiary\u2019s principal place of business. All intra-group transactions, balances, income and expenses are eliminated on consolidation. All subsidiaries have a 31 December year end. The Group exercises control over the employee benefit trust (EBT) because it is exposed to, and has a right to, variable returns from this EBT and is able to use its power over the EBT to affect those returns. The EBT is therefore consolidated by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "1.2 Group structure Basis of consolidation Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Unless otherwise stated, subsidiaries have share capital consisting solely of ordinary shares, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also each subsidiary\u2019s principal place of business. All intra-group transactions, balances, income and expenses are eliminated on consolidation. All subsidiaries have a 31 December year end. The Group exercises control over the employee benefit trust (EBT) because it is exposed to, and has a right to, variable returns from this EBT and is able to use its power over the EBT to affect those returns. The EBT is therefore consolidated by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "
1.4 Foreign currency translation
Functional currency
Items included in the consolidated financial statements of each of the Group\u2019s subsidiaries are
measured using their functional currency. The functional currency of the parent and each
subsidiary is the currency of the primary economic environment in which the entity operates.
See applicable exchange rates used in 2025 and 2024 below:
2025
2024
Closing
Average
Closing
Average
USD
1.35
1.32
1.25
1.28
EUR
1.15
1.17
1.21
1.18
NZD
2.34
2.27
2.24
2.11
AUD
2.02
2.05
2.02
1.94
Presentation currency
The consolidated financial statements are presented in pounds sterling. The Company\u2019s
functional and presentation currency is pounds sterling.
Group companies
The results and financial position of foreign operations (none of which has the currency of a
hyperinflationary economy) that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
\u2022 Assets and liabilities for each consolidated statement of financial position presented are
translated at the closing rate at the date of that consolidated statement of financial position.
\u2022 Income and expenses for each statement of profit or loss and statement of comprehensive
income are translated at average exchange rates (unless this is not a reasonable approximation
of the cumulative effect of the rates prevailing on the transaction dates, in which case income
and expenses are translated at the dates of the transactions).
\u2022 All resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange differences arising from the settlement of such transactions and from the translation at the reporting date of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. See applicable exchange rates used by the Group above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "Functional currency Items included in the consolidated financial statements of each of the Group\u2019s subsidiaries are measured using their functional currency. The functional currency of the parent and each subsidiary is the currency of the primary economic environment in which the entity operates. See applicable exchange rates used in 2025 and 2024 below:
2025
2024
Closing
Average
Closing
Average
USD
1.35
1.32
1.25
1.28
EUR
1.15
1.17
1.21
1.18
NZD
2.34
2.27
2.24
2.11
AUD
2.02
2.05
2.02
1.94
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "1.3 Segment reporting Operating and reporting segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The Group\u2019s Chief Executive Officer (CEO), who is responsible for allocating resources and assessing performance, has been identified as the CODM. The CODM regularly reviews the Group\u2019s operating results in order to assess performance and to allocate resources. The CODM considers the business from a product perspective and, therefore, recognises one operating and reporting segment, being the sale of software and related services. The Group splits revenue by type of activity but reports operating results on a consolidated basis, as presented to the CODM, along with the required entity-wide disclosures. The Group discloses revenue split by type of activity, being Subscription, Software Engineering and Delivery. a.\u2003 Subscription revenues include recurring revenues paid on a monthly or annual basis, including subscription licence revenues, maintenance and cloud hosting. b.\u2003 Software Engineering revenues include revenues from development, the recognition of customised licence revenue, and any one-off licence fees. c.\u2003 Delivery revenues are revenues from any work done for customers including pre- implementation, implementation work and ongoing services. See note 1.5 for details of our revenue recognition accounting policy and note 2 for the critical accounting judgements in relation to revenue recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "The CODM regularly reviews the Group\u2019s operating results in order to assess performance and to allocate resources. The CODM considers the business from a product perspective and, therefore, recognises one operating and reporting segment, being the sale of software and related services.", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "
Any one contract may include a single performance obligation or a combination of those
listed below:
1.5.1 Software implementation services
Where implementation services are considered to be distinct, i.e. when relatively straightforward,
do not require additional development services and could be performed by an external third
party, the implementation services are accounted for as a separate performance obligation from
any development services.
When a customer is in the process of implementing the software, the transaction price is
allocated to this based on the stand-alone selling prices (derived from standard day rates) and is
recognised over time based on the effort incurred, limited to the amount to which Alfa has a right
to payment. For customers under the Group\u2019s subscription-based contracts that are undergoing
implementation, revenue for software implementation services is deemed to be distinct from
any other performance obligation. Recognition over time is appropriate because customers
simultaneously receive and consume the benefits provided. A percentage-of-completion basis
is used to estimate progress towards completion of the performance obligation over time.
To calculate the percentage-of-completion, data is derived from timesheets for the days worked
for the customer on implementation work and compared with the latest forecast of total
implementation days to be completed on the project. When the type of services provided are
ongoing services, the transaction price is deemed to be the actual day rate, and revenue is
recognised at a point in time as the service is provided.
1.5.2 Development services and licence services (the customised licence)
Another performance obligation is the granting of a right to use Alfa Systems, which includes
the delivery of the related software licence and any development efforts which change the
underlying code. During the initial phase of implementing the software, the total revenue
attributable to this performance obligation is estimated at the outset of the relevant software
implementation project and recognised as the effort is expended, on a percentage-of-completion
basis, limited to the amount of revenue to which Alfa has the right to payment. See note 5.6 for
the accounting policy for variable consideration.
Recognition over time is appropriate because customers obtain the ability to benefit from the
product from the start of the implementation project; the development or customisation of the
asset is tailored to the customer\u2019s specific requirements; and the customer is entitled to the
benefits of the efforts as at the date the efforts are delivered. A percentage-of-completion basis
is used to estimate progress towards completion of the performance obligation over time. To
calculate the percentage-of-completion, data is derived from timesheets for the days worked for
the customer on development work and compared with the latest forecast of total development
days to be completed on the project.
1.5 Revenue recognition
The Group derives revenue by type of activity being Subscription, Software Engineering and
Delivery (as disclosed in note 1.3).
i\u2003 Subscription revenue includes the periodic rights to use Alfa Systems, periodic maintenance,
and subscription (including cloud hosting).
ii\u2003 Software Engineering revenue includes chargeable development revenue, customised licence
revenue, options over the right to use Alfa Systems, and one-off licence fees.
iii\u2003Delivery revenue includes software implementation services.
The Group provides the right to use, software development services, core implementation
services and ongoing support of its product, Alfa Systems. The Group\u2019s contractual arrangements
contain multiple deliverables or services, such as the development or customisation of the
software to the customer\u2019s requirements, implementation services such as migration of data
and testing, and certain project management services.
Alfa assesses whether there are distinct performance obligations at the start of each contract and
throughout the performance of the implementation, development and services projects and
maintenance period. These performance obligations are laid out in this note.
1.5.5 Periodic maintenance amounts This represents the stand-alone selling price of the ongoing support or maintenance of Alfa Systems which is recognised throughout the period over which the services are delivered. 1.5.6 Subscription amounts Certain of the Group\u2019s implementation and service contracts include a subscription payment mechanism. This represents a monthly fee charged to the customer covering one or more of the following performance obligations: the provision of monthly hosting services; the monthly periodic right to use Alfa Systems; and the provision of monthly maintenance services (when this becomes applicable to the customer). The monthly payments are recognised as revenue in the period to which they relate. This reflects the underlying performance obligations of the Group and termination rights of the customer. 1.5.7 One-off revenue amounts From time to time, the Group is entitled to receive one-off licence revenue from its customers as they increase the number of contracts on their version of Alfa Systems. Additionally, there are times when catch-up periodic maintenance amounts are entitled to be received by the Group, also as a result of the increased number of contracts. Generally, this revenue is recognised at the point in time it is invoiced, or becomes contractually payable, reflecting the fact that the Group has no remaining performance obligations to satisfy. Costs to obtain contracts The Group incentivises its sales force for securing sales. In line with IFRS 15, these costs are capitalised and are amortised in line with the percentage-of-completion of the software implementation project to which they relate. Costs to fulfil contracts The Group has recognised an asset in relation to employee costs to fulfil its long-term development contracts (as disclosed in note 20). These costs relate directly to the contracts, generate or enhance resources to be used to satisfy performance obligations in the future and are expected to be recovered. This asset is presented within prepayments in the statement of financial position. These costs are amortised within cost of sales in line with the percentage-of- completion of the development project to which they relate.
Revenue attributable to development services is valued using the residual value method as
there are no stand-alone selling prices which are observable, as each project is customised. For
customers under the Group\u2019s subscription-based contracts that are undergoing implementation,
revenue for development services is deemed to be distinct from any other performance
obligation and is recognised based on a percentage-of-completion basis.
Once the customer is already using the software, and the services provided are ongoing
development, the transaction price is deemed to be the actual day rate and revenue is recognised
at a point in time as the development service is provided.
1.5.3 Option over the right to use Alfa Systems
In the event that perpetual licence customers have to pay periodic maintenance fees in order to
keep using Alfa Systems, a component of these future maintenance fees is attributable to the
right to use the software. In these circumstances, the licence granted by Alfa is considered to
renew in future periods. There may be a material right in respect of discounts in future periods.
In order to ascribe a value to this option, management annualises the value of the customised
licence performance obligation and compares it to the annual right to use software performance
obligation post-go-live.
The value of this option is built up from the start of the implementation project in line with the
percentage-of-completion of development revenue described in note 1.5.2 above. Following the
completion of the implementation project, the value of this option is recognised evenly over the
expected remaining customer life.
1.5.4 Periodic right to use Alfa Systems
When a customer pays its maintenance fee annually, this performance obligation represents the
proportion of this fee which relates to the periodic option to renew the right to use Alfa Systems.
If there is the right of clawback of the annual right to use, such amounts are recognised
throughout the annual period. If there is no right of clawback, then the annual right to use
amount is recognised in full when there is a right of collection.
When a customer pays for its maintenance fee as part of a subscription contract (see note 1.5.6
below), it will not be treated as a separate performance obligation (and will instead be part of the
subscription amount).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
1.8 Leases
The Group enters into lease contracts in respect of various properties and motor vehicles. These
rental contracts are typically made for fixed periods of two to ten years, and sometimes have
extension options. Lease terms are negotiated on an individual basis and contain a wide range of
different terms and conditions. In accordance with IFRS 16, leases are recognised as a right-of-use
asset with a corresponding liability, at the date at which the leased asset is available for use by the
Group. These assets and liabilities are initially measured on a present value basis (as set out in
more detail below), with each subsequent lease payment allocated between the liability and
finance cost. The finance cost is charged to profit or loss over the lease period to produce
a constant periodic rate of interest on the remaining balance of the liability for each period.
The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease
term on a straight-line basis.
Alfa assesses whether a contract is, or contains, a lease at inception of the contract. The Group
recognises a right-of-use asset and a corresponding lease liability, with respect to all lease
arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease
term of 12 months, or less) and leases of low-value assets. For these leases, the Group recognises
the lease payments as an expense on a straight-line basis over the term of the lease, unless
another systematic basis is more representative of the time pattern in which economic benefits
from the leased assets are consumed.
Lease liabilities
The lease liability is initially measured at the present value of the lease payments that are not paid
at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot
be readily determined, the Group uses its incremental borrowing rate.
The right-of-use assets are presented as a separate line in the consolidated statement of
financial position.
The right-of-use assets are subsequently measured at cost less accumulated depreciation and
impairment losses (if applicable). They are depreciated from the commencement date of the lease
and over the shorter period of the lease term and useful life of the underlying asset. If a lease
transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects an
expectation that the Group will exercise a purchase option, the related right-of-use asset is
depreciated over the useful life of the underlying asset. Currently, the Group does not have
any leases that include a purchase option, or transfer ownership of the underlying asset.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset,
restore the site on which it is located, or restore the underlying asset to the condition required
by the terms and conditions of the lease, a provision is recognised and measured under IAS 37.
Extension options (or periods after termination options) are only included in the lease term if the
lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a
significant event or a significant change in circumstances occurs which affects this assessment
and that is within the control of the lessee. During the current financial period, there have been
no changes in such assessments.
Variable rents that do not depend on an index, or rate, are not included in the measurement of
the lease liability and the right-of-use asset. The related payments are recognised as an expense
in the period in which the event or condition that triggers those payments occurs and are
included as an expense in the consolidated statement of profit or loss and comprehensive
income.
Lease payments included in the measurement of the lease liability comprise:
\u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives;
\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or
rate at the commencement date;
\u2022 The amount expected to be payable by the lessee under residual value guarantees;
\u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the
options; and
\u2022 Penalties for terminating the lease, if the lease term reflects the exercise of an option to
terminate the lease.
The lease liability is presented in separate lines, split between current and non-current liabilities,
in the consolidated statement of financial position. It is subsequently measured by increasing the
carrying amount to reflect interest on the lease liability (using the effective interest method) and
by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related
right-of-use asset) whenever:
\u2022 The lease term has changed, or there is a change in the assessment of exercise of a purchase
option, in which case the lease liability is remeasured by discounting the revised lease
payments using a revised discount rate;
\u2022 The lease payments change due to changes in an index, or rate, or a change in expected
payment under a guaranteed residual value. In these cases, the lease liability is remeasured
by discounting the revised lease payments, using the initial discount rate (unless the lease
payments change is due to a change in a floating interest rate, in which case a revised discount
rate is used); and
\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease,
in which case the lease liability is remeasured by discounting the revised lease payments using
a revised discount rate.
Right-of-use assets
The right-of-use assets comprise:
\u2022 The initial measurement of the corresponding lease liability;
\u2022 Lease payments made at, or before, the commencement day;
\u2022 Any initial direct costs; and
\u2022 Restoration costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "1.6 Operating expenses Operating expenses include items such as personnel costs (including training and recruitment), cost of software not capitalised, research and development costs, and other infrastructure expenses. These items have been grouped into the following categories for disclosure purposes: \u2022 Cost of sales \u2013 this includes salaries and other direct costs associated with satisfying customer contracts (including hosting costs) and for developing software. \u2022 Sales, general and administrative expenses \u2013 this includes all the residual operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "1.7 Income tax Taxation expense for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Under the R&D Expenditure Credit (also referred to as the \u2018RDEC\u2019) scheme, the Group has received a tax credit based on qualifying R&D expenditure. This tax credit is recognised within pre-tax income, as \u2018Other Income\u2019. Current tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s consolidated financial statements. However, deferred income tax assets and liabilities are not recognised on the initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction, affects neither accounting nor taxable profit and does not give rise to equal taxable and deductible temporary differences.
