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REGISTERED NUMBER: 09154619 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TRACELINK EUROPE LTD.

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


TRACELINK EUROPE LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M E Mozzer
N Camelio





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 09154619 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

The principal activity of Tracelink Inc. in the year under review was that of providing a broad range of solutions that enable companies and their supply network partners to master the supply chain challenges of today and the future. Tracelink Europe Ltd. continued to support Tracelink Inc. by providing support services in accordance with their intercompany agreement.

REVIEW OF BUSINESS
TraceLink Europe Ltd ("the Company") continues to provide support services in the United Kingdom, France, Spain, Germany and Italy. Turnover for the year ended 31 December 2024 was £17,557,950 (2023: £14,172,996). Profit before tax £735,577 (2023: £670,977). Net assets were £4,584,156 (2023: £3,689,802).

PRINCIPAL RISKS AND UNCERTAINTIES
Market and Competition risk - The Company is exposed to normal market and economic risks and manages competition by concentrating on its strengths.

Regulatory risk - The Company minimises regulatory risk by training key personnel and appointing external experts where appropriate, to assess any potential non-compliance. Accounting is an example of an externally audited area.

KEY PERFORMANCE INDICATORS
The main key performance indicator is cost, therefore turnover, which is monitored quarterly by the directors at a group level.

FUTURE DEVELOPMENTS
The directors' strategy remains to continue investment in all employee functions in order to provide a high level of customer satisfaction resulting in continued annual turnover growth.

ON BEHALF OF THE BOARD:





M E Mozzer - Director


27 July 2025

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of provision of support services to the parent company. The company incurs costs and recharges these to the parent company in accordance with the intercompany agreement.

DIVIDENDS
No dividends have been or will be declared for the year ended 31 December 2024.

FUTURE DEVELOPMENTS
The directors' strategy remains to continue investment in all employee functions in order to provide a high level of customer satisfaction resulting in continued annual turnover growth.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors during the year under review were:

M E Mozzer
N Camelio

The directors holding office at 31 December 2024 did not hold any beneficial interest in the issued share capital of the company at 1 January 2024 or 31 December 2024.

CHARITABLE DONATIONS AND EXPENDITURE
During the year the following charitable donations were made:

£   
Madrid Food Bank 79
Dream Awake Foundation 2,667
Isha Foundation 57
Surfrider Foundation 1,100
Upside Down Foundation 782
Plant for the Planet Spain 15,698
Caritas Diocesana de Valencia 431
DoMore 1,479
Total 22,293


TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

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.

AUDITORS
The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





M E Mozzer - Director


27 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRACELINK EUROPE LTD.

Opinion
We have audited the financial statements of Tracelink Europe Ltd. (the 'company') for the year ended 31 December 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 31 December 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 and one day 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRACELINK EUROPE LTD.


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 any matters in the Strategic Report and the Report of the Directors that are inconsistent with our overall view of the financial statements.

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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRACELINK EUROPE LTD.


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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential irregularities, including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration.
- Enquiring of management concerning policies and procedures relating to:
1. Complying with laws and regulations and whether there were any instances of non-compliance;
2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.
- Discussing within the engagement team regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified management override is most likely to be susceptible to fraud.
- Discussing within the engagement team the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and employment law.

Audit response to the risks identified
As noted above, we identified management override as the matter that would most likely be susceptible to fraud. Our procedures to respond to this risk included the following:
- Review of nominal ledger and all journals posted in the year to ensure there was no evidence of management override.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:
- Review the disclosures in the financial statements through completion of a disclosure checklist and testing disclosures to supporting documentation to assess compliance with the Companies Act 2006;
- Review of the financial statements prepared by someone independent of the audit team;
- Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;
- Review of the corporation tax computations prepared by someone independent of the audit team;
- Checked a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRACELINK EUROPE LTD.


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.




Rachel Lockwood (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

27 July 2025

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 17,557,950 14,172,996

Administrative expenses 16,824,703 13,503,178
OPERATING PROFIT 5 733,247 669,818

Interest receivable and similar income 6,087 1,159
739,334 670,977

Interest payable and similar expenses 6 3,757 -
PROFIT BEFORE TAXATION 735,577 670,977

Tax on profit 7 308,012 255,682
PROFIT FOR THE FINANCIAL YEAR 427,565 415,295

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

427,565

415,295

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 357,012 301,470

CURRENT ASSETS
Debtors 9 4,169,087 5,321,471
Cash at bank 2,222,833 213,391
6,391,920 5,534,862
CREDITORS
Amounts falling due within one year 10 2,164,776 2,146,530
NET CURRENT ASSETS 4,227,144 3,388,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,584,156

