Board Pack
April 2026
Board Pack
April 2026 · Meeting 21 April 2026

CEO’s summary

March 2026

Kohde’s highest performing month ever, with £101,853.34 in sales invoices and a gross profit of £87,759.93 after cost of sales.

Kohde hosted a two-day product workshop for Enhance, with a £100,000+ engagement projected to start Q2 onwards. This is dependent on Jersey Digital funding. The CEO of Pinpoint is on the Jersey Digital board and signals strong intent Enhance will be successful.

We lost the Zodia Custody lead, and have yet to find out why there wasn’t a fit.

Since launching our Careers section, Kohde have had high-quality candidates apply and can see this as a high-impact, low-cost recruitment channel.

Interviews across five marketing partners have been completed. A decision-making framework is in place, but may require board input.

Marcus Marcus

Matters arising

After a strong quarter and year end, our focus needs to turn to building a strong pipeline.

Beaumont Nathan have gone quiet, which represented a significant revenue opportunity. Kohde, however, have solid retainer agreements and work coming through from existing clients.

The focus must be on electing a marketing partner and creating sales quickly.

At a glance

17 April 2026
Cash in bank
£284,698
Current + reserve accounts
Max available (incl. debtors)
£343,296
Cash + debtors − VAT liability
Debtors outstanding
£89,028
0 overdue
Runway
6.5 mths
Based on £32,000/month cost base

Financials

Month ended 31 March 2026
VAT liability
£30,430
As at 17 April 2026
Corporation tax (est.)
£73,466
25% of FY 2025–26 profit. To confirm with accountant.
Accounts payable
£4,836
Outstanding creditors
Revenue vs target
+22% ↑
£101,853 vs £83,333 target
Metric March 2026 Target Variance Notes
Revenue £101,853 £83,333 +£18,520 (+22%) Record month
Cost of goods sold £14,093 — — High supplier costs this month
Gross profit £87,760 — — 86.2% gross margin
Admin costs £109,827 — — Includes £80,303 pension drawdown
Operating profit (reported) −£22,067 — — Distorted by £80k director pensions
Operating profit (ex-pension) £57,933 — — 56.9% margin. Underlying performance.

Note: £80,000 was drawn into director pension schemes (£40,000 each) in March. This is a planned, tax-efficient profit extraction — not a trading loss. The adjusted figure of £57,933 reflects true operating performance.

Revenue, profit and margin

March 2026
Revenue
£101,853
Target £83,333
Gross profit
£87,760
After cost of sales
Margin (ex-pension)
56.9%
Target 30%

Profit margin breakdown

March 2026 · ex-pension
56.9%
vs 30% target
Revenue £101,853
Costs £43,618
Profit £57,933

Costs exclude £80,303 director pension drawdown. Reported operating loss of −£22,067 reflects the full pension payment.

Cash flow forecast

March actual · April–June pipeline

Starting position: £284,698 cash + £89,028 debtors = £373,726. Debtors are included as they collect within 30 days of month-end invoicing. Pipeline scenario uses confirmed April–June values. Target scenario assumes £83,333/month. Both deduct £32,000/month cost base. Beaumont Nathan (£19,140) excluded — status uncertain.

Utilisation

March 2026
Team member Billable hrs Utilisation vs target (80%) %

Shown against standard monthly capacity (165hrs / 22 days). Aaron and Marcus each took 3 days’ leave — figures reflect actual hours against full capacity. Leave is noted inline for context.

Clients

April 2026
Client Notes
Birds Bakery Retainer ongoing. Web app in pipeline from May.
Crux Underwriting Sales collateral active. Website project in pipeline.
Enhance Two-day workshop complete. £100k+ engagement dependent on Jersey Digital funding. Retainer ongoing.
IoD Hosting and retainer ongoing.
Pinpoint Retainer ongoing and website project active.
Simmons Bakers Web app maintenance ongoing.
Beaumont Nathan Gone quiet. Admin prototype and AI POC in May pipeline (£19,140). Significant revenue risk if not progressed.
Azur Technology No requirements. Pivoted towards product-led, not sales-led.

Pipeline

April 2026
April pipeline value
£60,118
12 active items
vs monthly target
−£23,215 ↓
Target £83,333 p/month
Qualified leads
2
Target 6 p/month · Marketing partner not yet elected
Client Project Value Type
Birds BakeryRetainer£5,000Retainer
CruxEMI Share Documents£2,000Project
CruxSales Enablement Collateral£2,640Project
EnhanceEmail development 2/2£898Project
EnhanceHubSpot development 2/2£6,813Project
EnhanceRetainer£6,000Retainer
EnhanceWorkshop£6,000Project
IoDHosting£4,268Retainer
IoDRetainer£10,000Retainer
PinpointRetainer£5,000Retainer
PinpointWebsite Content£10,000Project
Simmons BakersAd hoc development£1,500Retainer
Total £60,118

Anticipate 10-15% increase due to a high volume of incoming requests from clients.

Issues

Decision
Marketing partner selection
Five marketing partners have been interviewed and scored against a framework. A decision is needed to unlock the £2,000 p/month test budget and begin generating qualified leads against our 6 p/month OKR. The board should review the scoresheet and approve the preferred partner — or confirm the CEO has authority to proceed.
Proposed: CEO presents shortlist. Board approves preferred partner or delegates decision.
Confirmation
Director pension drawdown — £80,000
£80,000 (£40,000 each director) was drawn into pension schemes in March as planned, tax-efficient profit extraction. This creates a reported operating loss of −£22,067 on the P&L. Underlying trading performance is £57,933 profit at 56.9% margin. The board should note this for the record.
Proposed: Board notes the pension drawdown and confirms the adjusted profit as the operative measure of March performance.
Confirmation
Corporation tax liability — FY 2025–26
Estimated corporation tax liability for FY 2025–26 is £73,466 (25% of £293,864 operating profit). The end of year accounts have not yet been supplied. This figure requires confirmation from Kohde’s accountant before the next board meeting.
Proposed: Marcus to request confirmed figure from accountant and update the board prior to or at the meeting.