Deferred income tax is determined using tax rates (and laws) that have been enacted or
substantively enacted by the reporting date and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable
profits will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets against current tax liabilities and when the deferred income taxes, assets
and liabilities relate to income taxes levied by the same taxation authority on either the taxable
entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "Deferred tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group\u2019s consolidated financial statements. However, deferred income tax assets and liabilities are not recognised on the initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction, affects neither accounting nor taxable profit and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes, assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
1.9 Impairment of non-financial assets
Goodwill is tested annually for impairment. The carrying amount is allocated to the cash-
generating unit (CGU) that is expected to benefit from investment and which represents the
lowest level at which the goodwill is monitored for internal management purposes. The carrying
value of the CGU is then compared to the higher of its fair value less costs of disposal and its value
in use. Any impairment attributed to the goodwill is recognised immediately as an expense and is
not subsequently reversed.
Other assets are tested for impairment whenever events or changes in circumstances indicate that
the carrying amount might not be recoverable. An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash inflows which are largely independent of the cash inflows from other assets or groups of
assets (CGUs). Non-financial assets other than goodwill that suffered an impairment are reviewed
for possible reversal of the impairment at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "1.9 Impairment of non-financial assets Goodwill is tested annually for impairment. The carrying amount is allocated to the cash- generating unit (CGU) that is expected to benefit from investment and which represents the lowest level at which the goodwill is monitored for internal management purposes. The carrying value of the CGU is then compared to the higher of its fair value less costs of disposal and its value in use. Any impairment attributed to the goodwill is recognised immediately as an expense and is not subsequently reversed. Impairment of financial assets Under IFRS 9, the requirements are to use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. The Group considers a broad range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "Impairment of financial assets Under IFRS 9, the requirements are to use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. The Group considers a broad range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
1.12 Trade receivables
Trade receivables are amounts due from customers for licences sold or services performed in the
ordinary course of business. They are generally due for settlement within 30 days of the invoice
date and are therefore all classified as current. Trade receivables are recognised initially at fair
value and subsequently measured at amortised cost using the effective interest method, less
provision for impairment.
The Group has applied the simplified approach to measuring expected credit losses, which
uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables
have been grouped based on days overdue. The expected impairment loss is recognised in the
consolidated statement of profit or loss and comprehensive income within sales, general and
administrative expenses, and subsequent recoveries are credited to the same account previously
used to recognise the impairment charge. During the current and prior period, the result of the
above was immaterial and no impairment loss has been recognised.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of
receivable mentioned above. The credit qualities of these receivables are periodically assessed by
reference to external credit ratings (if available) or to historical information about their default
rates. The Group does not hold any collateral as security.
As the total carrying amount of the current portion of the trade and other receivables is due
within the next 12 months after the reporting date, the impact of applying the effective interest
method is not significant and, therefore, the carrying amount equals the contractual amount or
the fair value initially recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
1.10 Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand as well as short-term deposits with
original maturities of three months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
1.11 Financial assets
Recognition and derecognition
Financial assets are recognised in the statement of financial position when the Group becomes
party to the contractual provision of the instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the
financial asset expire, or when the financial asset and substantially all the risks and rewards
are transferred.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and
are measured at the transaction price in accordance with IFRS 15, all financial assets are initially
measured at fair value adjusted for transaction costs (where applicable). Financial assets,
other than those designated and effective as hedging instruments, are classified into the
following categories:
\u2022 Amortised cost;
\u2022 Fair value through profit or loss (FVTPL); and
\u2022 Fair value through other comprehensive income (FVOCI).
In the periods presented, the Group does not have any material financial assets categorised as
FVTPL or FVOCI. The classification is determined by both:
\u2022 The entity\u2019s business model for managing the financial asset; and
\u2022 The contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss,
where material, are presented within finance costs, finance income or other financial items,
except for impairment of trade receivables which is presented within sales, general and
administrative expenses.
Subsequent measurement of financial assets
Financial assets are measured at amortised cost if the assets meet the following conditions
(and are not designated as FVTPL):
\u2022 They are held within a business model whose objective is to hold the financial assets and collect
their contractual cash flows; and
\u2022 The contractual terms of the financial assets give rise to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest
method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s trade
and most other receivables (notes 19 and 20) and cash and cash equivalents (note 21) fall into this
category of financial instruments.
Impairment of financial assets
Under IFRS 9, the requirements are to use forward-looking information to recognise expected
credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. The Group considers a broad range of
information when assessing credit risk and measuring expected credit losses, including past
events, current conditions, and reasonable and supportable forecasts that affect the expected
collectability of the future cash flows of the instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "Recognition and derecognition Financial assets are recognised in the statement of financial position when the Group becomes party to the contractual provision of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: \u2022 Amortised cost; \u2022 Fair value through profit or loss (FVTPL); and \u2022 Fair value through other comprehensive income (FVOCI). In the periods presented, the Group does not have any material financial assets categorised as FVTPL or FVOCI. The classification is determined by both: \u2022 The entity\u2019s business model for managing the financial asset; and \u2022 The contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognised in profit or loss, where material, are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within sales, general and administrative expenses. Subsequent measurement of financial assets Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 They are held within a business model whose objective is to hold the financial assets and collect their contractual cash flows; and \u2022 The contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s trade and most other receivables (notes 19 and 20) and cash and cash equivalents (note 21) fall into this category of financial instruments. Impairment of financial assets Under IFRS 9, the requirements are to use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. The Group considers a broad range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
1.14 Goodwill and other intangible assets
Goodwill
Goodwill arose on the acquisition of subsidiaries in 2012 and represents the excess of the
consideration transferred over the fair value of the identifiable assets acquired and the liabilities
and contingent liabilities assumed.
The Group assesses whether goodwill has suffered any impairment on an annual basis in
accordance with the accounting policy stated in note 1.9 above. There is one CGU, being the
Group, as its geographical operations do not have separate or distinct cash inflows. The
recoverable amount of goodwill has been determined based on value-in-use calculations using
cash flow projections from financial budgets and forecasts.
Budgeted cash flow projections are based on the expectation of signing new customers in the
Group\u2019s sales pipeline as well as ongoing projects with existing customers. Budgeted gross margin
is based on historical evidence and the expectations of market development and efficiency
leverage. Management believes that any reasonable change in any of the key assumptions on
which the recoverable amount is based would not cause the reported carrying amount to exceed
the recoverable amount of the CGU. The discount rate used reflects the Group\u2019s pre-tax weighted
average cost of capital (WACC), as adjusted for region-specific risks and other factors as required
by IFRS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "1.14 Goodwill and other intangible assets Goodwill Goodwill arose on the acquisition of subsidiaries in 2012 and represents the excess of the consideration transferred over the fair value of the identifiable assets acquired and the liabilities and contingent liabilities assumed. The Group assesses whether goodwill has suffered any impairment on an annual basis in accordance with the accounting policy stated in note 1.9 above. There is one CGU, being the Group, as its geographical operations do not have separate or distinct cash inflows. The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts. Budgeted cash flow projections are based on the expectation of signing new customers in the Group\u2019s sales pipeline as well as ongoing projects with existing customers. Budgeted gross margin is based on historical evidence and the expectations of market development and efficiency leverage. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. The discount rate used reflects the Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for region-specific risks and other factors as required by IFRS. Intangible assets Internally generated intangible assets are initially measured at cost, and only qualify for capitalisation if the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset, including how the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. The cost for internally generated intangible assets is based on the time spent by staff on product development activities, to which a day rate based on salary cost is applied. Development expenditure incurred on minor or major upgrades, or other changes in software functionality, does not satisfy the criteria, where it is considered that the product is not substantially new in its design or functional characteristics. Such expenditure is therefore recognised as an expense. The Group continually assesses the eligibility of development costs for capitalisation on a project by-project basis. See note 15 for disclosure of development costs which have met the criteria of IAS 38 for recognition. Externally acquired intangible assets are initially recorded at historical cost. Historical cost includes expenditure that is directly attributable to the acquisition of the item. The Group amortises intangible assets with a limited useful life, using the straight-line method over the following periods: \u2022 Computer software: licence period or 10 years as applicable \u2022 Internally generated software: 3-5 years Amortisation is presented within sales, general and administrative expenses. Research and development costs which do not meet the criteria set out above are recognised as an expense when incurred. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Intangible assets Internally generated intangible assets are initially measured at cost, and only qualify for capitalisation if the Group can demonstrate all of the following: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete the intangible asset and use or sell it; \u2022 Its ability to use or sell the intangible asset, including how the intangible asset will generate probable future economic benefits; \u2022 The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; \u2022 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 Its ability to measure reliably the expenditure attributable to the intangible asset during development. The cost for internally generated intangible assets is based on the time spent by staff on product development activities, to which a day rate based on salary cost is applied. Development expenditure incurred on minor or major upgrades, or other changes in software functionality, does not satisfy the criteria, where it is considered that the product is not substantially new in its design or functional characteristics. Such expenditure is therefore recognised as an expense. The Group continually assesses the eligibility of development costs for capitalisation on a project by-project basis. See note 15 for disclosure of development costs which have met the criteria of IAS 38 for recognition. Externally acquired intangible assets are initially recorded at historical cost. Historical cost includes expenditure that is directly attributable to the acquisition of the item. The Group amortises intangible assets with a limited useful life, using the straight-line method over the following periods: \u2022 Computer software: licence period or 10 years as applicable \u2022 Internally generated software: 3-5 years Amortisation is presented within sales, general and administrative expenses. Research and development costs which do not meet the criteria set out above are recognised as an expense when incurred. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
1.13 Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation.
Historical cost includes expenditure that is directly attributable to the acquisition of the item.
Depreciation on assets is calculated using the straight-line method to allocate their cost over
their estimated useful lives, as follows:
\u2022 Fixtures and fittings: 3-10 years
\u2022 IT equipment: 2-5 years
The assets\u2019 residual values and useful lives are reviewed and adjusted if necessary at each
reporting date. An asset\u2019s carrying amount is written down immediately to its recoverable amount
if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Repairs and
maintenance are charged to the consolidated statement of profit or loss and comprehensive
income as incurred. Any gains or losses on disposals are recognised within sales, general and
administrative expenses in the consolidated statement of profit or loss and comprehensive
income unless otherwise specified.
Property, plant and equipment are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount,
which is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "1.13 Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the item. Depreciation on assets is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: \u2022 Fixtures and fittings: 3-10 years \u2022 IT equipment: 2-5 years The assets\u2019 residual values and useful lives are reviewed and adjusted if necessary at each reporting date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Repairs and maintenance are charged to the consolidated statement of profit or loss and comprehensive income as incurred. Any gains or losses on disposals are recognised within sales, general and administrative expenses in the consolidated statement of profit or loss and comprehensive income unless otherwise specified. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount,
which is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purpose of
assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
1.16 Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as
a result of past events, it is more likely than not that an outflow of resources will be required to
settle the obligation and a reliable estimate of the amount can be made. When the effect of the
discounting is material, provisions are measured at the present value of the expenditures
expected to be required to settle the obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
1.17 Employee benefits
The Group provides a range of benefits to employees, including paid holiday arrangements and
defined contribution pension plans.
Short-term benefits
Short-term benefits, including health cover and other similar non-monetary benefits, are
recognised as an expense in the period in which the service is received.
Post-employment benefits
The Group operates various defined contribution plans for its employees. A defined contribution
plan is a pension plan where the Group pays fixed contributions into a separate independent
entity. The Group has no legal or constructive obligation to pay further contributions if the fund
does not hold sufficient assets to pay all employees the benefits relating to the employee\u2019s
service in the current and prior periods.
Employee share scheme expense
The Group makes equity-settled share-based payments to certain employees, which are
measured at fair value at the date of grant and expensed on a straight-line basis over the vesting
period, based on the Group\u2019s estimate of shares that will eventually vest. For those share schemes
with market-related vesting conditions, the fair value is determined using the Monte Carlo model
at the grant date. For share options issued with non-market performance vesting conditions,
the fair value of the underlying vehicle is equal to the grant date share price discounted by the
expected dividend yield to reflect the lack of dividend accrual over the vesting period. For all other
share awards, those with pure employment conditions attached, the fair value is determined by
reference to the market value of the shares at the grant date or (where they have an exercise
price) by using the Black Scholes model. For all share schemes with non-market vesting
conditions, the likelihood of vesting has been taken into account when determining the relevant
charge. Vesting assumptions are reviewed during each reporting period to ensure they reflect
current expectations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
1.15 Trade and other payables
Trade payables are obligations to pay for goods or services which have been acquired in the
ordinary course of business from suppliers. Trade payables are recognised initially at fair value
and subsequently measured at amortised costs using the effective interest rate method. As the
total carrying amount is due within the next 12 months from the reporting date, the impact of
applying the effective interest method is not significant and, therefore, the carrying amount
equals the contractual amount or the fair value initially recognised.
The Group\u2019s financial liabilities include trade and other payables and lease liabilities. Financial
liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss. Subsequently,
financial liabilities are measured at amortised cost using the effective interest method. All
interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported
in profit or loss are included within finance costs or finance income. The Group derecognises
financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled
or expired.
Trade and other payables and lease liabilities are classified as current liabilities if payment is due
within one year or less. If not, they are presented as non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
1.19 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of Alfa
by the weighted average number of ordinary shares outstanding during the year (excluding own
shares held).
