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Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2024

for

Spectra Logic Europe Limited

Spectra Logic Europe Limited (Registered number: 04133679)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Spectra Logic Europe Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: M Sausa
N Thompson
B Huston
W Schwartz





SECRETARY: Ms T Shiflet





REGISTERED OFFICE: 329 Doncastle Road
Bracknell
Berkshire
RG12 8PE





REGISTERED NUMBER: 04133679 (England and Wales)





AUDITORS: Williams & Co Epsom LLP
Statutory Auditors
8-10 South Street
Epsom
Surrey
KT18 7PF

Spectra Logic Europe Limited (Registered number: 04133679)

Strategic Report
for the Year Ended 30 June 2024


The directors present their strategic report for the year ended 30 June 2024.

OVERVIEW
The company operates within the technology sector, selling data storage and data management solutions with professional services and support maintenance.

REVIEW OF THE BUSINESS
During the year the company continued to supply tape and disk tiered storage solutions along with storage lifecycle management software.


Furthermore, the company also provided service contracts to support the above hardware and software.

KEY PERFORMANCE INDICATORS

2024 2023

Gross Profit Margin 18.6% 18.0%

Net Return on Net Assets 1.0% 1.0%

The gross profit value has increased in the year due to an increase in sales with the net return on net assets decreasing too.

The balance sheet value has increased in the year, supported by a profitable year and profit not being drawn by owners via dividends.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors assess that the main risk to the business is changing trends in the data storage industry, including threats from cloud and solid state drive companies in addition to continued competition from tape and disk market participants.

The company is actively guarding against these threats with new software and hardware technologies as well as vertical specific product introduction marketing plans.

FUTURE DEVELOPMENTS
In the forthcoming year the directors expect the general level activity to increase with large computing sites and government funded entities having their tape libraries replaced. Product margins on this delivery is likely to be lower due to competition being high in the market, with the forecast gross profit margin reflecting this.

ON BEHALF OF THE BOARD:





N Thompson - Director


26 March 2025

Spectra Logic Europe Limited (Registered number: 04133679)

Report of the Directors
for the Year Ended 30 June 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

The financial statements have been prepared in US Dollars for the year ended 30th June 2023.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

M Sausa
N Thompson
B Huston

Other changes in directors holding office are as follows:

W Schwartz - appointed 28 December 2023

FINANCIAL RISK MANAGEMENT
The directors' financial risk management objective is to maximise financial assets and minimise financial liabilities whilst not engaging in speculation.

GOING CONCERN
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further details regarding the adoption of the going concern basis can be found in the Statement of accounting policies in the financial statements.

DISCLOSURE IN THE STRATEGIC REPORT
Please note that a review of the business, principal risks and uncertainties, and future developments has been given in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Spectra Logic Europe Limited (Registered number: 04133679)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, Williams & Co Epsom LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Thompson - Director


26 March 2025

Report of the Independent Auditors to the Members of
Spectra Logic Europe Limited


Opinion
We have audited the financial statements of Spectra Logic Europe Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Spectra Logic Europe Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment of the financial statements susceptibility to material misstatement, including how fraud may occur, included a review of the sales process and ensuring timing of income was in accordance with accounting standards.In addition the company has significant bank balances.

Our tests were designed to ensure income was correctly reported in the correct accounting period and at the right level with significant testing of deferred income. In addition we sought third party verification of bank balances and carried out testing of these balances against pre and post balance sheet entries.

We have tested controls over payment authorisations and sample payments from the bank to ensure all major items are properly accounted for.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Williams FCA (Senior Statutory Auditor)
for and on behalf of Williams & Co Epsom LLP
Statutory Auditors
8-10 South Street
Epsom
Surrey
KT18 7PF

26 March 2025

Spectra Logic Europe Limited (Registered number: 04133679)

Statement of Comprehensive
Income
for the Year Ended 30 June 2024

2024 2023
Notes $    $   

TURNOVER 20,725,433 18,955,167

Cost of sales 16,866,255 15,505,112
GROSS PROFIT 3,859,178 3,450,055

Administrative expenses 3,395,956 3,150,366
OPERATING PROFIT 4 463,222 299,689


Interest payable and similar expenses 5 10,985 1,799
PROFIT BEFORE TAXATION 452,237 297,890

Tax on profit 6 153,141 97,041
PROFIT FOR THE FINANCIAL YEAR 299,096 200,849

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

299,096

200,849

Spectra Logic Europe Limited (Registered number: 04133679)

Balance Sheet
30 June 2024

2024 2023
Notes $    $    $    $   
FIXED ASSETS
Tangible assets 7 72,812 109,541