3,689,802

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Other reserves 1,415,090 948,301
Retained earnings 3,168,066 2,740,501
SHAREHOLDERS' FUNDS 4,584,156 3,689,802

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2025 and were signed on its behalf by:





M E Mozzer - Director


TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2023 1,000 2,325,206 698,867 3,025,073

Changes in equity
Equity-settled share based payment - - 249,434 249,434
Total comprehensive income - 415,295 - 415,295
Balance at 31 December 2023 1,000 2,740,501 948,301 3,689,802

Changes in equity
Equity-settled share based payment - - 466,789 466,789
Total comprehensive income - 427,565 - 427,565
Balance at 31 December 2024 1,000 3,168,066 1,415,090 4,584,156

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,684,511 1,029,180
Interest paid (3,757 ) -
Tax paid (305,439 ) (205,699 )
Net cash from operating activities 1,375,315 823,481

Cash flows from investing activities
Purchase of tangible fixed assets (341,897 ) (123,824 )
Interest received 6,087 1,159
Net cash from investing activities (335,810 ) (122,665 )

Cash flows from financing activities
(Increase)/decrease in group balances 969,937 (1,067,425 )
Net cash from financing activities 969,937 (1,067,425 )

Increase/(decrease) in cash and cash equivalents 2,009,442 (366,609 )
Cash and cash equivalents at beginning of
year

2

213,391

580,000

Cash and cash equivalents at end of year 2 2,222,833 213,391

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

31.12.24 31.12.23
£    £   
Profit before taxation 735,577 670,977
Depreciation charges 286,355 265,225
Share option charge 466,789 249,434
Movements in provision - (81,000 )
Finance costs 3,757 -
Finance income (6,087 ) (1,159 )
1,486,391 1,103,477
Decrease/(increase) in trade and other debtors 176,933 (287,848 )
Increase in trade and other creditors 21,187 213,551
Cash generated from operations 1,684,511 1,029,180

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 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 2,222,833 213,391
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 213,391 580,000


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 213,391 2,009,442 2,222,833
213,391 2,009,442 2,222,833
Total 213,391 2,009,442 2,222,833

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Tracelink Europe Ltd. is a private company limited by shares, and is incorporated and domiciled in the UK and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's trading address is The Charter Building, Uxbridge, Middlesex, UB8 1JG.

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.

The financial statements have been prepared on the basis that the Company is a going concern. The directors consider this to be reasonable given the expected future performance of the business and the company has confirmed financial support and continuation of the cost plus agreement from their immediate parent company Tracelink Inc. for a period of at least twelve months and one day from the date of the audit report attached to these financial statements were approved.

Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Tracelink Europe Ltd provides support services in the United Kingdom, France, Spain, Germany and Italy and turnover is a cost recharged to Tracelink Inc. in accordance with their agreement. All revenue is billed in GBP to Tracelink Inc. Turnover is wholly attributable to the principle activity of the company. Turnover is recognised when chargeable costs are incurred.

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 - Straight line over 5 to 10 years
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

All items of property, plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of items.

Tax on profit
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.


TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
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 sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leasing commitments
Amounts paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments
Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

Share-based payments
Employees of the Company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments in the parent undertaking, Tracelink Inc. (equity-settled transactions).

The cost of equity-settled transactions is determined by the fair value on grant date. Fair value is independently determined using the Black Scholes option pricing model that takes into account exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

The share based payment expense is recognised on the basis of a reasonable allocation of the group expense.

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Critical accounting estimates
The process of preparing financial statements in conformity with accounting principles generally accepted in the United Kingdom ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United States of America 17,557,950 14,172,996
17,557,950 14,172,996

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 10,497,931 8,665,539
Social security costs 1,595,571 1,185,340
Other pension costs 203,228 197,236
12,296,730 10,048,115

The average number of employees during the year was as follows:
31.12.24 31.12.23

Support services 80 62
Administration 10 9
90 71

Within the wage expense is a share option charge for the year of £466,789 (2023: £249,434 ).

No directors have been remunerated by this company. The services of the directors to the company do not occupy a significant amount of their time. As such the directors do not consider that they have received remuneration for their incidental services to the company for either 2024 or 2023.

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Other operating leases 660,519 456,957
Depreciation - owned assets 286,355 265,225
Auditors' remuneration 28,000 28,400
Foreign exchange differences 83,013 (22,174 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Interest payable 3,757 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 302,498 246,940

Deferred tax 5,514 8,742
Tax on profit 308,012 255,682

UK corporation tax has been charged at 25% .