Diluted earnings per share
Diluted earnings per share is calculated in line with the basic earnings per share calculation
above except that the weighted average number of shares includes all potentially dilutive options
granted by the reporting date as if those options had been exercised on the first day of the
accounting period or the date of the grant, if later. The shares have no right to voting or to
dividends while held in trust.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "2. Critical accounting judgements, estimates and assumptions The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted in future periods due to estimates and assumptions turning out to be wrong. Detailed information about each of these estimates and judgements is included in other notes, together with information about the basis of calculation for each affected line item in the financial statements. 2.1 Critical judgements in applying the Group\u2019s accounting policies Revenue recognition Critical judgements specific to customised licence revenue: The Group is required to make an assessment as to whether the implementation process, which includes customised licence and implementation revenue streams as well as any maintenance fees during this phase, forms one or a number of performance obligations. Since the residual value method is used for the customised licence revenue (as explained in note 1.5), the estimation of fair value of implementation revenue will impact the contract consideration assigned to the customised licence. In addition, the Group is also required to make an assessment as to whether each contract contains an expectation to deliver multiple separate instances of the customised licence which may form separate groups of distinct performance obligations. In doing the above, the Group assesses each software implementation contract as to whether the underlying software requires significant modification or customisation by the Group in order to meet the customer\u2019s requirements before Alfa Systems can be utilised by the customer. Therefore, judgement is required in determining which efforts relate to the implementation process and which efforts could be determined to be development services which change or enhance the underlying code. In making this judgement, the Group assesses the contractual terms and the original project plan for the implementation but also uses historical evidence of what constitutes core implementation work. Critical judgements applicable to all revenue: Judgements are made when the Group enters into new contracts with existing customers and also when there are changes to existing contracts with customers that include the addition of new customer-specific contractual terms. For these, the Group assesses the contractual terms both individually and in the context of the wider arrangement and applies the guidance in IFRS 15 to determine the appropriate accounting. Internally generated software development \u2013 Assessing whether a project meets criteria of IAS 38 The Group is required to make an assessment of each ongoing project in order to determine at what stage (if at all) a project meets the criteria outlined in the Group\u2019s accounting policies. Such assessment may, in certain circumstances, require significant judgement. In making this judgement, the Group evaluates, amongst other factors, the stage at which technical feasibility has been achieved, management\u2019s intention to complete and use or sell the product, the likelihood of success, the availability of technical and financial resources to complete the development phase and management\u2019s ability to measure reliably the expenditure attributable to the project. Research and product development expenditure incurred on minor or major upgrades, or other changes in software functionality, does not satisfy the criteria where it is considered that the product is not substantially new in its design or functional characteristics. Such expenditure is therefore recognised as an expense. Judgement is also required with respect to when an asset is ready to be amortised \u2013 in making this judgement, the Group considers, amongst other factors, when the asset is available for use in the manner intended by management.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Employee share scheme expense The Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest. For those share schemes with market-related vesting conditions, the fair value is determined using the Monte Carlo model at the grant date. For share options issued with non-market performance vesting conditions, the fair value of the underlying vehicle is equal to the grant date share price discounted by the expected dividend yield to reflect the lack of dividend accrual over the vesting period. For all other share awards, those with pure employment conditions attached, the fair value is determined by reference to the market value of the shares at the grant date or (where they have an exercise price) by using the Black Scholes model. For all share schemes with non-market vesting conditions, the likelihood of vesting has been taken into account when determining the relevant charge. Vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
1.18 Equity
Ordinary shares
Ordinary shares are classified as equity. There are no restrictions on the distribution of capital
and the repayment of capital.
Cumulative translation reserve
Exchange differences arising on translation of foreign subsidiaries are recognised in other
comprehensive income and accumulated in a separate reserve within equity. The cumulative
amount would be reclassified to profit or loss if the entity was disposed of.
Own shares
Own shares represent the shares of the parent company Alfa Financial Software Holdings PLC
that are either held by the EBT, or acquired by the Group as part of its share buy-back programme
(see note 27).
Own shares are recorded at cost and deducted from equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "Own shares Own shares represent the shares of the parent company Alfa Financial Software Holdings PLC that are either held by the EBT, or acquired by the Group as part of its share buy-back programme (see note 27). Own shares are recorded at cost and deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "3. Financial risk management In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.
Area
Exposure arising from
Measurement
Management
Market risk \u2013 foreign Contracted Cash flow forecasting Natural hedging from
exchange revenue and costs and foreign exchange localised cost base and
denominated in sensitivity conversion of foreign
a currency other than currency cash balances
the entity\u2019s functional into pounds sterling;
currency; and and
Monetary assets and Use of forward
liabilities denominated contracts to manage
in a currency other some of the foreign
than the entity\u2019s exchange risk (these are
functional currency not hedge accounted)
Credit risk \u2013 cash Cash and cash
Credit ratings
Diversification of bank
balances equivalents deposits
Credit risk \u2013 customer Trade receivables and Ageing analysis Credit checks and
receivables accrued income Credit ratings contractual payment
terms
Liquidity
Cash and cash
Daily cash reporting
Cash forecasting and
equivalents managing maturity of
cash deposits
The Group\u2019s overall risk management policy focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group has used financial instruments to hedge certain risk exposures in the past. Risk management is carried out by the finance function under policies approved by the Board. The finance function identifies, evaluates and mitigates financial risks when deemed necessary. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure.
3.1 Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risks arising from
various currencies, primarily with respect to those described below. Revenue is predominantly
denominated in pounds sterling and US dollars. Operating costs are influenced by the currencies
of the countries where the Group\u2019s subsidiaries are based, and pounds sterling and the US dollar
are the currencies in which most operating costs are denominated.
The split by currency in relation to trade receivables is set out in note 19.
The Group\u2019s exposure to foreign currency risk in relation to revenue is set out in note 5.4.
The Group utilised forward contracts in both 2025 and 2024 to hedge against foreign
currency exposure. The Group has no outstanding commercial foreign exchange contracts
at 31 December 2025 (2024: three outstanding with \u00a3(0.1)m fair value). No hedge accounting has
been applied in the current or prior year.
A 10% increase in the USD:GBP exchange rate in the year ended 31 December 2025
would have increased revenue and profit by 4% and 9% respectively (2024: 4% and 9%
respectively). Management believes that 10% is a reasonable sensitivity given historical
exchange rate movement.
3.2 Credit risk
a. Credit risk related to transactions with financial institutions
Credit risk with financial institutions is managed by the Group\u2019s finance function in accordance
with a Board-approved treasury policy. Management is not aware of any significant risks
associated with financial institutions as a result of cash and cash equivalents deposits
(including short-term investments) and financial derivative transactions.
b. Credit risks related to customer trade receivables
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy
or financial reorganisation, change of strategy and default or delinquency in payments are
considered indicators that a trade receivable could be impaired. Given the complexity, the size
and the length of certain software implementation of related projects, a delay in the settlement
of an open trade receivable does not necessarily constitute objective evidence that the trade
receivable is irrecoverable.
The Group\u2019s customer base predominantly consists of large financial institutions that are
financially sound. The responsibility for customer credit risk management rests with management
of the Group. Payment terms are set in accordance with practices in the different geographies and
end markets served, typically being 30 days from the date of the invoice. Trade receivables are
actively monitored and managed. Collection risk is mitigated through prompt submission of
invoices. Historically, there has been a de minimis level of customer default as a result of the
long history of dealing with the Group\u2019s customer base and an active credit monitoring function.
Where applicable, credit limits may be established based on internal or external rating criteria,
which take into account such factors as the financial condition of the customers, their credit
history and the risk associated with their industry segment.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses
a lifetime expected loss allowance for all trade receivables and accrued income. To measure the
expected credit losses, trade receivables and accrued income have been grouped based on
shared credit risk characteristics and the days past due. The accrued income relates to unbilled
work in progress and has substantially the same risk characteristics as the trade receivables for
the same types of contracts, other than where the Group has collected upfront payments in the
form of licence fees at the start of a software implementation contract.
The expected loss rates of trade receivables are based on the payment profiles of customer
invoices over a period of 36 months before 31 December 2025 (2024: 31 December 2024), and the
corresponding historical credit losses experienced within this period. The historical loss rates are
then adjusted to reflect current or forward-looking information in relation to any macroeconomic
factors affecting the ability of the customers to settle the receivables. The same approach is
applied to both trade receivables and accrued income expected credit loss provisions.
The Group has not identified any current factors or forward-looking information which would be
relevant to the historical loss rates. On this basis, the loss allowance as at 31 December 2025 and
31 December 2024 was nil for both trade receivables and accrued income.
See note 19 \u2013 Trade receivables for the ageing of trade receivables and significant customer credit
risk exposure.
3.3 Liquidity risk The Group\u2019s principal objectives when managing capital are to ensure that funds are available to support its growth strategy and to safeguard the Group\u2019s ability to continue as a going concern. The capital structure of the Group consists of cash and cash equivalents (note 21) and equity attributable to equity holders of the parent. Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages its exposure to liquidity risk through short and long-term forecasts and by seeking to align the maturity profiles of its financial assets with its financial liabilities. The Group\u2019s policy is to maintain an adequate level of liquidity to meet its liabilities expected to be settled in the short or near term, under both normal and stressed conditions. The following table details the remaining contractual maturity of the Group\u2019s financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.
31 December 2025
Between Between Between
Less than 6 to 12 1 to 2 2 to 5 More than
\u00a3m
Total
6 months months years years 5 years
Trade and other
payables
9.4
9.4
\u2013
\u2013
\u2013
\u2013
Lease liabilities \u2013 future
lease payments
12.7
0.9
0.9
1.8
3.4
5.7
31 December 2024
Between Between Between
Less than 6 to 12 1 to 2 2 to 5 More than
\u00a3m
Total
6 months months years years 5 years
Trade and other
payables
8.4
8.4
\u2013
\u2013
\u2013
\u2013
Lease liabilities \u2013 future
lease payments
13.4
0.5
0.3
1.8
4.8
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "3.1 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to those described below. Revenue is predominantly denominated in pounds sterling and US dollars. Operating costs are influenced by the currencies of the countries where the Group\u2019s subsidiaries are based, and pounds sterling and the US dollar are the currencies in which most operating costs are denominated. The split by currency in relation to trade receivables is set out in note 19. The Group\u2019s exposure to foreign currency risk in relation to revenue is set out in note 5.4. The Group utilised forward contracts in both 2025 and 2024 to hedge against foreign currency exposure. The Group has no outstanding commercial foreign exchange contracts at 31 December 2025 (2024: three outstanding with \u00a3(0.1)m fair value). No hedge accounting has been applied in the current or prior year. A 10% increase in the USD:GBP exchange rate in the year ended 31 December 2025 would have increased revenue and profit by 4% and 9% respectively (2024: 4% and 9% respectively). Management believes that 10% is a reasonable sensitivity given historical exchange rate movement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "3.2 Credit risk a. Credit risk related to transactions with financial institutions Credit risk with financial institutions is managed by the Group\u2019s finance function in accordance with a Board-approved treasury policy. Management is not aware of any significant risks associated with financial institutions as a result of cash and cash equivalents deposits (including short-term investments) and financial derivative transactions. b. Credit risks related to customer trade receivables Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, change of strategy and default or delinquency in payments are considered indicators that a trade receivable could be impaired. Given the complexity, the size and the length of certain software implementation of related projects, a delay in the settlement of an open trade receivable does not necessarily constitute objective evidence that the trade receivable is irrecoverable. The Group\u2019s customer base predominantly consists of large financial institutions that are financially sound. The responsibility for customer credit risk management rests with management of the Group. Payment terms are set in accordance with practices in the different geographies and end markets served, typically being 30 days from the date of the invoice. Trade receivables are actively monitored and managed. Collection risk is mitigated through prompt submission of invoices. Historically, there has been a de minimis level of customer default as a result of the long history of dealing with the Group\u2019s customer base and an active credit monitoring function. Where applicable, credit limits may be established based on internal or external rating criteria, which take into account such factors as the financial condition of the customers, their credit history and the risk associated with their industry segment. The Group applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables and accrued income. To measure the expected credit losses, trade receivables and accrued income have been grouped based on shared credit risk characteristics and the days past due. The accrued income relates to unbilled work in progress and has substantially the same risk characteristics as the trade receivables for the same types of contracts, other than where the Group has collected upfront payments in the form of licence fees at the start of a software implementation contract. The expected loss rates of trade receivables are based on the payment profiles of customer invoices over a period of 36 months before 31 December 2025 (2024: 31 December 2024), and the corresponding historical credit losses experienced within this period. The historical loss rates are then adjusted to reflect current or forward-looking information in relation to any macroeconomic factors affecting the ability of the customers to settle the receivables. The same approach is applied to both trade receivables and accrued income expected credit loss provisions. The Group has not identified any current factors or forward-looking information which would be relevant to the historical loss rates. On this basis, the loss allowance as at 31 December 2025 and 31 December 2024 was nil for both trade receivables and accrued income. See note 19 \u2013 Trade receivables for the ageing of trade receivables and significant customer credit risk exposure. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "4. Segments and principal activities 4.1 Revenue by stream The Group assesses revenue by type of activity, being Subscription, Software Engineering and Delivery, as summarised below:
\u00a3m
2025
2024
Subscription
43.6
37.5
Software Engineering
19.6
17.4
Delivery
63.5
55.0
Total revenue
126.7
109.9
", "dimensions": { "concept": "alfafinancials:DisclosureOfSegmentsAndPrincipalActivities", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "4. Segments and principal activities 4.1 Revenue by stream The Group assesses revenue by type of activity, being Subscription, Software Engineering and Delivery, as summarised below:
\u00a3m
2025
2024
Subscription
43.6
37.5
Software Engineering
19.6
17.4
Delivery
63.5
55.0
Total revenue
126.7
109.9
4.2 Non-current assets geographical information Non-current assets attributable to each geographical market:
\u00a3m
2025
2024
EMEA*
43.5
40.9
Americas*
0.6
0.8
Rest of World
0.5
0.7
Total non-current assets
44.6
42.4
* The breakdown of non-current assets geographical information has been changed to better reflect the operations of the Group. The total remains unchanged. Revenue by geographical market is contained within note 5.3. The table above excludes deferred tax assets for both 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "
4.1 Revenue by stream
The Group assesses revenue by type of activity, being Subscription, Software Engineering and
Delivery, as summarised below:
\u00a3m
2025
2024
Subscription
43.6
37.5
Software Engineering
19.6
17.4
Delivery
63.5
55.0
Total revenue
126.7
109.9
5. Revenue from contracts with customers
5.1 Customer concentration
There were no customers with revenue accounting for more than 10% of total revenue in 2025
and 2024.