CURRENT ASSETS
Stocks 8 1,209,226 1,283,648
Debtors 9 19,309,651 28,156,865
Cash at bank 21,737,581 12,795,543
42,256,458 42,236,056
CREDITORS
Amounts falling due within one year 10 8,210,932 7,802,761
NET CURRENT ASSETS 34,045,526 34,433,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,118,338

34,542,836

CREDITORS
Amounts falling due after more than one
year

11

4,504,539

5,228,133
NET ASSETS 29,613,799 29,314,703

CAPITAL AND RESERVES
Called up share capital 13 902,000 902,000
Other reserves 14 421,706 421,706
Retained earnings 14 28,290,093 27,990,997
SHAREHOLDERS' FUNDS 29,613,799 29,314,703

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





N Thompson - Director


Spectra Logic Europe Limited (Registered number: 04133679)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Other Total
capital earnings reserves equity
$    $    $    $   
Balance at 1 July 2022 902,000 27,790,148 421,706 29,113,854

Changes in equity
Total comprehensive income - 200,849 - 200,849
Balance at 30 June 2023 902,000 27,990,997 421,706 29,314,703

Changes in equity
Total comprehensive income - 299,096 - 299,096
Balance at 30 June 2024 902,000 28,290,093 421,706 29,613,799

Spectra Logic Europe Limited (Registered number: 04133679)

Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes $    $   
Cash flows from operating activities
Cash generated from operations 1 9,145,733 5,280,105
Interest paid (10,985 ) (1,799 )
Tax paid (120,246 ) (339,969 )
Net cash from operating activities 9,014,502 4,938,337

Cash flows from investing activities
Purchase of tangible fixed assets (3,401 ) (4,424 )
Net cash from investing activities (3,401 ) (4,424 )

Cash flows from financing activities
Capital repayments in year (69,063 ) (50,916 )
Net cash from financing activities (69,063 ) (50,916 )

Increase in cash and cash equivalents 8,942,038 4,882,997
Cash and cash equivalents at beginning
of year

2

12,795,543

7,912,546

Cash and cash equivalents at end of year 2 21,737,581 12,795,543

Spectra Logic Europe Limited (Registered number: 04133679)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
$    $   
Profit before taxation 452,237 297,890
Depreciation charges 77,983 76,242
Finance costs 10,985 1,799
541,205 375,931
Decrease in stocks 74,422 506,980
Decrease in trade and other debtors 8,814,319 3,798,170
(Decrease)/increase in trade and other creditors (284,213 ) 599,024
Cash generated from operations 9,145,733 5,280,105

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
$    $   
Cash and cash equivalents 21,737,581 12,795,543
Year ended 30 June 2023
30.6.23 1.7.22
$    $   
Cash and cash equivalents 12,795,543 7,912,546


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.7.23 Cash flow changes At 30.6.24
$    $    $    $   
Net cash
Cash at bank 12,795,543 8,942,038 21,737,581
12,795,543 8,942,038 21,737,581
Debt
Finance leases (102,643 ) 31,210 - (71,433 )
(102,643 ) 31,210 - (71,433 )
Total 12,692,900 8,973,248 - 21,666,148

Spectra Logic Europe Limited (Registered number: 04133679)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

Spectra Logic Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of computer hardware and maintenance contracts excluding value added tax. Turnover for computer hardware is recognised at the time of shipment when title passes to the customer. Turnover for maintenance contracts is recognised when the company obtains the right to consideration and is spread over the term of the contract.

All turnover is derived from the EMEA market, comprising Europe, Middle East and Africa.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Spectra Logic Europe Limited (Registered number: 04133679)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Going concern
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report.

The directors have prepared detailed cash flow forecasts which they believe are based upon reasonable assumptions. These forecasts show that the Company can meet its obligations as they fall due and thus the directors consider it appropriate to prepare the financial statements on the going concern basis.

Investments
Investments are initially recognised at cost.

Investments which are publicly traded and whose fair value can be reliably estimated shall be remeasured at fair value at the balance sheet date with the gain or loss recognised through the profit and loss.

Investments in equity instruments that are not publicly traded and whose fair value may not be reliably estimated shall be measured at cost less impairment.

If disposed, the investment is impaired to market value at the redemption date, and a gain or loss is shown within profit and loss.

