REGISTERED NUMBER: 02974250 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BARRETT EUROPE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

Ms K A Maher

S R Smith

SECRETARY:

D England

REGISTERED OFFICE:

Nova South

160 Victoria Street

London

SW1E 5LB

REGISTERED NUMBER:

02974250 (England and Wales)

AUDITORS:

Keith Graham Chartered Accountants

Suite 2

Wesley Chambers

Queens Road

Aldershot

GU11 3JD

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

REVIEW OF BUSINESS

The company has made a profit of £7,068 in the year (2023: £8,683). Marketing fees are generated by marking up all expenditure costs by 5%.

At the year end the company had reserves of £164,624 (2023: £157,260).

At the year end the company had cash totalling £45,512 available (2023: £14,056). Incoming funds are received from the parent entity via the intercompany account as needed.

WORK UNDERTAKEN

Barrett Europe Limited provides support services for the Barrett personnel based in the UK and obtains a marketing revenue based on these services.

ON BEHALF OF THE BOARD:

S R Smith - Director

9 September 2025

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Ms K A Maher

S R Smith

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Keith Graham Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S R Smith - Director

9 September 2025

Opinion

We have audited the financial statements of Barrett Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

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 an auditor's report 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.

In consideration of this it should be noted that laws and regulations fall into two groups. The first are those specific to the company (such as those impacting specific disclosure) and the second are more general to all businesses (such as health and safety). We identify and assess the risk of material misstatement of the financial statements in this regard and then design and perform audit procedures in response, this includes obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In support of this work, we undertake communications with management and those charged with governance regarding actual and potential incidences of fraud in the year and how such incidences may manifest themselves; review procedures surrounding new legislation and regulation changes; perform audit procedures to assess compliance with relevant laws and regulations; assess the risk of management override by testing the appropriateness of journal and other similar entries; and undertake transaction reviews.

During the course of our work, we ensure that the audit team is aware of the above and remain alert to it throughout the audit process.

It should be noted that as auditors, we are not responsible for the prevention of non-compliance and cannot be expected to detect all non-compliance with all laws and regulations.

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

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.

Simon Pusey FCA BA (Senior Statutory Auditor)

for and on behalf of Keith Graham Chartered Accountants

Suite 2

Wesley Chambers

Queens Road

Aldershot

GU11 3JD

9 September 2025

TURNOVER

129,105

150,783

Administrative expenses

122,957

143,602

6,148

7,181

Other operating income

920

1,497

OPERATING PROFIT

3

7,068

8,678

Interest receivable and similar income

-

5

PROFIT BEFORE TAXATION

7,068

8,683

Tax on profit

4

(296

)

(390

)

PROFIT FOR THE FINANCIAL YEAR

7,364

9,073

PROFIT FOR THE YEAR

7,364

9,073

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

7,364

9,073

FIXED ASSETS

Tangible assets

5

4,640

6,200

CURRENT ASSETS

Debtors

6

126,091

148,190

Cash at bank

45,512

14,056

171,603

162,246

CREDITORS

Amounts falling due within one year

7

10,735

10,006

NET CURRENT ASSETS

160,868

152,240

TOTAL ASSETS LESS CURRENT LIABILITIES

165,508

158,440

PROVISIONS FOR LIABILITIES

9

882

1,178

NET ASSETS

164,626

157,262

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

164,624

157,260

SHAREHOLDER FUNDS

164,626

157,262

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

S R Smith - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

2

148,187

148,189

Changes in equity

Total comprehensive income

-

9,073

9,073

Balance at 31 December 2023

2

157,260

157,262

Changes in equity

Total comprehensive income

-

7,364

7,364

Balance at 31 December 2024

2

164,624

164,626

1.	STATUTORY INFORMATION

Barrett 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.

The functional and presentational currency of the financial statements is GBP. The financial statements have been rounded to the nearest 1 GBP.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

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.

Turnover

Turnover represents marketing fees receivable from the parent company.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on reducing balance

Taxation

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

Hire purchase and leasing commitments

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

3.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Other operating leases

55,717

54,874

Depreciation - owned assets

1,560

2,052

Auditors' remuneration

4,000

4,000

4.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

2024

2023

£

£

Deferred tax

(296

)

(390

)

Tax on profit

(296

)

(390

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

7,068

8,683

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

1,767

2,041

Effects of:

Expenses not deductible for tax purposes

390

482

Offset against group losses

(2,157

)

(2,523

)

Deferred tax movement

(296

)

(390

)

Total tax credit

(296

)

(390

)

Taxable profits will be offset against group losses, and so no tax charge has been recognised in the financial statements.

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

and 31 December 2024

14,616

DEPRECIATION

At 1 January 2024

8,416

Charge for year

1,560

At 31 December 2024

9,976

NET BOOK VALUE

At 31 December 2024

4,640

At 31 December 2023

6,200

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

99,075

119,970

VAT

5,743

7,404

Prepayments and accrued income

21,273

20,816

126,091

148,190

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

2,135

2,576

Accruals and deferred income

8,600

7,430

10,735

10,006

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

52,400

52,400

Between one and five years

39,300

91,700

91,700

144,100

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

882

1,178

Deferred

tax

£

Balance at 1 January 2024

1,178

Movement in year

(296

)

Balance at 31 December 2024

882

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

earnings

£

At 1 January 2024

157,260

Profit for the year

7,364

At 31 December 2024

164,624

12.	ULTIMATE PARENT COMPANY

The immediate parent undertaking is Barrett Communications Pty Ltd, whose registered office address is 47 Discovery Lake, WA 6163, Australia.

The ultimate parent and controlling party is Motorola Solutions, Inc., which is incorporated in the United States of America.

The smallest and largest group into which this Company is consolidated is Motorola Solutions Inc. Copies of the financial statements of the above company may be obtained from Motorola Solutions, Inc at 500 W Monroe Street, Chicago, Illinois 60661 USA. Alternatively, they may be viewed at investors.motorolasolutions.com.