5.2 Timing of revenue
The Group derives revenue from the transfer of goods and services as follows over time and at a
point in time in the following revenue streams:
2025 Software Total
\u00a3m
Subscription
Engineering
Delivery
revenue
At a point in time \u2013 time
and materials
\u2013
7.2
38.8
46.0
At a point in time \u2013 fixed price
0.1
0.9
\u2013
1.0
Over time \u2013 time and materials
\u2013
9.8
23.9
33.7
Over time \u2013 fixed price
43.5
1.7
0.8
46.0
Total revenue
43.6
19.6
63.5
126.7
2024 Software Total
\u00a3m
Subscription
Engineering
Delivery
revenue
At a point in time \u2013 time
and materials
\u2013
7.5
43.8
51.3
At a point in time \u2013 fixed price
\u2013
0.8
\u2013
0.8
Over time \u2013 time and materials
\u2013
7.6
11.2
18.8
Over time \u2013 fixed price
37.5
1.5
\u2013
39.0
Total revenue
37.5
17.4
55.0
109.9
All goods and services are sold directly to customers. 5.3 Revenue geographical information Revenue attributable to each geographical market based on where the customer mainly utilises its instance of Alfa, or where the service is rendered, is as follows:
\u00a3m
2025
2024
EMEA*
62.1
55.6
Americas*
56.8
46.1
Rest of World
7.8
8.2
Total revenue
126.7
109.9
* The breakdown of revenue by geography has been changed to better reflect the operations of the Group. Previously named UK and rest of EMEA have been combined into EMEA. The other categories and total remains unchanged. Revenue attributable to the UK is \u00a334.9m (2024: \u00a332.0m) and this is included within the EMEA revenue. 5.4 Revenue by currency Revenue by contractual currency is as follows:
\u00a3m
2025
2024
GBP
47.9
40.4
USD
54.6
46.5
EUR
16.4
14.8
Other
7.8
8.2
Total revenue
126.7
109.9
5.5 Liabilities from contracts with customers
\u00a3m
2025
2024
Contract liabilities \u2013 deferred licence and fees
9.2
8.1
Contract liabilities \u2013 deferred maintenance
4.7
7.6
Total contract liabilities
13.9
15.7
Contract liabilities \u2013 deferred licence Where a customer purchases a perpetual software licence, this is generally invoiced upfront at the commencement of the implementation project. Customers generally require additional development efforts over the life of the implementation project in order to customise the underlying code within Alfa Systems. Together, these two elements form the Group\u2019s customised licence performance obligation. The fair value of this performance obligation is determined using the residual method as set out in note 1.5.2 and this fair value is recognised as the development effort is expended, on a percentage-of-completion basis. As such, the deferred licence contract liability balance as at 31 December 2025 and 31 December 2024 represents any amounts received in advance for the customised licence performance obligation being satisfied (including any unrecognised software licence amounts that were received upfront). Additionally, where an option over the right to use Alfa Systems in the future exists, the value of this is also included within the deferred licence contract liability. The contract liability relating to the material right value is increased over the life of the implementation project in line with the percentage of completion of the development efforts and then released on a straight-line basis over the expected remaining customer life post-completion of the implementation project. The deferred licence contract liability balance will increase during the year as a result of: \u2022 Any new upfront software licence payments; \u2022 Any write back in previously recognised revenue as a result of project extensions or re-plans; \u2022 Decreasing percentage-of-completion of development efforts; and \u2022 Any additional material right balances that are added during the year. The deferred licence contract liability balance will decrease during the year as a result of: \u2022 Increasing percentage-of-completion of development efforts; and \u2022 Any release of material right balances following the completion of the implementation project. Contract liabilities \u2013 deferred maintenance A number of the Group\u2019s customers are invoiced annually in advance for the maintenance and support service provided by the Group. As such, the deferred maintenance contract liability balance will increase as a result of billing and invoices becoming due, and will decrease as the Group satisfies its associated performance obligations. The deferred maintenance contract liability balance as at 31 December 2025 and 31 December 2024 therefore represents the Group\u2019s unsatisfied maintenance performance obligation for which the revenue has been invoiced in advance. 5.6 Unsatisfied performance obligations The Group has unsatisfied or partially satisfied performance obligations at 31 December 2025 that relate to the licence customisation for some customers that have ongoing implementation projects. This performance obligation includes the delivery of the related software licence and any development efforts which will change the underlying code. Linked to certain of these ongoing and future projects, and also to certain implementation projects completed during 2025, the Group also has unsatisfied or partially satisfied performance obligations at 31 December 2025 that relate to the option over the right to use Alfa Systems, and in particular any material right in respect of discounts to be received by customers in future periods. The above includes certain amounts recognised as contract liabilities. The transaction price allocated to these unsatisfied or partially satisfied performance obligations as at 31 December 2025 is \u00a37.2m (2024: \u00a39.9m). This amount is expected to be recognised over the remaining life of the implementation projects, in respect of the licence and development efforts, and over the expected customer life (following the completion of the implementation project) in respect of the option over the right to use Alfa Systems. Of the \u00a37.2m, it is expected that \u00a33.3m will be recognised in 2025, with the remainder being recognised in subsequent years. These unsatisfied or partially satisfied performance obligations are based on management\u2019s best judgement and may be impacted in the future by a number of factors including: \u2022 Any possible contract modifications; \u2022 Currency fluctuations; \u2022 External market factors; and \u2022 Changes to the overall forecast project plan including the overall life of the implementation project and any required development efforts. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about the unsatisfied performance obligations that have original expected durations of one year or less. This includes those performance obligations linked to ongoing services for all project types (i.e. subscription, software engineering and delivery). The Group also applies the practical expedient in paragraph B16 of IFRS 15 and does not disclose the amount of the transaction price allocated to the unsatisfied contract performance obligations where consideration will be received directly corresponding to the value of the performance obligation in the future and this consideration aligns to the value received to date for the corresponding performance obligation. This includes those performance obligations linked to our software implementation services. The disclosures above for unsatisfied or partially satisfied performance obligations are not relevant to our subscription performance obligations as these are typically satisfied on a monthly basis in line with the termination rights of the customers (see note 1.5.6). The Group has variable consideration in the form of contract banding for its licence and maintenance volumes. It is included in the transaction price only to the extent that it is highly probable that a significant reversal of revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Discounts or rebates are allocated proportionately to all performance obligations unless there is observable evidence that they relate entirely to one or more specific performance obligations, in which case they are allocated accordingly, in line with IFRS 15. Contract modifications are accounted for as a separate contract when the scope of the contract increases due to the addition of distinct goods or services and the price reflects their stand-alone selling prices. In all other cases, modifications are accounted for as part of the existing contract, with revenue recognised on a cumulative catch-up basis or prospectively, as appropriate, in accordance with IFRS 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
4.2 Non-current assets geographical information
Non-current assets attributable to each geographical market:
\u00a3m
2025
2024
EMEA*
43.5
40.9
Americas*
0.6
0.8
Rest of World
0.5
0.7
Total non-current assets
44.6
42.4
* The breakdown of non-current assets geographical information has been changed to better reflect the operations of the
Group. The total remains unchanged.
Revenue by geographical market is contained within note 5.3. The table above excludes deferred
tax assets for both 2025 and 2024.
5.3 Revenue geographical information Revenue attributable to each geographical market based on where the customer mainly utilises its instance of Alfa, or where the service is rendered, is as follows:
\u00a3m
2025
2024
EMEA*
62.1
55.6
Americas*
56.8
46.1
Rest of World
7.8
8.2
Total revenue
126.7
109.9
* The breakdown of revenue by geography has been changed to better reflect the operations of the Group. Previously named UK and rest of EMEA have been combined into EMEA. The other categories and total remains unchanged. Revenue attributable to the UK is \u00a334.9m (2024: \u00a332.0m) and this is included within the EMEA revenue. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "4.2 Non-current assets geographical information Non-current assets attributable to each geographical market:
\u00a3m
2025
2024
EMEA*
43.5
40.9
Americas*
0.6
0.8
Rest of World
0.5
0.7
Total non-current assets
44.6
42.4
* The breakdown of non-current assets geographical information has been changed to better reflect the operations of the Group. The total remains unchanged. Revenue by geographical market is contained within note 5.3. The table above excludes deferred tax assets for both 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "5. Revenue from contracts with customers 5.1 Customer concentration There were no customers with revenue accounting for more than 10% of total revenue in 2025 and 2024. 5.2 Timing of revenue The Group derives revenue from the transfer of goods and services as follows over time and at a point in time in the following revenue streams:
2025 Software Total
\u00a3m
Subscription
Engineering
Delivery
revenue
At a point in time \u2013 time
and materials
\u2013
7.2
38.8
46.0
At a point in time \u2013 fixed price
0.1
0.9
\u2013
1.0
Over time \u2013 time and materials
\u2013
9.8
23.9
33.7
Over time \u2013 fixed price
43.5
1.7
0.8
46.0
Total revenue
43.6
19.6
63.5
126.7
2024 Software Total
\u00a3m
Subscription
Engineering
Delivery
revenue
At a point in time \u2013 time
and materials
\u2013
7.5
43.8
51.3
At a point in time \u2013 fixed price
\u2013
0.8
\u2013
0.8
Over time \u2013 time and materials
\u2013
7.6
11.2
18.8
Over time \u2013 fixed price
37.5
1.5
\u2013
39.0
Total revenue
37.5
17.4
55.0
109.9
All goods and services are sold directly to customers.
5.3 Revenue geographical information
Revenue attributable to each geographical market based on where the customer mainly utilises
its instance of Alfa, or where the service is rendered, is as follows:
\u00a3m
2025
2024
EMEA*
62.1
55.6
Americas*
56.8
46.1
Rest of World
7.8
8.2
Total revenue
126.7
109.9
* The breakdown of revenue by geography has been changed to better reflect the operations of the Group. Previously
named UK and rest of EMEA have been combined into EMEA. The other categories and total remains unchanged.
Revenue attributable to the UK is \u00a334.9m (2024: \u00a332.0m) and this is included within the
EMEA revenue.
5.4 Revenue by currency Revenue by contractual currency is as follows:
\u00a3m
2025
2024
GBP
47.9
40.4
USD
54.6
46.5
EUR
16.4
14.8
Other
7.8
8.2
Total revenue
126.7
109.9
5.5 Liabilities from contracts with customers
\u00a3m
2025
2024
Contract liabilities \u2013 deferred licence and fees
9.2
8.1
Contract liabilities \u2013 deferred maintenance
4.7
7.6
Total contract liabilities
13.9
15.7
Contract liabilities \u2013 deferred licence Where a customer purchases a perpetual software licence, this is generally invoiced upfront at the commencement of the implementation project. Customers generally require additional development efforts over the life of the implementation project in order to customise the underlying code within Alfa Systems. Together, these two elements form the Group\u2019s customised licence performance obligation. The fair value of this performance obligation is determined using the residual method as set out in note 1.5.2 and this fair value is recognised as the development effort is expended, on a percentage-of-completion basis. As such, the deferred licence contract liability balance as at 31 December 2025 and 31 December 2024 represents any amounts received in advance for the customised licence performance obligation being satisfied (including any unrecognised software licence amounts that were received upfront). Additionally, where an option over the right to use Alfa Systems in the future exists, the value of this is also included within the deferred licence contract liability. The contract liability relating to the material right value is increased over the life of the implementation project in line with the percentage of completion of the development efforts and then released on a straight-line basis over the expected remaining customer life post-completion of the implementation project.
The deferred licence contract liability balance will increase during the year as a result of:
\u2022 Any new upfront software licence payments;
\u2022 Any write back in previously recognised revenue as a result of project extensions or re-plans;
\u2022 Decreasing percentage-of-completion of development efforts; and
\u2022 Any additional material right balances that are added during the year.
The deferred licence contract liability balance will decrease during the year as a result of:
\u2022 Increasing percentage-of-completion of development efforts; and
\u2022 Any release of material right balances following the completion of the implementation project.
Contract liabilities \u2013 deferred maintenance
A number of the Group\u2019s customers are invoiced annually in advance for the maintenance and
support service provided by the Group. As such, the deferred maintenance contract liability
balance will increase as a result of billing and invoices becoming due, and will decrease as the
Group satisfies its associated performance obligations. The deferred maintenance contract
liability balance as at 31 December 2025 and 31 December 2024 therefore represents the
Group\u2019s unsatisfied maintenance performance obligation for which the revenue has been
invoiced in advance.
5.6 Unsatisfied performance obligations
The Group has unsatisfied or partially satisfied performance obligations at 31 December 2025
that relate to the licence customisation for some customers that have ongoing implementation
projects. This performance obligation includes the delivery of the related software licence and
any development efforts which will change the underlying code. Linked to certain of these
ongoing and future projects, and also to certain implementation projects completed during 2025,
the Group also has unsatisfied or partially satisfied performance obligations at 31 December
2025 that relate to the option over the right to use Alfa Systems, and in particular any material
right in respect of discounts to be received by customers in future periods.
The above includes certain amounts recognised as contract liabilities. The transaction price
allocated to these unsatisfied or partially satisfied performance obligations as at 31 December
2025 is \u00a37.2m (2024: \u00a39.9m). This amount is expected to be recognised over the remaining life
of the implementation projects, in respect of the licence and development efforts, and over the
expected customer life (following the completion of the implementation project) in respect of
the option over the right to use Alfa Systems. Of the \u00a37.2m, it is expected that \u00a33.3m will be
recognised in 2025, with the remainder being recognised in subsequent years.
These unsatisfied or partially satisfied performance obligations are based on management\u2019s
best judgement and may be impacted in the future by a number of factors including:
\u2022 Any possible contract modifications;
\u2022 Currency fluctuations;
\u2022 External market factors; and
\u2022 Changes to the overall forecast project plan including the overall life of the implementation
project and any required development efforts.