3. EMPLOYEES AND DIRECTORS
2024 2023
$    $   
Wages and salaries 2,592,623 2,216,646
Social security costs 319,134 290,865
Other pension costs 182,914 166,303
3,094,671 2,673,814

The average number of employees during the year was as follows:
2024 2023

Sales and marketing 10 11
Service and support 10 10
20 21

2024 2023
$    $   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
$    $   
Depreciation - owned assets 77,983 76,242
Auditors' remuneration - current year 17,541 29,387
Auditors' remuneration - non audit services 6,918 6,946

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
$    $   
Bank interest 1,285 516
Other interest payable 9,700 1,283
10,985 1,799

Spectra Logic Europe Limited (Registered number: 04133679)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
$    $   
Current tax:
UK corporation tax 153,141 97,041
Tax on profit 153,141 97,041

UK corporation tax was charged at 19%) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
$    $   
Profit before tax 452,237 297,890
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

113,059

56,599

Effects of:
Expenses not deductible for tax purposes 1,358 107
Depreciation in excess of capital allowances 17,666 12,981
Adjustments to tax charge in respect of previous periods (855 ) (4,233 )
exchange
Other foreign tax suffered 21,913 26,100

Change in tax rates during the period - 5,487
Total tax charge 153,141 97,041

7. TANGIBLE FIXED ASSETS
ROUA Improvements Fixtures
Short to and Computer
leasehold property fittings equipment Totals
$    $    $    $    $   
COST
At 1 July 2023 153,559 174,883 37,842 251,324 617,608
Additions 37,853 - - 3,401 41,254
Disposals - - - (2,083 ) (2,083 )
At 30 June 2024 191,412 174,883 37,842 252,642 656,779
DEPRECIATION
At 1 July 2023 63,733 174,883 37,842 231,609 508,067
Charge for year 67,310 - - 10,673 77,983
Eliminated on disposal - - - (2,083 ) (2,083 )
At 30 June 2024 131,043 174,883 37,842 240,199 583,967
NET BOOK VALUE
At 30 June 2024 60,369 - - 12,443 72,812
At 30 June 2023 89,826 - - 19,715 109,541

Spectra Logic Europe Limited (Registered number: 04133679)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


8. STOCKS
2024 2023
$    $   
Stocks 1,209,226 1,283,648

9. DEBTORS
2024 2023
$    $   
Amounts falling due within one year:
Trade debtors 3,662,218 4,562,045
Amounts owed by group undertakings 14,532,376 22,497,412
Tax 6,849 39,744
Prepayments 888,339 849,023
19,089,782 27,948,224

Amounts falling due after more than one year:
Prepayments designated more than one
year

219,869

208,641

Aggregate amounts 19,309,651 28,156,865

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$    $   
Finance leases (see note 12) 71,433 82,971
Trade creditors 172,044 346,928
VAT 341,933 185,159
Other creditors 106 106
Deferred revenue 7,209,537 6,700,063
Accrued expenses 415,879 487,534
8,210,932 7,802,761

Deferred revenue represents maintenance service contracts charged in advance.

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
$    $   
Finance leases (see note 12) - 19,672
Deferred revenue 4,504,539 5,208,461
4,504,539 5,228,133

12. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
2024 2023
$    $   
Net obligations repayable:
Within one year 71,433 82,971
Between one and five years - 19,672
71,433 102,643

Spectra Logic Europe Limited are committed to pay annual net rent of £59,445 (equivalent to $72,202 at the balance sheet date) until 23 April 2025.

Spectra Logic Europe Limited (Registered number: 04133679)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: $    $   
500,000 Ordinary shares £1 902,000 902,000

The share capital is held at cost and shown at the exchange rate at the date of creation.

14. RESERVES
Retained Other
earnings reserves Totals
$    $    $   

At 1 July 2023 27,990,997 421,706 28,412,703
Profit for the year 299,096 299,096
At 30 June 2024 28,290,093 421,706 28,711,799

Other reserves represent a cumulative translation adjustment which resulted from a change in the company's presentation currency in a prior year.

15. ULTIMATE PARENT COMPANY

The director considers that the ultimate holding company is Spectra Logic Corporation Inc, a company registered in the United States of America.

16. RELATED PARTY DISCLOSURES

In the year Spectra Logic Europe Limited purchased $10,105,146 (2023: $10,477,417) of computer hardware from their parent company, Spectra Logic Corporation Inc. Spectra Logic Corporation Inc is the parent company of Spectra Logic Europe Limited, owning 100% of the shares.

At the balance sheet date, Spectra Logic Corporation Inc owed Spectra Logic Europe Limited $14,684,313 (2023: $22,497,412).

17. ULTIMATE CONTROLLING PARTY

Mr N C Thompson is the ultimate controlling party.