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:

31.12.24 31.12.23
£    £   
Profit before tax 735,577 670,977
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

183,894

157,814

Effects of:
Expenses not deductible for tax purposes 117,870 70,697
Depreciation in excess of capital allowances 734 18,429
Deferred tax adjustment 5,514 8,742
Total tax charge 308,012 255,682

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 751,105 433,095 450,292 1,634,492
Additions 109,260 - 232,637 341,897
Disposals (725,334 ) (412,870 ) (227,115 ) (1,365,319 )
Reclassification/transfer 20,225 (20,225 ) - -
At 31 December 2024 155,256 - 455,814 611,070
DEPRECIATION
At 1 January 2024 557,775 433,095 342,152 1,333,022
Charge for year 169,119 - 117,236 286,355
Eliminated on disposal (725,334 ) (412,870 ) (227,115 ) (1,365,319 )
Reclassification/transfer 20,225 (20,225 ) - -
At 31 December 2024 21,785 - 232,273 254,058
NET BOOK VALUE
At 31 December 2024 133,471 - 223,541 357,012
At 31 December 2023 193,330 - 108,140 301,470

9. DEBTORS
31.12.24 31.12.23
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 3,508,258 4,478,195
Other debtors 270,394 254,403
VAT 21,869 55,017
Deferred tax asset 6,977 12,491
Prepayments and accrued income 244,514 448,269
4,052,012 5,248,375

Amounts falling due after more than one year:
Other debtors 117,075 73,096

Aggregate amounts 4,169,087 5,321,471

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. DEBTORS - continued

Deferred tax asset
31.12.24 31.12.23
£    £   
Accelerated capital allowances 1,047 31,174
Deferred tax 5,930 (18,683 )
6,977 12,491

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 52,064 175,870
Corporation tax 158,179 161,120
Other taxation and social security 454,227 257,516
Accruals and deferred income 1,500,306 1,552,024
2,164,776 2,146,530

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 571,113 123,145
Between one and five years 1,018,725 -
1,589,838 123,145

Included within the minimum lease payments is a lease for office space in Spain. Although the lease payments are due at the balance sheet date, the lease was transferred to a newly incorporated entity in Spain after the year end and therefore will not be settled in full by the company.

12. SECURITY

The company's assets are subject to a charge in favour of the company's bankers relating to the credit card facilities provided.

13. DEFERRED TAX
£   
Balance at 1 January 2024 (12,491 )
Provided during year 5,514
Balance at 31 December 2024 (6,977 )

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. POST BALANCE SHEET EVENTS

A new entity was incorporated in Spain after the year end. Certain assets will be moved to the Spanish entity after the year end. Future costs incurred in Spain will be incurred by the Spanish entity as opposed to the UK entity which will impact both the expenses and cost plus turnover of Tracelink Europe Ltd in future financial years.

17. ULTIMATE PARENT COMPANY

TraceLink Inc. (incorporated in the USA) is regarded by the directors as being the company's immediate and ultimate parent company.

Tracelink Inc. is the smallest and largest group to consolidate the results and financial position of the company. Copies of the parent consolidated financial statements can be obtained from:
200 Ballardvale St., Building 1, Suite 100, Wilmington, MA 01887.

It is the opinion of the directors that there is no ultimate controlling party.

TRACELINK EUROPE LTD. (REGISTERED NUMBER: 09154619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

18. SHARE-BASED PAYMENT TRANSACTIONS

The ultimate parent company, TraceLink Inc. has reserved shares of common stock for issuance as stock options.

The stock options granted expire in 10 years from the date of grant or upon termination of the optionee's employment or other relationship with the company. The options vest over 4 years with 25% of the original number of shares becoming exercisable on the anniversary of the vesting start date, and shall become exercisable for an additional 2.0833% of the original number of shares granted as of the last day of each one-month period thereafter until the fourth anniversary of the vesting start date. The options are equity settled and valued using the Black Scholes method of valuation.

During the year 109,200 (2023: 161,600) share options were granted at a weighted average exercise price of $15.64 (2023: $14.54).

During the year 54,433 (2023: 18,311) share options were forfeited at a weighted average exercise price of $9.67 (2023: $14.28).

During the year Nil (2023: 2,125) share options were exercised at a weighted average exercise price of $Nil (2023: $4.45).

As at 31 December 2024 the number of shares that are exercisable, have been fully vested, is 183,322 (2023: 148,452) with a weighted average exercise price of $11.72 (2023: $9.24).

As at 31 December 2024 387,287 (2023: 332,520) share options are outstanding with weighted average exercise price $13.48 (2023: $12.14).

The share based payment expense is recognised on the basis of a reasonable allocation of the group expense.