The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
information about the unsatisfied performance obligations that have original expected durations
of one year or less. This includes those performance obligations linked to ongoing services for all
project types (i.e. subscription, software engineering and delivery).
The Group also applies the practical expedient in paragraph B16 of IFRS 15 and does not disclose
the amount of the transaction price allocated to the unsatisfied contract performance obligations
where consideration will be received directly corresponding to the value of the performance
obligation in the future and this consideration aligns to the value received to date for the
corresponding performance obligation. This includes those performance obligations linked to our
software implementation services.
The disclosures above for unsatisfied or partially satisfied performance obligations are not
relevant to our subscription performance obligations as these are typically satisfied on a monthly
basis in line with the termination rights of the customers (see note 1.5.6).
The Group has variable consideration in the form of contract banding for its licence and
maintenance volumes. It is included in the transaction price only to the extent that it is highly
probable that a significant reversal of revenue will not occur when the uncertainty associated
with the variable consideration is subsequently resolved. Discounts or rebates are allocated
proportionately to all performance obligations unless there is observable evidence that they
relate entirely to one or more specific performance obligations, in which case they are allocated
accordingly, in line with IFRS 15.
Contract modifications are accounted for as a separate contract when the scope of the contract
increases due to the addition of distinct goods or services and the price reflects their stand-alone
selling prices. In all other cases, modifications are accounted for as part of the existing contract,
with revenue recognised on a cumulative catch-up basis or prospectively, as appropriate, in
accordance with IFRS 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "
3.3 Liquidity risk
The Group\u2019s principal objectives when managing capital are to ensure that funds are available to
support its growth strategy and to safeguard the Group\u2019s ability to continue as a going concern.
The capital structure of the Group consists of cash and cash equivalents (note 21) and equity
attributable to equity holders of the parent.
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they
fall due.
The Group manages its exposure to liquidity risk through short and long-term forecasts and by
seeking to align the maturity profiles of its financial assets with its financial liabilities. The Group\u2019s
policy is to maintain an adequate level of liquidity to meet its liabilities expected to be settled in
the short or near term, under both normal and stressed conditions.
The following table details the remaining contractual maturity of the Group\u2019s financial liabilities.
The amounts disclosed in the table are the contractual undiscounted cash flows.
31 December 2025
Between Between Between
Less than 6 to 12 1 to 2 2 to 5 More than
\u00a3m
Total
6 months months years years 5 years
Trade and other
payables
9.4
9.4
\u2013
\u2013
\u2013
\u2013
Lease liabilities \u2013 future
lease payments
12.7
0.9
0.9
1.8
3.4
5.7
31 December 2024
Between Between Between
Less than 6 to 12 1 to 2 2 to 5 More than
\u00a3m
Total
6 months months years years 5 years
Trade and other
payables
8.4
8.4
\u2013
\u2013
\u2013
\u2013
Lease liabilities \u2013 future
lease payments
13.4
0.5
0.3
1.8
4.8
6.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "8. Key management Key management compensation (including Directors):
\u00a3m
2025
2024
Wages, salaries and short-term benefits
2.5
2.3
Social security contributions
0.5
0.3
Share-based payments (including social security contributions)
1.2
0.5
Total key management compensation
4.2
3.1
Key management personnel consist of the Company Leadership Team and the Executive and Non-Executive Directors. Directors\u2019 remuneration is detailed in the Remuneration Report from page 82.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "6. Operating profit The following items have been included in arriving at operating profit:
\u00a3m
2025
2024
Research and development costs
2.8
2.3
Depreciation of property, plant and equipment
0.4
0.6
Depreciation of right-of-use lease assets
1.1
1.1
Amortisation of intangible assets
1.8
1.0
Foreign exchange loss/(gain)
0.7
(0.2)
Realised and unrealised net (gain) on forward contracts
(1.5)
(0.3)
Share-based payments (including social security contributions)
1.9
1.4
RDEC*
(0.4)
0.1
* The Company has claimed credits under the UK RDEC regime in respect of 2023 and 2024 and intends to claim for 2025. The amount of the estimated RDEC credit is required to be recognised as both other income (which is taxable) and as a recoverable. In 2025, following the finalisation of the 2023 tax return, the RDEC benefit for 2023 was increased by \u00a30.2m. In addition, an estimated \u00a30.2m RDEC benefit was recognised for 2025, resulting in recognition of \u00a30.4m in 2025. 9. Auditor\u2019s remuneration The Group obtained the following services from the Group\u2019s auditor as detailed below:
\u00a3m
2025
2024
Audit fees
RSM UK Audit LLP
Audit of the consolidated financial statements
0.2
0.2
Audit of subsidiaries
0.2
0.2
Total audit fees
0.4
0.4
Audit-related assurance fees
Review of interim financial report
0.1
0.1
Total audit-related assurance fees
0.1
0.1
Non-audit services
\u2013
\u2013
Total audit and non-audit-related services
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
The following items have been included in arriving at operating profit:
\u00a3m
2025
2024
Research and development costs
2.8
2.3
Depreciation of property, plant and equipment
0.4
0.6
Depreciation of right-of-use lease assets
1.1
1.1
Amortisation of intangible assets
1.8
1.0
Foreign exchange loss/(gain)
0.7
(0.2)
Realised and unrealised net (gain) on forward contracts
(1.5)
(0.3)
Share-based payments (including social security contributions)
1.9
1.4
RDEC*
(0.4)
0.1
* The Company has claimed credits under the UK RDEC regime in respect of 2023 and 2024 and intends to claim for 2025. The
amount of the estimated RDEC credit is required to be recognised as both other income (which is taxable) and as a
recoverable. In 2025, following the finalisation of the 2023 tax return, the RDEC benefit for 2023 was increased by \u00a30.2m. In
addition, an estimated \u00a30.2m RDEC benefit was recognised for 2025, resulting in recognition of \u00a30.4m in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
\u00a3m
2025
2024
Research and development costs
2.8
2.3
Depreciation of property, plant and equipment
0.4
0.6
Depreciation of right-of-use lease assets
1.1
1.1
Amortisation of intangible assets
1.8
1.0
Foreign exchange loss/(gain)
0.7
(0.2)
Realised and unrealised net (gain) on forward contracts
(1.5)
(0.3)
Share-based payments (including social security contributions)
1.9
1.4
RDEC*
(0.4)
0.1
16. Property, plant and equipment
Fixtures and
\u00a3m
fittings
IT equipment
Total
Cost
At 1 January 2024
1.6
3.2
4.8
Additions
\u2013
0.3
0.3
Disposals
(0.1)
(1.7)
(1.8)
At 31 December 2024
1.5
1.8
3.3
Depreciation
At 1 January 2024
1.1
2.7
3.8
Charge for the year
0.2
0.4
0.6
Disposals
(0.1)
(1.7)
(1.8)
At 31 December 2024
1.2
1.4
2.6
Net book value
At 31 December 2024
0.3
0.4
0.7
Cost
At 1 January 2025
1.5
1.8
3.3
Additions
\u2013
0.4
0.4
Disposals
\u2013
(0.4)
(0.4)
At 31 December 2025
1.5
1.8
3.3
Depreciation
At 1 January 2025
1.2
1.4
2.6
Charge for the year
0.1
0.3
0.4
Disposals
\u2013
(0.4)
(0.4)
At 31 December 2025
1.3
1.3
2.6
Net book value
At 31 December 2025
0.2
0.5
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
\u00a3m
2025
2024
Research and development costs
2.8
2.3
Depreciation of property, plant and equipment
0.4
0.6
Depreciation of right-of-use lease assets
1.1
1.1
Amortisation of intangible assets
1.8
1.0
Foreign exchange loss/(gain)
0.7
(0.2)
Realised and unrealised net (gain) on forward contracts
(1.5)
(0.3)
Share-based payments (including social security contributions)
1.9
1.4
RDEC*
(0.4)
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "7. Personnel-related costs
\u00a3m
2025
2024
Wages and salaries
50.4
44.4
Social security contributions (on wages and salaries)
5.8
5.2
Pension costs
4.1
3.5
Less: capitalisation
(5.0)
(5.3)
55.3
47.8
Profit share pay*
5.0
4.2
Share-based payments (including social security contributions)
1.9
1.4
Total employment costs
62.2
53.4
* Profit share pay refers to a pool of money (that equates to approximately 10% of the Group\u2019s pre-tax profits) which is shared amongst the employees, excluding Directors and some other senior managers, as a percentage of basic salary The amount disclosed includes the related social security contributions.
Average monthly number of people employed based on location
(including Executive Directors)
2025
2024
EMEA*
367
357
Americas*
119
99
Rest of World
30
29
Total average monthly number of people employed
516
485
* The split of employees has been changed to better reflect the operations of the Group. The UK headcount, as disclosed previously, is included within the EMEA headcount. The total remains unchanged. At 31 December 2025, the Group had 527 employees (2024: 502).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
11. Income tax expense
Analysis of charge for the year
\u00a3m
2025
2024
Current tax:
Current tax on profit for the year
8.5
6.8
Adjustment in respect of prior years
(0.1)
(0.2)
Foreign tax on profit of subsidiaries for the year
0.8
0.7
Current tax charge
9.2
7.3
Deferred tax:
Deferred tax on profits for the year
0.9
1.2
Other
(0.1)
\u2013
Deferred tax charge
0.8
1.2
Total tax charge in the year
10.0
8.5
The effective tax rate for 2025 and 2024 is in line with the standard rate of corporation tax in
the UK. The effective tax rate for the year ended 31 December 2025 was 24.9% (2024: 24.9%).
The overall tax charge for the year is reconciled as follows:
Analysis of charge for the year
\u00a3m
2025
2024
Profit on ordinary activities before taxation
40.1
34.1
Profit on ordinary activities at the standard rate of corporation tax
25% (2024: 25%)
10.0
8.5
Tax effects of:
Adjustment in respect of prior years
(0.1)
(0.2)
Impact of expenses not deductible for tax purposes
0.1
\u2013
Other
\u2013
0.2
Total tax charge for the year
10.0
8.5
18. Deferred income tax
The provision for deferred tax consists of the following deferred tax assets/(liabilities) relating to
accelerated capital allowances and short-term timing differences in relation to accruals and share-
based payments.
\u00a3m
2025
2024
Balance as at 1 January
(0.5)
0.3
Deferred income taxes recognised in the consolidated statement of
profit or loss and comprehensive income
(0.9)
(1.2)
Deferred tax on share-based payments recognised in reserves
0.1
0.4
Balance as at 31 December
(1.3)
(0.5)
Consisting of:
Depreciation in excess of capital allowances
\u2013
0.1
Capital allowances in excess of depreciation
(0.1)
\u2013
Other timing differences
(1.2)
(0.6)
Balance as at 31 December
(1.3)
(0.5)
At the reporting date, the provision for deferred tax comprised net deferred tax assets relating to
overseas group companies of \u00a30.4m (2024: \u00a30.5m) and net deferred tax liabilities relating to the
UK of \u00a3(1.7)m (2024: \u00a3(1.0)m). The table above shows the net of these balances, being deferred tax
liabilities of \u00a31.3m (2024: deferred tax liabilities of \u00a30.5m).
Deferred income tax liabilities have not been recognised for the withholding tax and other taxes
that would be payable on the unremitted earnings of certain subsidiaries as the Group is able to
control the timing of these temporary differences and it is probable that they will not reverse in
the foreseeable future. Unremitted earnings totalled \u00a34.5m at 31 December 2025 (2024: \u00a32.7m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
9. Auditor\u2019s remuneration
The Group obtained the following services from the Group\u2019s auditor as detailed below:
\u00a3m
2025
2024
Audit fees
RSM UK Audit LLP
Audit of the consolidated financial statements
0.2
0.2
Audit of subsidiaries
0.2
0.2
Total audit fees
0.4
0.4
Audit-related assurance fees
Review of interim financial report
0.1
0.1
Total audit-related assurance fees
0.1
0.1
Non-audit services
\u2013
\u2013
Total audit and non-audit-related services
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
10. Finance income and expense
\u00a3m
2025
2024
Finance income
Interest income on cash or short-term bank deposits
0.7
0.5
\u00a3m
Note
2025
2024
Finance expense
Interest on lease liabilities
23
(0.7)
(0.6)
Other interest expense
\u2013
(0.1)
Total finance expense
(0.7)
(0.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "10. Finance income and expense
\u00a3m
2025
2024
Finance income
Interest income on cash or short-term bank deposits
0.7
0.5
\u00a3m
Note
2025
2024
Finance expense
Interest on lease liabilities
23
(0.7)
(0.6)
Other interest expense
\u2013
(0.1)
Total finance expense
(0.7)
(0.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "10. Finance income and expense
\u00a3m
2025
2024
Finance income
Interest income on cash or short-term bank deposits
0.7
0.5
\u00a3m
Note
2025
2024
Finance expense
Interest on lease liabilities
23
(0.7)
(0.6)
Other interest expense
\u2013
(0.1)
Total finance expense
(0.7)
(0.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "10. Finance income and expense
\u00a3m
2025
2024
Finance income
Interest income on cash or short-term bank deposits
0.7
0.5
\u00a3m
Note
2025
2024
Finance expense
Interest on lease liabilities
23
(0.7)
(0.6)
Other interest expense
\u2013
(0.1)
Total finance expense
(0.7)
(0.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "10. Finance income and expense
\u00a3m
2025
2024
Finance income
Interest income on cash or short-term bank deposits
0.7
0.5
\u00a3m
Note
2025
2024
Finance expense
Interest on lease liabilities
23
(0.7)
(0.6)
Other interest expense
\u2013
(0.1)
Total finance expense
(0.7)
(0.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "10. Finance income and expense
\u00a3m
2025
2024
Finance income
Interest income on cash or short-term bank deposits
0.7
0.5
\u00a3m
Note
2025
2024
Finance expense
Interest on lease liabilities
23
(0.7)
(0.6)
Other interest expense
\u2013
(0.1)
Total finance expense
(0.7)
(0.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
13. Financial assets and liabilities
\u00a3m
Note
2025
2024
Financial assets
Financial assets at amortised cost:
Trade receivables
19
8.5
8.6
Other financial assets at amortised cost
20
5.7
5.0
Cash and cash equivalents
21
26.4
20.5
Total financial assets
40.6
34.1
Financial liabilities
Financial liabilities at amortised cost:
Trade and other payables
22
9.4
8.4
Lease liabilities
23
9.3
9.3
Total financial liabilities
18.7
17.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "13. Financial assets and liabilities
\u00a3m
Note
2025
2024
Financial assets
Financial assets at amortised cost:
Trade receivables
19
8.5
8.6
Other financial assets at amortised cost
20
5.7
5.0
Cash and cash equivalents
21
26.4
20.5
Total financial assets
40.6
34.1
Financial liabilities
Financial liabilities at amortised cost:
Trade and other payables
22
9.4
8.4
Lease liabilities
23
9.3
9.3
Total financial liabilities
18.7
17.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "13. Financial assets and liabilities
\u00a3m
Note
2025
2024
Financial assets
Financial assets at amortised cost:
Trade receivables
19
8.5
8.6
Other financial assets at amortised cost
20
5.7
5.0
Cash and cash equivalents
21
26.4
20.5
Total financial assets
40.6
34.1
Financial liabilities
Financial liabilities at amortised cost:
Trade and other payables
22
9.4
8.4
Lease liabilities
23
9.3
9.3
Total financial liabilities
18.7
17.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
14. Goodwill
\u00a3m
2025
2024
Cost
At 1 January
24.7
24.7
At 31 December
24.7
24.7
The recoverable amount of goodwill has been determined based on value-in-use calculations
using cash flow projections from financial budgets and forecasts for a five-year period using a
pre-tax discount rate of 11.1% (2024: 10.4%) which is based on the CGU\u2019s weighted average cost
of capital. Cash flows beyond these periods have been extrapolated using a steady 2.5%
(2024: 2.5%) average growth rate which is reflective of management\u2019s best estimate at the time.
Management believes that any reasonable change in any of the key assumptions on which the
recoverable amount is based would not cause the reported carrying amount to exceed the
recoverable amount of the CGU.
15. Other intangible assets
Internally
Computer generated
\u00a3m software
software
Total
Cost
At 1 January 2024
1.7
7.1
8.8
Additions
\u2013
5.3
5.3
Disposals
(0.7)
\u2013
(0.7)
At 31 December 2024
1.0
12.4
13.4
Amortisation
At 1 January 2024
1.1
2.7
3.8
Charge for the period
0.2
0.8
1.0
Disposal
(0.7)
\u2013
(0.7)
At 31 December 2024
0.6
3.5
4.1
Net book value
At 31 December 2024
0.4
8.9
9.3
Cost
At 1 January 2025
1.0
12.4
13.4
Additions
\u2013
5.0
5.0
At 31 December 2025
1.0
17.4
18.4
Amortisation
At 1 January 2025
0.6
3.5
4.1
Charge for the period
0.1
1.7
1.8
At 31 December 2025
0.7
5.2
5.9
Net book value
At 31 December 2025
0.3
12.2
12.5
Significant movement in other intangible assets
During 2025, Alfa developed new internally generated software at a cost of \u00a35.0m (2024: \u00a35.3m).
This software will be amortised over three to five years.
The total research and product development expense for the period was \u00a32.8m (2024: \u00a32.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "14. Goodwill
\u00a3m
2025
2024
Cost
At 1 January
24.7
24.7
At 31 December
24.7
24.7
The recoverable amount of goodwill has been determined based on value-in-use calculations using cash flow projections from financial budgets and forecasts for a five-year period using a pre-tax discount rate of 11.1% (2024: 10.4%) which is based on the CGU\u2019s weighted average cost of capital. Cash flows beyond these periods have been extrapolated using a steady 2.5% (2024: 2.5%) average growth rate which is reflective of management\u2019s best estimate at the time. Management believes that any reasonable change in any of the key assumptions on which the recoverable amount is based would not cause the reported carrying amount to exceed the recoverable amount of the CGU. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "12. Earnings per share
2025
2024
Profit attributable to equity holders of Alfa (\u00a3m)
30.1
25.6
Weighted average number of shares outstanding during the year
295,778,634
294,925,812
Basic earnings per share (pence per share)
10.19
8.68
Weighted average number of shares outstanding including
potentially dilutive shares
297,234,511
298,962,970
Diluted earnings per share (pence per share)
10.14
8.56
The weighted average number of ordinary shares in issue excludes 4,221,366 (2024: 5,074,188) shares held by the Group cumulatively under the EBT and as a result of the share buy-back programme. The diluted number of ordinary shares outstanding, including share awards, is calculated on the assumption of conversion of 1,455,878 (2024: 4,037,158) potentially dilutive ordinary shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
16. Property, plant and equipment
Fixtures and
\u00a3m
fittings
IT equipment
Total
Cost
At 1 January 2024
1.6
3.2
4.8
Additions
\u2013
0.3
0.3
Disposals
(0.1)
(1.7)
(1.8)
At 31 December 2024
1.5
1.8
3.3
Depreciation
At 1 January 2024
1.1
2.7
3.8
Charge for the year
0.2
0.4
0.6
Disposals
(0.1)
(1.7)
(1.8)
At 31 December 2024
1.2
1.4
2.6
Net book value
At 31 December 2024
0.3
0.4
0.7
Cost
At 1 January 2025
1.5
1.8
3.3
Additions
\u2013
0.4
0.4
Disposals
\u2013
(0.4)
(0.4)
At 31 December 2025
1.5
1.8
3.3
Depreciation
At 1 January 2025
1.2
1.4
2.6
Charge for the year
0.1
0.3
0.4
Disposals
\u2013
(0.4)
(0.4)
At 31 December 2025
1.3
1.3
2.6
Net book value
At 31 December 2025
0.2
0.5
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "15. Other intangible assets
Internally
Computer generated
\u00a3m software
software
Total
Cost
At 1 January 2024
1.7
7.1
8.8
Additions
\u2013
5.3
5.3
Disposals
(0.7)
\u2013
(0.7)
At 31 December 2024
1.0
12.4
13.4
Amortisation
At 1 January 2024
1.1
2.7
3.8
Charge for the period
0.2
0.8
1.0
Disposal
(0.7)
\u2013
(0.7)
At 31 December 2024
0.6
3.5
4.1
Net book value
At 31 December 2024
0.4
8.9
9.3
Cost
At 1 January 2025
1.0
12.4
13.4
Additions
\u2013
5.0
5.0
At 31 December 2025
1.0
17.4
18.4
Amortisation
At 1 January 2025
0.6
3.5
4.1
Charge for the period
0.1
1.7
1.8
At 31 December 2025
0.7
5.2
5.9
Net book value
At 31 December 2025
0.3
12.2
12.5
Significant movement in other intangible assets During 2025, Alfa developed new internally generated software at a cost of \u00a35.0m (2024: \u00a35.3m). This software will be amortised over three to five years. The total research and product development expense for the period was \u00a32.8m (2024: \u00a32.3m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "18. Deferred income tax The provision for deferred tax consists of the following deferred tax assets/(liabilities) relating to accelerated capital allowances and short-term timing differences in relation to accruals and share- based payments.
\u00a3m
2025
2024
Balance as at 1 January
(0.5)
0.3
Deferred income taxes recognised in the consolidated statement of
profit or loss and comprehensive income
(0.9)
(1.2)
Deferred tax on share-based payments recognised in reserves
0.1
0.4
Balance as at 31 December
(1.3)
(0.5)
Consisting of:
Depreciation in excess of capital allowances
\u2013
0.1
Capital allowances in excess of depreciation
(0.1)
\u2013
Other timing differences
(1.2)
(0.6)
Balance as at 31 December
(1.3)
(0.5)
At the reporting date, the provision for deferred tax comprised net deferred tax assets relating to overseas group companies of \u00a30.4m (2024: \u00a30.5m) and net deferred tax liabilities relating to the UK of \u00a3(1.7)m (2024: \u00a3(1.0)m). The table above shows the net of these balances, being deferred tax liabilities of \u00a31.3m (2024: deferred tax liabilities of \u00a30.5m). Deferred income tax liabilities have not been recognised for the withholding tax and other taxes that would be payable on the unremitted earnings of certain subsidiaries as the Group is able to control the timing of these temporary differences and it is probable that they will not reverse in the foreseeable future. Unremitted earnings totalled \u00a34.5m at 31 December 2025 (2024: \u00a32.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "18. Deferred income tax The provision for deferred tax consists of the following deferred tax assets/(liabilities) relating to accelerated capital allowances and short-term timing differences in relation to accruals and share- based payments.
\u00a3m
2025
2024
Balance as at 1 January
(0.5)
0.3
Deferred income taxes recognised in the consolidated statement of
profit or loss and comprehensive income
(0.9)
(1.2)
Deferred tax on share-based payments recognised in reserves
0.1
0.4
Balance as at 31 December
(1.3)
(0.5)
Consisting of:
Depreciation in excess of capital allowances
\u2013
0.1
Capital allowances in excess of depreciation
(0.1)
\u2013
Other timing differences
(1.2)
(0.6)
Balance as at 31 December
(1.3)
(0.5)
At the reporting date, the provision for deferred tax comprised net deferred tax assets relating to overseas group companies of \u00a30.4m (2024: \u00a30.5m) and net deferred tax liabilities relating to the UK of \u00a3(1.7)m (2024: \u00a3(1.0)m). The table above shows the net of these balances, being deferred tax liabilities of \u00a31.3m (2024: deferred tax liabilities of \u00a30.5m). Deferred income tax liabilities have not been recognised for the withholding tax and other taxes that would be payable on the unremitted earnings of certain subsidiaries as the Group is able to control the timing of these temporary differences and it is probable that they will not reverse in the foreseeable future. Unremitted earnings totalled \u00a34.5m at 31 December 2025 (2024: \u00a32.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
17. Right-of-use assets
Motor
\u00a3m
vehicles
Property
Total
Cost
At 1 January 2024
0.7
10.9
11.6
Additions
0.3
2.4
2.7
Disposals
(0.3)
\u2013
(0.3)
At 31 December 2024
0.7
13.3
14.0
Depreciation
At 1 January 2024
0.5
5.0
5.5
Charge for the year
0.1
1.0
1.1
Disposals
(0.3)
\u2013
(0.3)
At 31 December 2024
0.3
6.0
6.3
Net book value
At 31 December 2024
0.4
7.3
7.7
Cost
At 1 January 2025
0.7
13.3
14.0
Additions
0.1
\u2013
0.1
Disposals
(0.1)
(0.3)
(0.4)
At 31 December 2025
0.7
13.0
13.7
Depreciation
At 1 January 2025
0.3
6.0
6.3
Charge for the year
0.2
0.9
1.1
Disposals
(0.1)
(0.3)
(0.4)
At 31 December 2025
0.4
6.6
7.0
Net book value
At 31 December 2025
0.3
6.4
6.7
The Group recognised the following amounts in the consolidated statement of profit or loss and
comprehensive income in relation to leases under IFRS 16:
\u00a3m
2025
2024
Depreciation
(1.1)
(1.1)
Interest expense
(0.7)
(0.6)
23. Lease liabilities The following table sets out the reconciliation of the lease liabilities from 1 January 2024 to the amount disclosed at 31 December 2025:
\u00a3m
Total
Lease liabilities recognised at 1 January 2024
8.2
Additions
2.4
Interest charge
0.6
Payments made on lease liabilities
(1.9)
At 31 December 2024
9.3
Additions
0.1
Interest charge
0.7
Payments made on lease liabilities
(0.8)
At 31 December 2025
9.3
Additions to lease liabilities include extensions to existing lease agreements. In 2024 there was an extension of the lease (a lease modification) to the UK office at Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK. Total lease payments in 2025 were \u00a30.8m (2024: \u00a31.9m). Below is the maturity analysis of the lease liabilities:
\u00a3m
2025
2024
Non-current
8.1
9.2
Current
1.2
0.1
Total lease liabilities
9.3
9.3
No later than one year
1.8
0.8
Between one year and five years
5.2
6.6
Later than five years
5.7
6.0
Total future lease payments
12.7
13.4
Total future interest payments
(3.4)
(4.1)
Total lease liabilities
9.3
9.3
The movement during the year in lease liabilities is set out above. Movements in cash and cash equivalents are set out in the cash flow statement. These are the only changes in liabilities arising from financing activities in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "17. Right-of-use assets
Motor
\u00a3m
vehicles
Property
Total
Cost
At 1 January 2024
0.7
10.9
11.6
Additions
0.3
2.4
2.7
Disposals
(0.3)
\u2013
(0.3)
At 31 December 2024
0.7
13.3
14.0
Depreciation
At 1 January 2024
0.5
5.0
5.5
Charge for the year
0.1
1.0
1.1
Disposals
(0.3)
\u2013
(0.3)
At 31 December 2024
0.3
6.0
6.3
Net book value
At 31 December 2024
0.4
7.3
7.7
Cost
At 1 January 2025
0.7
13.3
14.0
Additions
0.1
\u2013
0.1
Disposals
(0.1)
(0.3)
(0.4)
At 31 December 2025
0.7
13.0
13.7
Depreciation
At 1 January 2025
0.3
6.0
6.3
Charge for the year
0.2
0.9
1.1
Disposals
(0.1)
(0.3)
(0.4)
At 31 December 2025
0.4
6.6
7.0
Net book value
At 31 December 2025
0.3
6.4
6.7
The Group recognised the following amounts in the consolidated statement of profit or loss and comprehensive income in relation to leases under IFRS 16:
\u00a3m
2025
2024
Depreciation
(1.1)
(1.1)
Interest expense
(0.7)
(0.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "
20. Other receivables held at amortised cost
\u00a3m
2025
2024
Accrued income
5.5
4.7
Prepayments
4.4
4.9
Corporation tax recoverable
0.7
2.8
Other receivables
0.2
0.3
Total other receivables held at amortised cost
10.8
12.7
Accrued income represents fees earned, but not invoiced, at the reporting date, which have no
right of offset with contract liabilities \u2013 deferred licence amounts.
Prepayments include \u00a30.7m of deferred costs in relation to costs to fulfil contracts (2024: \u00a31.0m)
and \u00a30.3m in relation to costs to obtain contracts (2024: \u00a30.4m). During the year \u00a30.4m
(2024: \u00a30.3m) relating to costs to fulfil contracts has been recognised within cost of sales and
\u00a30.1m (2024: \u00a30.1m) in relation to costs to obtain contracts has been recognised within sales,
general and administrative expenses.
Corporation tax recoverable at the reporting date of \u00a30.7m (2024: \u00a32.8m) represents
predominately UK tax of \u00a30.3m (2024: \u00a32.3m), and an amount of \u00a30.4m (2024: \u00a30.4m) relating to
RDEC recoverable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "21. Cash and cash equivalents
\u00a3m
2025
2024
Cash at bank and in hand
26.4
20.5
Cash and cash equivalents
26.4
20.5
Currency of cash and cash equivalents
\u00a3m
2025
2024
GBP
12.5
8.6
USD
8.5
6.1
AUD
2.0
2.1
EUR
2.4
2.5
Other
1.0
1.2
Cash and cash equivalents
26.4
20.5
Cash and cash equivalents are all held with banks and other financial institutions which must fulfil credit rating and investment criteria approved by the Board.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
19. Trade receivables
\u00a3m
2025
2024
Trade receivables
8.5
8.6
Provision for impairment
\u2013
\u2013
Trade receivables \u2013 net
8.5
8.6
Ageing of trade receivables
\u00a3m
2025
2024
Within agreed terms
7.8
8.1
Past due 1-30 days
0.7
0.5
Past due 31-90 days
\u2013
\u2013
Past due 91+ days
\u2013
\u2013
Trade receivables \u2013 net
8.5
8.6
The Group believes that the amounts that are past due are fully recoverable, all overdue
amounts have been received by signing date, and there are no indicators of future delinquency
or potential litigation.
Currency of trade receivables
\u00a3m
2025
2024
GBP
3.0
3.0
USD
4.7
4.8
Other
0.8
0.8
Trade receivables \u2013 net
8.5
8.6
Trade receivables due from significant customers
There were no customers with revenue accounting for more than 10% of total revenue in 2025
and 2024.
Impairment and risk exposure
Information about the impairment of trade receivables and the Group\u2019s exposure to market risk
(specifically foreign currency risk) and credit risk can be found in note 3.
20. Other receivables held at amortised cost
\u00a3m
2025
2024
Accrued income
5.5
4.7
Prepayments
4.4
4.9
Corporation tax recoverable
0.7
2.8
Other receivables
0.2
0.3
Total other receivables held at amortised cost
10.8
12.7
Accrued income represents fees earned, but not invoiced, at the reporting date, which have no right of offset with contract liabilities \u2013 deferred licence amounts. Prepayments include \u00a30.7m of deferred costs in relation to costs to fulfil contracts (2024: \u00a31.0m) and \u00a30.3m in relation to costs to obtain contracts (2024: \u00a30.4m). During the year \u00a30.4m (2024: \u00a30.3m) relating to costs to fulfil contracts has been recognised within cost of sales and \u00a30.1m (2024: \u00a30.1m) in relation to costs to obtain contracts has been recognised within sales, general and administrative expenses. Corporation tax recoverable at the reporting date of \u00a30.7m (2024: \u00a32.8m) represents predominately UK tax of \u00a30.3m (2024: \u00a32.3m), and an amount of \u00a30.4m (2024: \u00a30.4m) relating to RDEC recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "
24. Provision for other liabilities
\u00a3m
At 1 January 2024
0.7
Provided in the period
0.4
Utilised in the period
(0.3)
Released in the period
\u2013
At 31 December 2024
0.8
Provided in the period
0.4
Utilised in the period
(0.3)
Released in the period
\u2013
At 31 December 2025
0.9
Provisions for other liabilities comprise amounts for office dilapidations and employer taxes on
share-based payments. It is expected that these will be utilised as follows: \u00a30.3m in 2035 and
\u00a30.6m over various years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "24. Provision for other liabilities
\u00a3m
At 1 January 2024
0.7
Provided in the period
0.4
Utilised in the period
(0.3)
Released in the period
\u2013
At 31 December 2024
0.8
Provided in the period
0.4
Utilised in the period
(0.3)
Released in the period
\u2013
At 31 December 2025
0.9
Provisions for other liabilities comprise amounts for office dilapidations and employer taxes on share-based payments. It is expected that these will be utilised as follows: \u00a30.3m in 2035 and \u00a30.6m over various years.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
22. Current and non-current liabilities
\u00a3m
2025
2024
Trade payables
0.8
1.0
Other payables
12.4
10.7
Contract liabilities \u2013 deferred licence and fees
9.2
8.1
Contract liabilities \u2013 deferred maintenance
4.7
7.6
Deferred tax liability
1.7
1.0
Lease liabilities (note 23)
9.3
9.3
Provisions for other liabilities (note 24)
0.9
0.8
Total current and non-current liabilities
39.0
38.5
Less non-current portion
(10.4)
(11.0)
Total current liabilities
28.6
27.5
Other payables includes amounts relating to other tax and social security of \u00a33.8m (2024: \u00a33.3m).
Of the remainder, \u00a36.8m (2024: \u00a35.8m) relates to amounts due as part of payroll.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "22. Current and non-current liabilities
\u00a3m
2025
2024
Trade payables
0.8
1.0
Other payables
12.4
10.7
Contract liabilities \u2013 deferred licence and fees
9.2
8.1
Contract liabilities \u2013 deferred maintenance
4.7
7.6
Deferred tax liability
1.7
1.0
Lease liabilities (note 23)
9.3
9.3
Provisions for other liabilities (note 24)
0.9
0.8
Total current and non-current liabilities
39.0
38.5
Less non-current portion
(10.4)
(11.0)
Total current liabilities
28.6
27.5
Other payables includes amounts relating to other tax and social security of \u00a33.8m (2024: \u00a33.3m). Of the remainder, \u00a36.8m (2024: \u00a35.8m) relates to amounts due as part of payroll.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "22. Current and non-current liabilities
\u00a3m
2025
2024
Trade payables
0.8
1.0
Other payables
12.4
10.7
Contract liabilities \u2013 deferred licence and fees
9.2
8.1
Contract liabilities \u2013 deferred maintenance
4.7
7.6
Deferred tax liability
1.7
1.0
Lease liabilities (note 23)
9.3
9.3
Provisions for other liabilities (note 24)
0.9
0.8
Total current and non-current liabilities
39.0
38.5
Less non-current portion
(10.4)
(11.0)
Total current liabilities
28.6
27.5
Other payables includes amounts relating to other tax and social security of \u00a33.8m (2024: \u00a33.3m). Of the remainder, \u00a36.8m (2024: \u00a35.8m) relates to amounts due as part of payroll.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "
25. Share capital
2025
2024
Issued and fully paid
Shares
\u00a3m
Shares
\u00a3m
Ordinary shares \u2013 0.1 pence
300,000,000
0.3
300,000,000
0.3
Balance as at 31 December
300,000,000
0.3
300,000,000
0.3
No additional shares have been issued or cancelled in 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "25. Share capital
2025
2024
Issued and fully paid
Shares
\u00a3m
Shares
\u00a3m
Ordinary shares \u2013 0.1 pence
300,000,000
0.3
300,000,000
0.3
Balance as at 31 December
300,000,000
0.3
300,000,000
0.3
No additional shares have been issued or cancelled in 2025 or 2024. 26. Translation reserve
\u00a3m
2025
2024
At 1 January
0.1
0.2
Currency translation of subsidiaries
(0.2)
(0.1)
At 31 December
(0.1)
0.1
27. Own shares
\u00a3m
2025
2024
Balance at 1 January
7.9
8.7
Acquired in the year
0.9
0.7
Distributed on exercise of options
(2.3)
(1.5)
Balance at 31 December
6.5
7.9
The own shares reserve represents the cost of shares in Alfa Financial Software Holdings PLC that have been: \u2022 Purchased in the market and held by the Group\u2019s EBT to satisfy options under the Group\u2019s share options plans. The number of shares held as at 31 December 2025 was 539,667 (31 December 2024: 83,904); and \u2022 Purchased in the market and held by the Group as a result of the share buy-back programme that was launched on 18 January 2022 and ended on 30 June 2023. The number of shares held at 31 December 2025 was 3,369,802 (31 December 2024: 4,775,119). Own shares distributed relates to shares distributed to employees from the EBT for bonus awards under share schemes. As at 31 December 2025, the Group held 1.30% (31 December 2024: 1.62%) of its own called-up share capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "
26. Translation reserve
\u00a3m
2025
2024
At 1 January
0.1
0.2
Currency translation of subsidiaries
(0.2)
(0.1)
At 31 December
(0.1)
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "
27. Own shares
\u00a3m
2025
2024
Balance at 1 January
7.9
8.7
Acquired in the year
0.9
0.7
Distributed on exercise of options
(2.3)
(1.5)
Balance at 31 December
6.5
7.9
The own shares reserve represents the cost of shares in Alfa Financial Software Holdings PLC that
have been:
\u2022 Purchased in the market and held by the Group\u2019s EBT to satisfy options under the Group\u2019s share
options plans. The number of shares held as at 31 December 2025 was 539,667 (31 December
2024: 83,904); and
\u2022 Purchased in the market and held by the Group as a result of the share buy-back programme
that was launched on 18 January 2022 and ended on 30 June 2023. The number of shares held
at 31 December 2025 was 3,369,802 (31 December 2024: 4,775,119).
Own shares distributed relates to shares distributed to employees from the EBT for bonus awards
under share schemes. As at 31 December 2025, the Group held 1.30% (31 December 2024: 1.62%)
of its own called-up share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "28. Share awards The Group recognised total expenses relating to share-based payment of \u00a31.9m (2024: \u00a31.4m) in the current year. Of this, \u00a31.7m (2024: \u00a31.1m) relates to equity-settled LTIP schemes and \u00a30.2m (2024: \u00a30.3m) relates to Employee ShareSave schemes. See further detail below. The outstanding share schemes are made up of the following:
Share options Share options
Exercise 31 December 31 December
Grant date
Condition type
Plan
Vesting date
price 2025 2024
November 2021
Service Only
UK Employee ShareSave
January 2025
153.6p
3,515
168,146
April 2022
Service and Performance
LTIP
April 2025
0p
\u2013
741,162
April 2022
Service Only
LTIP
April 2025
0p
3,656
231,290
May 2022
Service Only
UK Employee ShareSave
June 2025
132.8p
4,066
211,673
September 2022
Service Only
LTIP
September 2025
0p
\u2013
5,917
April 2023
Service and Performance
LTIP
April 2026
0p
913,963
913,963
April 2023
Service Only
LTIP
April 2026
0p
353,418
374,948
April 2023
Service Only
UK Employee ShareSave
June 2026
109.6p
837,787
841,071
April 2023
Service Only
US Employee ShareSave
June 2025
116.5p
\u2013
54,960
April 2024
Service and Performance
LTIP
April 2027
0p
720,024
720,024
April 2024
Service Only
LTIP
April 2027
0p
325,718
342,774
April 2024
Service Only
US Employee ShareSave
June 2026
146.0p
27,675
30,274
May 2024
Service Only
UK Employee ShareSave
June 2027
137.4p
191,958
194,657
September 2024
Service Only
LTIP
September 2027
0p
3,164
3,164
April 2025
Service and Performance
LTIP
April 2028
0p
561,593
\u2013
April 2025
Service Only
LTIP
April 2028
0p
358,670
\u2013
April 2025
Service Only
US Employee ShareSave
June 2027
173.0p
64,899
\u2013
May 2025
Service Only
UK Employee ShareSave
June 2028
162.8p
391,860
\u2013
October 2025
Service Only
LTIP
October 2028
0p
866
\u2013
The weighted average share price at the date of exercise for share options exercised during the period was 214.1 pence (2024: 177.4 pence). The options outstanding at 31 December 2025 had a weighted average exercise price of 41.7p pence (2024: 38.0 pence), and a weighted average remaining contractual life of 1.1 years (2024: 1.5 years). The opening weighted average exercise price at 1 January 2025 was 38.0 pence (1 January 2024: 34.7 pence). The weighted average exercise price of options forfeited and exercised during the year was 134.7 pence (31 December 2024: 146.5 pence). The expected price volatility is based on the historical volatility adjusted for any expected changes to future volatility due to publicly available information. The weighted average exercise price of options granted in the period is 51.5 pence (2024: 24.1 pence). The total share-based payment charge relating to Alfa Financial Software Holdings PLC shares for the year is split as follows:
\u00a3m
2025
2024
Employee share schemes \u2013 value of services
1.6
1.1
Expense in relation to fair value of social security liability on
employee share schemes
0.3
0.3
Total cost of employee share schemes
1.9
1.4
Details of the share options outstanding during the year are as follows:
2025
2024
Outstanding at 1 January
4,834,023
4,782,079
Conditionally awarded in year
1,472,311
1,290,893
Exercised
(1,308,035)
(977,712)
Forfeited or expired in year
(235,467)
(261,237)
Outstanding at 31 December
4,762,832
4,834,023
Exercisable at the end of the year
\u2013
\u2013
28.1 LTIPs
The 2022 April and 2022 September LTIP awards vested during the year. The exercise of these
awards had a net impact of \u00a31.5m on own shares and \u00a31.5m on retained earnings.
The 2023 April and 2024 April LTIP awards (service and performance conditions) are conditional
on performance conditions, 50% based on EPS performance (non-market condition) and 50% on
TSR (market condition) as well as a three-year employment fulfilment. The fair value of these
awards has been determined using the Monte Carlo model. An estimate is made for the awards
which are linked to EPS based on the expectation of achievement of EPS conditions at the end of
each accounting period.
The 2023 April LTIP awards, the 2024 April LTIP awards, and the September 2024 LTIP awards
(service conditions) are conditional on employment only. The fair value of these awards is equal to
the closing share price on the date of grant, discounted by the expected 12-month dividend yield
to reflect the lack of dividend accrual over the vesting period. The expected price volatility is
based on the historical volatility (based on the remaining life of the scheme), adjusted for any
expected changes to future volatility due to publicly available information.
The 2025 April LTIP awards (service and performance conditions plan) are granted conditional
on performance conditions, 50% based on EPS performance (non-market condition) and 50%
on TSR (market condition) as well as a three-year employment fulfilment. For those awards with
market-related vesting conditions, the fair value has been determined using the Monte Carlo
valuation model at the grant date. For awards issued with EPS (non-market) performance vesting
conditions, the fair value of the underlying option is equal to the grant date share price discounted
by the expected dividend yield to reflect the lack of dividend accrual over the vesting period. An
estimate is made for the awards which are linked to EPS based on the expectation of achievement
of EPS conditions at the end of each accounting period. The following table lists the inputs to the
model used for the awards granted in the year ended 31 December 2025 based on information at
the date of grant:
LTIP awards (granted in April)
TSR element
EPS element
Share price at date of grant
205.5p
205.5p
Award price
0p
0p
Volatility
38.5%
\u2013
Embedded TSR
(4.3)%
\u2013
Average correlation
25.0%
\u2013
Life of award
3 years
3 years
Risk-free rate
3.77%
\u2013
Fair value per award
116.2p
181.8p
In April 2025, the Group awarded to certain employees an LTIP conditional on employment only. The fair value of these awards on the date of grant is 181.8 pence, discounted by the expected 12-month dividend yield to reflect the lack of dividend accrual over the vesting period (three years). In October 2025, the Group awarded to certain employees an LTIP conditional on employment only. Given the small number of share options awarded in these awards, the fair value of these awards on the date of grant was assumed to be the same as that for the April 2025 awards mentioned above, i.e. 181.8 pence. All of these Company schemes, as well as any non-cyclical awards, are equity-settled by award of ordinary shares. 28.2 Employee ShareSave Scheme The Group has in place an Employee ShareSave Scheme \u2013 the Save As You Earn (SAYE) scheme in the UK and Employee Stock Purchase Plan (ESPP) scheme in the USA. Under these schemes, eligible employees can save up to a set limit each month. At the end of the savings period (three years for SAYE and two years for ESPP), employees can choose whether or not they wish to buy the shares at the option price or take back their savings as cash. The option price is the share price at the start of the plan with a 20% discount for the UK scheme and 15% discount for the US scheme. The fair value of these awards has been determined using the Black Scholes model at the grant date.
31 December 2025
SAYE
ESPP
Number of Exercise Number of Exercise
share options price share options price
Outstanding at beginning of year
1,415,547
122.1p
85,234
127.0p
Conditionally awarded in year
391,860
162.8p
64,899
173.0p
Exercised during the year
(364,106)
142.2p
(50,786)
116.5p
Forfeited or expired in year
(14,115)
128.3p
(6,773)
127.8p
Outstanding at the end of the year*
1,429,186
128.1p
92,574
164.9p
Exercisable at the end of the year
7,581
142.4p
\u2013
\u2013
* The exercise price is a weighted average.
The inputs used in the calculation of the fair value of options granted in the year were as follows:
SAYE ESPP
31 December 31 December
2025 2025
Share price
240.5p
205.5p
Exercise price
162.8p
173.0p
Expected volatility
38.6%
39.8%
Expected life
36 months
24 months
Risk-free rate
3.67%
3.74%
Expected dividend yields
4.0%
4.0%
Fair value per award
87.9p
55.9p
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
29. Unrecognised items
29.1 Contingencies and commitments
The Group has no capital commitments, no material contingent liabilities and no
contingent assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "29. Unrecognised items 29.1 Contingencies and commitments The Group has no capital commitments, no material contingent liabilities and no contingent assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "29. Unrecognised items 29.1 Contingencies and commitments The Group has no capital commitments, no material contingent liabilities and no contingent assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
29.2 Events occurring after the reporting period
There have been no reportable subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "
30. Dividends
A special dividend of 2. 4 pence per share was paid on 30 May 2025 amounting to \u00a37.1m
(2024: \u00a35.9m at 2.0 pence per share).
An ordinary dividend of 1.4 pence per share was paid on 27 June 2025 amounting to \u00a34.1m
(2024: \u00a33.8m at 1.3 pence per share).
A special dividend of 5.0 pence per share was paid on 7 November 2025 amounting to \u00a314.8m
(2024: \u00a312.4m at 4.2 pence per share).
Subject to approval at the AGM on 30 April 2026, a 2025 final dividend of 1.5 pence per share will
be paid on 26 June 2026 to holders on the register on 29 May 2026. The ordinary shares will be
quoted ex-dividend on 28 May 2026. In addition, the Board has decided to declare a special
dividend of 3.1 pence per share, with an ex-dividend date of 30 April 2026, a record date of 1 May
2026 and a payment date of 29 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "0.024", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-350": { "value": "0.015", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-303": { "value": "31. Related parties 31.1 Controlling shareholder The ultimate parent undertaking as at 31 December 2025 was CHP Software and Consulting Holdings Limited (the \u2018ultimate parent\u2019), being the parent undertaking of the smallest and largest group in relation to these consolidated financial statements. The ultimate controlling party is Andrew Page. 31.2 Basis of consolidation The principal subsidiaries and joint ventures of the Group and the Group percentage of equity capital are set out below. All these are consolidated within the Group\u2019s financial statements with the exception of Alfa iQ which is accounted for using the equity method.
Held by Held by Held by Held by
Company Group Company Group
Registered address and country of incorporation
Principal activity
2025 2025 2024 2024
Alfa Financial Software Group Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Holding company
100%
100%
100%
100%
Alfa Financial Software Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software Inc
124
E Hudson Ave, Royal Oak, MI 48067, United States
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software Australia Lisgar House, Level 3, 32 Carrington Street, Sydney, NSW,
Services
\u2013
100%
\u2013
100%
Pty Limited
20
00, Australia
Alfa Financial Software NZ Limited
Level 1 Building B, 600 Great South Road, Greenlane, Auckland 1051,
Services
\u2013
100%
\u2013
100%
New Zealand
Alfa Financial Software GmbH
Bockenheimer Landstra\u00dfe. 20, 60323 Frankfurt am Main, Germany
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Software and services
\u2013
100%
\u2013
100%
International Limited
Alfa AI Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Services
\u2013
100%
\u2013
100%
Alfa iQ Limited*
30 Finsbury Square, London, EC2A 1AG, UK
Software and services
\u2013
\u2013
\u2013
51%
* The activity in the Alfa iQ joint venture ceased in late 2023 and the company was placed into Members Voluntary Liquidation in 2024. The registered address prior to the liquidation was Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK.
31.3 Transactions with related parties
Full details of the Directors\u2019 compensation and interests are set out in the Directors\u2019
Remuneration Report from page 82. See note 8 for further detail on remuneration of key
management (including Directors).
Dividends to the amount of \u00a314.2m were paid to the ultimate parent (2024: \u00a312.4m).
Dividends of 2.4 pence, 1.4 pence and 5.0 pence per share were paid to all shareholders in 2025
(2024: 2.0 pence, 1.3 pence and 4.2 pence per share). Directors and other key management
received dividends based on their beneficial interest in the shares of the Company. Directors\u2019
beneficial interests in the shares of the Company are disclosed in the Remuneration Report on
page 93.
In 2020 the Group invested \u00a30.4m in Alfa iQ consisting of: a capital contribution of \u00a30.3m; and an
interest-free loan fair valued at \u00a30.1m. In 2023, the activity in the Alfa iQ joint venture ceased and
the company was placed into Members Voluntary Liquidation in 2024. Therefore, at 31 December
2025 the investment is carried at \u00a3nil (2024: \u00a3nil) and the loan is carried at \u00a3nil (2024: \u00a3nil).
In 2024 Alfa Financial Software Limited paid expenses of \u00a30.1m on behalf of Alfa iQ Limited. There
were no transactions with Alfa iQ Limited in 2025.
In 2024, expenses relating to property of \u00a30.02m were paid on behalf of the ultimate parent and
these were fully recharged back to the ultimate parent at no mark up. There have been no
transactions in 2025.
The balances outstanding from the ultimate parent at 31 December 2025 and 2024 were \u00a3nil and
\u00a3nil respectively.
There were no other outstanding balances from related parties at the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "
31.2 Basis of consolidation
The principal subsidiaries and joint ventures of the Group and the Group percentage of equity capital are set out below. All these are consolidated within the Group\u2019s financial statements with the
exception of Alfa iQ which is accounted for using the equity method.
Held by Held by Held by Held by
Company Group Company Group
Registered address and country of incorporation
Principal activity
2025 2025 2024 2024
Alfa Financial Software Group Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Holding company
100%
100%
100%
100%
Alfa Financial Software Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software Inc
124
E Hudson Ave, Royal Oak, MI 48067, United States
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software Australia Lisgar House, Level 3, 32 Carrington Street, Sydney, NSW,
Services
\u2013
100%
\u2013
100%
Pty Limited
20
00, Australia
Alfa Financial Software NZ Limited
Level 1 Building B, 600 Great South Road, Greenlane, Auckland 1051,
Services
\u2013
100%
\u2013
100%
New Zealand
Alfa Financial Software GmbH
Bockenheimer Landstra\u00dfe. 20, 60323 Frankfurt am Main, Germany
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Software and services
\u2013
100%
\u2013
100%
International Limited
Alfa AI Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Services
\u2013
100%
\u2013
100%
Alfa iQ Limited*
30 Finsbury Square, London, EC2A 1AG, UK
Software and services
\u2013
\u2013
\u2013
51%
* The activity in the Alfa iQ joint venture ceased in late 2023 and the company was placed into Members Voluntary Liquidation in 2024. The registered address prior to the liquidation was Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "31.2 Basis of consolidation The principal subsidiaries and joint ventures of the Group and the Group percentage of equity capital are set out below. All these are consolidated within the Group\u2019s financial statements with the exception of Alfa iQ which is accounted for using the equity method.
Held by Held by Held by Held by
Company Group Company Group
Registered address and country of incorporation
Principal activity
2025 2025 2024 2024
Alfa Financial Software Group Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Holding company
100%
100%
100%
100%
Alfa Financial Software Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software Inc
124
E Hudson Ave, Royal Oak, MI 48067, United States
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software Australia Lisgar House, Level 3, 32 Carrington Street, Sydney, NSW,
Services
\u2013
100%
\u2013
100%
Pty Limited
20
00, Australia
Alfa Financial Software NZ Limited
Level 1 Building B, 600 Great South Road, Greenlane, Auckland 1051,
Services
\u2013
100%
\u2013
100%
New Zealand
Alfa Financial Software GmbH
Bockenheimer Landstra\u00dfe. 20, 60323 Frankfurt am Main, Germany
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Software and services
\u2013
100%
\u2013
100%
International Limited
Alfa AI Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Services
\u2013
100%
\u2013
100%
Alfa iQ Limited*
30 Finsbury Square, London, EC2A 1AG, UK
Software and services
\u2013
\u2013
\u2013
51%
* The activity in the Alfa iQ joint venture ceased in late 2023 and the company was placed into Members Voluntary Liquidation in 2024. The registered address prior to the liquidation was Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "31.2 Basis of consolidation The principal subsidiaries and joint ventures of the Group and the Group percentage of equity capital are set out below. All these are consolidated within the Group\u2019s financial statements with the exception of Alfa iQ which is accounted for using the equity method.
Held by Held by Held by Held by
Company Group Company Group
Registered address and country of incorporation
Principal activity
2025 2025 2024 2024
Alfa Financial Software Group Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Holding company
100%
100%
100%
100%
Alfa Financial Software Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software Inc
124
E Hudson Ave, Royal Oak, MI 48067, United States
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software Australia Lisgar House, Level 3, 32 Carrington Street, Sydney, NSW,
Services
\u2013
100%
\u2013
100%
Pty Limited
20
00, Australia
Alfa Financial Software NZ Limited
Level 1 Building B, 600 Great South Road, Greenlane, Auckland 1051,
Services
\u2013
100%
\u2013
100%
New Zealand
Alfa Financial Software GmbH
Bockenheimer Landstra\u00dfe. 20, 60323 Frankfurt am Main, Germany
Software and services
\u2013
100%
\u2013
100%
Alfa Financial Software
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Software and services
\u2013
100%
\u2013
100%
International Limited
Alfa AI Limited
Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK
Services
\u2013
100%
\u2013
100%
Alfa iQ Limited*
30 Finsbury Square, London, EC2A 1AG, UK
Software and services
\u2013
\u2013
\u2013
51%
* The activity in the Alfa iQ joint venture ceased in late 2023 and the company was placed into Members Voluntary Liquidation in 2024. The registered address prior to the liquidation was Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "31.3 Transactions with related parties Full details of the Directors\u2019 compensation and interests are set out in the Directors\u2019 Remuneration Report from page 82. See note 8 for further detail on remuneration of key management (including Directors). Dividends to the amount of \u00a314.2m were paid to the ultimate parent (2024: \u00a312.4m). Dividends of 2.4 pence, 1.4 pence and 5.0 pence per share were paid to all shareholders in 2025 (2024: 2.0 pence, 1.3 pence and 4.2 pence per share). Directors and other key management received dividends based on their beneficial interest in the shares of the Company. Directors\u2019 beneficial interests in the shares of the Company are disclosed in the Remuneration Report on page 93. In 2020 the Group invested \u00a30.4m in Alfa iQ consisting of: a capital contribution of \u00a30.3m; and an interest-free loan fair valued at \u00a30.1m. In 2023, the activity in the Alfa iQ joint venture ceased and the company was placed into Members Voluntary Liquidation in 2024. Therefore, at 31 December 2025 the investment is carried at \u00a3nil (2024: \u00a3nil) and the loan is carried at \u00a3nil (2024: \u00a3nil). In 2024 Alfa Financial Software Limited paid expenses of \u00a30.1m on behalf of Alfa iQ Limited. There were no transactions with Alfa iQ Limited in 2025. In 2024, expenses relating to property of \u00a30.02m were paid on behalf of the ultimate parent and these were fully recharged back to the ultimate parent at no mark up. There have been no transactions in 2025. The balances outstanding from the ultimate parent at 31 December 2025 and 2024 were \u00a3nil and \u00a3nil respectively. There were no other outstanding balances from related parties at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "CHP Software and Consulting Holdings Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "CHP Software and Consulting Holdings Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800C5UOZHUTNUGA28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }