IRIS Accounts Production v25.2.0.378 02560839 Board of Directors 1.1.24 31.12.24 31.12.24 the manufacture of parking and ticketing systems. true true false true true false false false true true true true true true true false false false Defined benefit pension plans These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 02560839 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Metric Group Limited |

| Metric Group Limited (Registered number: 02560839) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Notes to the Financial Statements | 13 |

| Metric Group Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | C Henly

| Haomin Huang

| Hao Huang

| SECRETARY: | S P Woods

| REGISTERED OFFICE: | Metric House

| Westmead Drive

| Westmead Industrial Estate

| Swindon

| Wiltshire

| SN5 7AD

| REGISTERED NUMBER: | 02560839 (England and Wales)

| Metric Group Limited (Registered number: 02560839) |

Strategic Report

for the Year Ended 31 December 2024

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

REVIEW OF BUSINESS

The 2024 trading year remained challenging, shaped by ongoing constraints in UK public sector capital spending and heightened competition in core markets. Revenue decreased slightly to £11,171k (2023: £11,323k), primarily due to reduced hardware sales in the UK as local authorities continued to defer estate renewals. That said, the Company responded proactively, focusing efforts on upgrading existing machines in preparation for the national 2G/3G network decommissioning, and time-and-materials work held steady as a result.

Recurring contracted revenues-principally from software, payment services, and maintenance contracts-continued to perform well, accounting for 45% of total turnover, consistent with prior year. This reflects the ongoing strategic shift toward more predictable and resilient income streams. Encouragingly, the Company's US subsidiary, Metric Group Inc., posted a £123k profit (2023: £49k), the result of sustained operational focus and stronger commercial traction.

Gross margin declined to 37% (2023: 43%), impacted by margin pressure in the UK and one-off costs incurred as part of relocating certain manufacturing activities to the holding company. However, this transition is expected to yield long-term benefits in cost efficiency, responsiveness, and competitiveness.

Headcount was reduced from 114 to 98 FTEs during the year, reflecting both the streamlining of manufacturing operations and a broader organisational restructure to align skills with future growth areas. These changes, along with other operational improvements, reduced total staff costs to £3,903k (2023: £4,584k).

R&D investment remained a key priority, with £584k capitalised during the year (2023: £452k expensed). The Company continues to develop its portfolio of smart parking systems, ensuring a strong pipeline of innovations for 2025 and beyond.

While overall operating performance showed signs of recovery, the Company's financial position remained constrained by structural liabilities. A dilapidations provision of £654k was maintained, and the defined benefit pension liability stood at £5,296k. These items contributed to net liabilities of £13,449k (2023: £12,733k). The Company continues to rely on support from its ultimate parent, Dutech Holdings Limited, which has confirmed its intention to provide ongoing financial assistance.

International business development remained active across the Middle East, Asia, and Australasia, with smart transportation solutions seeing increased interest. In addition, the Company broadened its security product distribution in partnership with the Dutech group, including expansion into digital channels.

The Company's pipeline and order book remain robust, both in the UK and internationally, with growth opportunities across hardware, services, and digital platforms. Core activities continue to centre on the design, manufacture, supply, and support of equipment and software for parking and transport environments. Increasingly, these are enhanced by cloud, data analytics, and AI-driven systems designed to support connected cities and sustainable mobility strategies.

The Company remains focused on cash flow management and operational resilience. Supply chain and production processes were reviewed during the year to ensure continued ability to meet customer demand while preserving working capital.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk continues to be rapid technological change in the parking and transport sectors. The Company addresses this through continued investment in R&D and a robust after-sales support infrastructure.

Other key risks include:

- |  | Financial liabilities: The defined benefit pension deficit place pressure on the balance sheet. Reliance |

| on group funding remains a key consideration. |

- |  | Competitive markets: Ongoing margin compression in the UK, alongside international expansion risks, |

| such as regulatory barriers and market entry challenges. |

| Economic conditions: Inflationary pressures on costs and cautious public-sector investment trends |

| continue to affect the UK market. |

FINANCIAL KEY PERFORMANCE INDICATORS

| 2024 |  | 2023 |  | 2022 |  | 2021 |

| £ |  | £ |  | £ |  | £ |

Revenue |  | 11,171 |  | 11,323 |  | 11,529 |  | 8,670 |

Gross profit |  | 4,148 |  | 4,836 |  | 4,014 |  | 3,954 |

Gross profit % |  | 37% |  | 43% |  | 35% |  | 46% |

EBITDA (excluding exceptional expenses) |  | 410 |  | (313 | ) | 129 |  | 509 |

Net assets (excluding pension liability and group loans) |  | 64 |  | 518 |  | 1,827 |  | 1,773 |

Net liabilities |  | (13,449 | ) | (12,733 | ) | (9,784 | ) | (10,226 | )

| Metric Group Limited (Registered number: 02560839) |

Strategic Report

for the Year Ended 31 December 2024

DILAPIDATIONS PROVISION

Following the successful renewal of the Company's lease during the year, management reviewed its previous dilapidations provision. As a result, the full provision of £654k recognised in prior years was reversed in 2024, reflecting revised obligations under the new lease terms. Under IFRS 16, the anticipated end-of-term restoration costs are now included within the right-of-use asset and will be amortised over the lease period.

GOING CONCERN

The directors have considered the Company's current position, forecast cash flows, and support from Dutech Holdings Limited. Based on this assessment, the financial statements have been prepared on a going concern basis.

ON BEHALF OF THE BOARD:

Hao Huang - Director

9 July 2025

| Metric Group Limited (Registered number: 02560839) |

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.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

The company's focus is to identify and realise innovation opportunities for its parking and ticketing solutions.

DIRECTORS

The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

C Wortley - resigned 3 May 2024

N J Heal - resigned 29 October 2024

C Henly - appointed 8 November 2024

T Yu - resigned 3 May 2024

Haomin Huang - appointed 3 May 2024

C Li - appointed 3 May 2024

Hao Huang was appointed as a director after 31 December 2024 but prior to the date of this report.

C Li ceased to be a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's operations expose it to a variety of financial risks that include credit risk, liquidity risk, interest rate risk and foreign exchange risk. The company has specific policies and procedures to manage those risks that are set by the Board and implemented by the finance department.

Credit risk

The company has policies to ensure that appropriate credit checks are undertaken on all new potential customers. Periodic reviews of credit terms are undertaken depending on changes in trading relationships and other relevant information.

Interest rate risk

The company has an invoice discounting facility and intergroup borrowings that attract a variable interest rate. The company is therefore exposed to changes in market interest rates.

Liquidity risk

The company is cash generate and benefits from a loan facility provided by its ultimate parent company.

Foreign exchange risk

The company purchases some goods in foreign currency and has intercompany loan balances denominated in foreign currencies and therefore is exposed to foreign exchange risk.

ENVIRONMENTAL MATTERS

The company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The company has complied with all applicable legislation and regulations.

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.

| Metric Group Limited (Registered number: 02560839) |

Report of the Directors

for the Year Ended 31 December 2024

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, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Hao Huang - Director

9 July 2025

Report of the Independent Auditors to the Members of

Metric Group Limited

Opinion

We have audited the financial statements of Metric Group 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 101 'Reduced Disclosure Framework' (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 loss 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

Metric Group Limited

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.

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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- |  | Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |

- |  | Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; |

- |  | Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud; |

- |  | Review of tax compliance |

- |  | Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; |

- |  | Testing transactions entered into outside of the normal course of the Company's business; and |

- |  | Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers. |

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 by, for example, forgery or intentional misrepresentations, or through collusion.

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

Metric Group Limited

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.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

10 July 2025

| Metric Group Limited (Registered number: 02560839) |

Income Statement

for the Year Ended 31 December 2024

| 2024 | 2023 |

| Notes | £'000 | £'000 | £'000 | £'000 |

TURNOVER | 4 | 11,171 |  | 11,323 |  |

Cost of sales | 7,023 |  | 6,487 |  |

GROSS PROFIT | 4,148 |  | 4,836 |  |

Distribution costs | 612 |  | 1,381 |  |

Administrative expenses | 4,483 |  | 5,557 |  |

|  | 5,095 |  |  |  | 6,938 |  |

(947 | ) | (2,102 | ) |

Other operating income | 5 | 137 |  | 141 |  |

OPERATING LOSS | (810 | ) | (1,961 | ) |

Interest receivable and similar income | 10 |  | 10 |  |

(800 | ) | (1,951 | ) |

Interest payable and similar expenses | 8 | 282 |  | 366 |  |

Other finance costs | 24 | 270 |  | 279 |  |

|  | 552 |  |  |  | 645 |  |

LOSS BEFORE TAXATION | 9 | (1,352 | ) | (2,596 | ) |

Tax on loss | 10 | - |  | 32 |  |

LOSS FOR THE FINANCIAL YEAR | (1,352 | ) | (2,628 | ) |

| Metric Group Limited (Registered number: 02560839) |

Other Comprehensive Income

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £'000 | £'000 |

LOSS FOR THE YEAR | (1,352 | ) | (2,628 | ) |

OTHER COMPREHENSIVE INCOME |

Item that will not be reclassified to profit or loss:

Actuarial (loss)/gain on defined benefit | 636 |  | (321 | ) |

Income tax relating to item that will not be reclassified to profit or loss | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 636 |  | (321 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (716 | ) | (2,949 | ) |

| Metric Group Limited (Registered number: 02560839) |

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Owned

| Intangible assets | 11 | 1,173 |  | 1,450 |  |

| Tangible assets | 12 | 157 |  | 224 |  |

Right-of-use

| Tangible assets | 12, 19 | 2,595 |  | 291 |  |

Investments | 13 | - |  | - |  |

3,925 |  | 1,965 |  |

CURRENT ASSETS

Stocks | 14 | 5,854 |  | 4,273 |  |

Debtors | 15 | 2,225 |  | 3,903 |  |

Cash in hand | 14 |  | 15 |  |

8,093 |  | 8,191 |  |

CREDITORS

Amounts falling due within one year | 16 | 18,456 |  | 16,073 |  |

NET CURRENT LIABILITIES | (10,363 | ) | (7,882 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (6,438 | ) | (5,917 | ) |

CREDITORS

Amounts falling due after more than one year | 17 | (1,061 | ) | (115 | ) |

PROVISIONS FOR LIABILITIES | 21 | (654 | ) | (654 | ) |

PENSION LIABILITY | 24 | (5,296 | ) | (6,047 | ) |

NET LIABILITIES | (13,449 | ) | (12,733 | ) |

CAPITAL AND RESERVES

Called up share capital | 22 | 3,000 |  | 3,000 |  |

Capital redemption reserve | 23 | 10,690 |  | 10,690 |  |

Retained earnings | 23 | (27,139 | ) | (26,423 | ) |

SHAREHOLDERS' FUNDS | (13,449 | ) | (12,733 | ) |

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

Hao Huang - Director

| Metric Group Limited (Registered number: 02560839) |

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£'000 | £'000 | £'000 | £'000 |

Balance at 1 January 2023 | 3,000 |  | (23,474 | ) | 10,690 |  | (9,784 | ) |

Changes in equity

Total comprehensive income | - |  | (2,949 | ) | - |  | (2,949 | ) |

Balance at 31 December 2023 | 3,000 |  | (26,423 | ) | 10,690 |  | (12,733 | ) |

Changes in equity

Total comprehensive income | - |  | (716 | ) | - |  | (716 | ) |

Balance at 31 December 2024 | 3,000 |  | (27,139 | ) | 10,690 |  | (13,449 | ) |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Metric Group 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.

| The principal activity of the company is the design, manufacture, supply and service of ticket issuing, ticket validating, fare collection, barrier entry, paper handling and coin counting/sorting machines and related components/equipment. The company also designs and supplies computer software and access control equipment.

2. | ACCOUNTING POLICIES

| Basis of preparation

| These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

| The following principal accounting policies have been applied:

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

| • | the requirements of IFRS 7 Financial Instruments: Disclosures;

| • | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

| • | the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

| the requirements of paragraph 58 of IFRS 16;

| • | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

| • | the requirements of

| - | paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

| - | paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

| • | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

| • | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

| • | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

| • | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

| This information is included in the consolidated financial statements of Metric Group Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

| Going concern

| The company's business activities, together with the factors likely to affect its future development and position, are set out in the business review section of the Strategic Report on page 2.

| The financial statements have been prepared on a going concern basis, as the company's ultimate parent company, Dutech Holdings Limited, has agreed to support the company. The directors have also considered the impact of the current economic environment, the directors have reviewed future cash forecasts and profit projections and believe that the company will be able to trade as a going concern as the company has adequate resources to continue in operational existence for the foreseeable future. At present it is uncertain how long the uncertain economic conditions and its impacts will last but the directors have a reasonable expectation that Dutech Holdings Limited has adequate resources to continue in operational existence for the foreseeable future.

| As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The directors continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| The company recognises revenue when a performance obligation is satisfied, i.e. when 'control' of the goods or services underlying the particular performance obligation is transferred to the customers, at an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Unless otherwise mentioned, the company concludes that it is acting as a principal in the provision of goods or services in its contracts with customers.

| Turnover from the sale of goods is recognised when goods are delivered and legal title is passed. The company does not engage in contracts whose performance obligations are satisfied over time.

| Service revenue in relation to maintenance contracts is recognised over time for the period the contract covers, where maintenance is provided is outside the scope of a contract is is recognised at a point in time, being when the maintenance work took place.

| Intangible fixed assets

| Intangible fixed assets comprise of patents and accreditations, trademarks, acquired customer contracts, software licences and internal product development costs. They are recognised initially at cost and are subsequently amortised over their expected useful economic lives.

| Product development costs are only capitalised when they relate to a discrete project where there is a reasonable expectation that the product is commercially viable and will generate future economic benefit. There is no amortisation charge within the financial year of capitalisation. All other research and development costs are expensed as incurred.

| The expected useful economic lives used for amortisation periods are as follows:

| Patents and software licenses |  | - 5 years |  |

| Product development costs |  | - 5 years |  |

| Future fleet trademark and customer contracts |  | - 5 years |  |

| Tangible fixed assets

| Tangible fixed assets are stated at historic purchase cost less accumulated depreciation.

| Depreciation is provided to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

| Leased buildings |  | - over the term of the lease |  |

| Fixtures, fittings, tools and equipment |  | - 10% to 33% straight line |  |

| Leased motor vehicles |  | - over the term of the lease |  |

| Fixed asset investments

| Investments in subsidiary undertakings are stated at cost less provision for impairment.

| Impairment

| Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

| The recoverable amount is the higher of an asset's net realisable value and value-in-use.

| Financial instruments

| The company holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 20 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income.

| Stocks

| Stocks are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, the average cost method is used. For work in progress and finished goods, cost is taken as production cost, which includes an appropriate proportion of attributable overheads.

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly inequity.

| 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 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.

| Leases

| Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

| Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

| Post retirement benefits

| The company operates a defined benefit scheme for service up to 30 June 1992 and defined contribution schemes for service thereafter.

| The defined benefit pension liability is recognised in the balance sheet based on the fair value of the benefit obligation less the fair value of the plan assets. The defined benefit obligation is calculated annually be independent actuaries using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised through the statement of other comprehensive income in the period in which they arise.

| For defined contribution plans a liability is only recognised when the company has guaranteed a minimum benefit. Otherwise, contributions are recognised as an expense when they are due.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

| Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Exceptional items

| Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

| Research and development

| In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which is 5 years.

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

| Useful economic lives of intangible and tangible assets

| The directors are required to assess the appropriate useful economic lives of intangible and tangible fixed asses. The rates are given in note 2 but the actual economic lives of assets may vary from these estimates and could be subject to revision in future periods.

| Other product development costs are amortised over a period of 5 years. Although the company's products typically have a much longer economic life than this, the directors believe that this is the typical period over which a majority of sales will arise prior to the next generation product being developed.

| The directors have assessed there will be positive cash flows arising from the development of intangibles.

| Defined benefit pension scheme

| The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 24 for the disclosures relating to the defined benefit pension scheme.

| Following the Lloyds case ruling at the High Court in October 2018, UK defined benefit pension schemes need to take actions to equalise benefits for males and females to deal with differences in Guaranteed Minimum Pension (GMP) between sexes. The company's actuary used model method C2 for each non-pensioner member to estimate the additional liability in respect of GMP equalisation. This was treated as a past service cost and recognised in profit and loss in the year ended 31 December 2018.

| A follow up judgement at the High Court on GMP equalisation on pension scheme transfers emerged in November 2020. Any adjustment to defined benefit pension scheme liability in respect of this has been treated as a past service cost and recognised in the profit and loss.

| Dilapidations provision

| In determining the dilapidations provision in relation the company's building lease, management have made an estimate of the costs expected to be incurred on meetings its obligations under the terms of the lease. This estimate requires judgements to be made about work to be carried out and there is subject to significant estimation uncertainty. Management have consulted external advisers in making this provision. Management also make judgments around the discount rate to use and the period in which the liability may be settled, this usually being at the end of the lease terms.

| In preparing these financial statements, the directors have had to make the following judgements:

| - |  | Determine whether there are indicators of impairment of the company's tangible and intangible assets. |  |

| Factors taken into consideration in reaching such a decision include the economic viability and |  |

| expected future financial performance of the asset and where it is a component of a larger |  |

| cash-generating unit, the viability and expected future performance of that unit. |  |

| Other key sources of estimation uncertainty:

| - |  | Inventory valuation |  |

|  | The long lived nature of the company's products mean that the company has to keep spare parts and equipment for many years to service older generation machines still in use by customers. Its is therefore inherently difficult to estimate the level of obsolescence and hence the recoverable value of this stock. The company makes a provision for such slow moving stock on a sliding scale basis that increases with the age of stock, with all stock typically being fully written off after 10 years.Other stock provisions are made for items where the directors believe there is a greater risk of obsolescence or where the product has become discontinued. |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

| - |  | Carrying value of intercompany receivable |  |

|  | The company has a trade receivable from its subsidiary Metric Group Inc. Although this balance is repayable on demand, Metric Group Inc. has historically been loss making and does not currently have sufficient financial resources to settle this balance. The directors have therefore assessed whether this balance is recoverable. Following a detailed review of Metric Group Inc.'s business in 2024, the directors believe that Metric Group Inc. will be cash generative going forward which will allow it to fully repay this balance, plus the interest accruing on it, although settlement is likely to occur over a period of more than 1 year. |  |

| - |  | IFRS 16 leases |  |

|  | In applying IFRS 16 'leases' the company uses estimates and judgements in determining the incremental borrowing rate to be use. The fair value of the company's lease obligations has been measured using an incremental borrowing rate of 3.4% or 4% based on effective interest rates for SMEs from the Bank of England. |  |

4. | TURNOVER

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

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£'000 | £'000 |

| Sale of goods | 6,112 |  | 5,926 |  |

| Sales of services | 5,059 |  | 5,395 |  |

11,171 |  | 11,321 |  |

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£'000 | £'000 |

| United Kingdom | 8,659 |  | 10,020 |  |

| Europe | 118 |  | 191 |  |

| Rest of the world | 2,394 |  | 1,112 |  |

11,171 |  | 11,323 |  |

5. | OTHER OPERATING INCOME

| 2024 |  | 2023

£'000 | £'000 |

| Sundry receipts | 137 |  | 141 |  |

6. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£'000 | £'000 |

| Wages and salaries | 3,433 |  | 4,026 |  |

| Social security costs | 361 |  | 419 |  |

| Other pension costs | 109 |  | 139 |  |

3,903 |  | 4,584 |  |

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

| 2024 |  | 2023

| Direct labour | 41 |  | 49 |  |

| Marketing and administration | 57 |  | 65 |  |

98 |  | 114 |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | EMPLOYEES AND DIRECTORS - continued

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 181,815 |  | 564,375 |  |

| The highest paid director received remuneration of £92,175 (2023 - £174,609).

| The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,400 (2023 - £3,682).

7. | EXCEPTIONAL ITEMS

| 2024 |  | 2023

£'000 | £'000 |

| Dilapidations in relation to building lease | 407 |  | (654 | ) |

| As at 31 December 2024 the expected dilapidations on the current lease have a present value of £654k (2023 - £654k). Following the renewal of the lease, the expected dilapidation were deemed to be included within the right-of-use asset and be amortised over the lease term.

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£'000 | £'000 |

| Bank interest | 56 |  | 48 |  |

| Bank loan interest | 163 |  | 142 |  |

| Loans from group undertakings | 39 |  | 31 |  |

| Net exchange losses on loan | (7 | ) | 113 |  |

| Hire purchase | 31 |  | 32 |  |

282 |  | 366 |  |

9. | LOSS BEFORE TAXATION

| The operating loss is stated after charging:

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Research & development charged as expense |  | 583 |  |  | 452 |  |

| Depreciation of tangible fixed assets |  | 77 |  |  | 78 |  |

| Depreciation of right of use assets |  | 255 |  |  | 96 |  |

| Amortisation of intangible assets, including goodwill |  | 887 |  |  | 766 |  |

| Defined contribution pension cost |  | 130 |  |  | 141 |  |

10. | TAXATION

| Analysis of tax expense

| 2024 |  | 2023

£'000 | £'000 |

| Current tax:

| Tax | - |  | 32 |  |

| Total tax expense in income statement | - |  | 32 |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. | TAXATION - continued

| Factors affecting the tax expense

| 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

£'000 | £'000 |

| Loss before income tax | (1,352 | ) | (2,596 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | (338 | ) | (611 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 14 |  | 1 |  |

| RDEC step 2 | - |  | 32 |  |

| Remeasurement of deferred tax or changes in tax rates | - |  | (38 | ) |

| Movement in deferred tax not recognised | 324 |  | 648 |  |

| Tax expense | - |  | 32 |  |

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Actuarial (loss)/gain on defined benefit | 636 |  | - |  | 636 |  |

| 2023 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Actuarial (loss)/gain on defined benefit | (321 | ) | - |  | (321 | ) |

| Factors that may affect future tax charges

| The company has trading losses of £13.6m (2023 - £12.4m) available to set against future trading profits and other timing differences of £12.4m (2023 - £10.3m) including the pension deficit of £5.9m (2023 - £6.1m). A deferred tax asset of £3.4m (2023 - £5.2m) has not been recognised in relation to these items. In addition the company has £2m (2023 - £2m) of capital losses available for which no deferred tax asset has been recognised.

11. | INTANGIBLE FIXED ASSETS

| Future |

| fleet |

| Patents |  | trademark |

| and |  | Product |  | and |

| software |  | development |  | customer |

| licenses |  | costs |  | contracts |  | Totals

£'000 | £'000 | £'000 | £'000 |

| COST

| At 1 January 2024 | 1,071 |  | 12,270 |  | 322 |  | 13,663 |  |

| Additions | 26 |  | 584 |  | - |  | 610 |  |

| At 31 December 2024 | 1,097 |  | 12,854 |  | 322 |  | 14,273 |  |

| AMORTISATION

| At 1 January 2024 | 789 |  | 11,107 |  | 317 |  | 12,213 |  |

| Amortisation for year | 61 |  | 826 |  | - |  | 887 |  |

| At 31 December 2024 | 850 |  | 11,933 |  | 317 |  | 13,100 |  |

| NET BOOK VALUE

| At 31 December 2024 | 247 |  | 921 |  | 5 |  | 1,173 |  |

| At 31 December 2023 | 282 |  | 1,163 |  | 5 |  | 1,450 |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

12. | TANGIBLE FIXED ASSETS

| Fixtures |

| & fittings, |  | Leased |

| Leased |  | tools and |  | motor |

| buildings |  | equipment |  | vehicles |  | Totals

£'000 | £'000 | £'000 | £'000 |

| COST

| At 1 January 2024 | 17 |  | 3,787 |  | 370 |  | 4,174 |  |

| Additions | 2,070 |  | 10 |  | 489 |  | 2,569 |  |

| Disposals | (17 | ) | - |  | (200 | ) | (217 | ) |

| At 31 December 2024 | 2,070 |  | 3,797 |  | 659 |  | 6,526 |  |

| DEPRECIATION

| At 1 January 2024 | 4 |  | 3,563 |  | 92 |  | 3,659 |  |

| Charge for year | 61 |  | 77 |  | 194 |  | 332 |  |

| Eliminated on disposal | (17 | ) | - |  | (200 | ) | (217 | ) |

| At 31 December 2024 | 48 |  | 3,640 |  | 86 |  | 3,774 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,022 |  | 157 |  | 573 |  | 2,752 |  |

| At 31 December 2023 | 13 |  | 224 |  | 278 |  | 515 |  |

| Leased buildings

| Buildings are leased for a period of 5 years. Management have calculated the lease amounts up to the lease expiry, at which point they will consider whether to renew.

| Other leases

| The company leases vehicles for qualifying employees with a standard lease terms being either 4 or 5 years.

13. | INVESTMENTS

| Shares in

| group

| undertakings

£'000 |

| COST

| At 1 January 2024

| and 31 December 2024 | 2,540 |  |

| PROVISIONS

| At 1 January 2024

| and 31 December 2024 | 2,540 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Metric Group Inc.

| Registered office: USA

| Nature of business: Trading company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2023 |

£'000 | £'000 |

| Aggregate capital and reserves | (1,776 | ) | (1,881 | ) |

| Profit for the year | 123 |  | 49 |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

14. | STOCKS

2024 | 2023 |

£'000 | £'000 |

| Stocks | 3,170 |  | 3,420 |  |

| Stock Provision | (892 | ) | (773 | ) |

| Work-in-progress | 2,084 |  | 1,428 |  |

| Finished goods | 1,492 |  | 198 |  |

5,854 |  | 4,273 |  |

| The difference between purchase price or production cost of stocks and their replacement cost is not material.

| Stock is stated net of provisions of £892,316 (2023 - £773,372). The level of provision charged to the statement of comprehensive income during the year was £118,544 (2023 - £160,506).

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£'000 | £'000 |

| Trade debtors | 1,121 |  | 3,205 |  |

| Other debtors | 246 |  | 130 |  |

| Prepayments and accrued income | 858 |  | 568 |  |

2,225 |  | 3,903 |  |

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

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£'000 | £'000 |

| Bank loans and overdrafts (see note 18) | 3,188 |  | 3,026 |  |

| Leases (see note 18) | 828 |  | 387 |  |

| Trade creditors | 997 |  | 1,607 |  |

| Amounts owed to group undertakings | 10,874 |  | 9,258 |  |

| Social security and other taxes | 223 |  | 264 |  |

| Other creditors | 23 |  | - |  |

| Accruals and deferred income | 2,323 |  | 1,531 |  |

18,456 |  | 16,073 |  |

| The bank loan represents a foreign currency revolving credit facility of £2,540,000 (2023 - £2,540,000).

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£'000 | £'000 |

| Leases (see note 18) | 1,061 |  | 115 |  |

18. | FINANCIAL LIABILITIES - BORROWINGS |

2024 | 2023 |

£'000 | £'000 |

| Current:

| Bank overdrafts | 648 |  | 486 |  |

| Bank loans | 2,540 |  | 2,540 |  |

| Leases (see note 19) | 828 |  | 387 |  |

4,016 |  | 3,413 |  |

| Non-current:

| Leases (see note 19) | 1,061 |  | 115 |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

18. | FINANCIAL LIABILITIES - BORROWINGS - continued

| Terms and debt repayment schedule

| 1 year or |

| less |  | 1-2 years |  | 2-5 years |  | Totals

£'000 | £'000 | £'000 | £'000 |

| Bank overdrafts | 648 |  | - |  | - |  | 648 |  |

| Bank loans | 2,540 |  | - |  | - |  | 2,540 |  |

| Leases | 828 |  | 242 |  | 819 |  | 1,889 |  |

4,016 |  | 242 |  | 819 |  | 5,077 |  |

19. | LEASING

| Right-of-use assets

| Tangible fixed assets

2024 | 2023 |

£'000 | £'000 |

| COST

| At 1 January 2024 | 387 |  | 207 |  |

| Additions | 2,559 |  | 180 |  |

| Disposals | (217 | ) | - |  |

2,729 |  | 387 |  |

| DEPRECIATION

| At 1 January 2024 | 96 |  | 4 |  |

| Charge for year | 255 |  | 92 |  |

| Eliminated on disposal | (217 | ) | - |  |

134 |  | 96 |  |

| NET BOOK VALUE | 2,595 |  | 291 |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

19. | LEASING - continued

| Lease liabilities

| Minimum lease payments fall due as follows:

2024 | 2023 |

£'000 | £'000 |

| Gross obligations repayable:

| Within one year | 895 |  | 387 |  |

| Between one and five years | 1,153 |  | 115 |  |

2,048 |  | 502 |  |

| Finance charges repayable:

| Within one year | 67 |  | - |  |

| Between one and five years | 92 |  | - |  |

159 |  | - |  |

| Net obligations repayable:

| Within one year | 828 |  | 387 |  |

| Between one and five years | 1,061 |  | 115 |  |

1,889 |  | 502 |  |

20. | FINANCIAL INSTRUMENTS

|  | 2024 |  |  | 2023 |  |

|  | £'000 |  |  | £'000 |  |

| Financial assets |  |

| Financial assets that are debt instruments measured at amortised cost |  | 2,277 |  |  | 3,585 |  |

|  | 2024 |  |  | 2023 |  |

|  | £'000 |  |  | £'000 |  |

| Financial liabilities |  |

| Financial liabilities measured at amortised cost |  | 25,182 |  |  | 15,134 |  |

| Financial assets measured at amortised cost comprise cash at bank and in hand and all debtors excluding prepayments.

| Financial liabilities measured at cost comprise all creditors excluding social security and other taxes, Corporation Tax and deferred income.

21. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£'000 | £'000 |

| Other provisions | 654 |  | 654 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £'000 | £'000 |

| 3,000,000 | Ordinary | £1 | 3,000 |  | 3,000 |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

23. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£'000 | £'000 | £'000 |

| At 1 January 2024 | (26,423 | ) | 10,690 |  | (15,733 | ) |

| Deficit for the year | (1,352 | ) | (1,352 | ) |

| Actuarial Gain / Loss | 636 |  | - |  | 636 |  |

| At 31 December 2024 | (27,139 | ) | 10,690 |  | (16,449 | ) |

24. | EMPLOYEE BENEFIT OBLIGATIONS

| The company operates a defined benefit pension scheme.

| The company operates a defined benefit scheme for service up to 30 June 1992 and defined contribution schemes for service thereafter. The charge for the defined benefit scheme is calculated by an actuary. Whereas, the pension cost charge for the year for the defined contribution scheme represents contributions payable by the company to the scheme and amounted to £130,000 (2023 - £141,007).

| Contributions amounting to £23,286 (2023 - £26,420) were payable to the scheme and are included in creditors at the year end.

| The amounts recognised in profit or loss are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

£'000 | £'000 |

| Current service cost | - |  | - |  |

| Net interest from net defined benefit asset/liability | 489 |  | 812 |  |

| Past service cost | - |  | - |  |

489 |  | 812 |  |

| Actual return on plan assets | (255 | ) | 271 |  |

| Changes in the present value of the defined benefit obligation are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

£'000 | £'000 |

| Opening defined benefit obligation | 11,518 |  | 11,335 |  |

| Interest cost | 489 |  | 533 |  |

| Actuarial losses/(gains) | (891 | ) | 564 |  |

| Benefits paid | (799 | ) | (914 | ) |

10,317 |  | 11,518 |  |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

24. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Changes in the fair value of scheme assets are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

£'000 | £'000 |

| Opening fair value of scheme assets | 5,471 |  | 5,430 |  |

| Interest income | 231 |  | 254 |  |

| Administrative expenses | (175 | ) | (139 | ) |

| Contributions by employer | 548 |  | 569 |  |

| Actuarial gains/(losses) | (255 | ) | 271 |  |

| Benefits paid | (799 | ) | (914 | ) |

5,021 |  | 5,471 |  |

| The amounts recognised in other comprehensive income are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

£'000 | £'000 |

| Actuarial gains/(losses) | 636 |  | (321 | ) |

636 |  | (321 | ) |

| The major categories of scheme assets as a percentage of total scheme assets are as follows:

| Defined benefit |

| pension plans |

2024 | 2023 |

| Equities and investments | 17.20% | 16.00% |

| Corporate bonds | 9.50% | 4.00% |

| Absolute return | 16.00% | 15.00% |

| Multi-asset private markets | 12.30% | 14.00% |

| Liability driven investments | 18.40% | 23.00% |

| Cash | 8.10% | 8.00% |

| Annuities | 8.00% | 8.00% |

| Individual member funds | 10.50% | 12.00% |

100.00% | 100.00% |

| The defined benefit obligation includes insured pensioners, this has added £400k (2023 - £442k) to gross assets and liabilities but has no impact on the net deficit.

| The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income was £636k (2023 - £321k).

| The company expects to contribute £917k to its defined benefit pension scheme in 2025.

| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 | 2023 |

| Discount rate | 5.20% | 4.40% |

| Future pension increases | 3.00% | 3.00% |

| Inflation - RPI | 3.40% | 3.20% |

| Inflation - CPI | 2.50% | 2.30% |

| Metric Group Limited (Registered number: 02560839) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

24. | EMPLOYEE BENEFIT OBLIGATIONS - continued

| Mortality rates |  |

| - |  | for a male aged 65 now |  | 21.3 |  | 21.3 |  |

| - |  | at 65 for a male aged 45 now |  | 22.2 |  | 22.2 |  |

| - |  | for a female aged 65 now |  | 23.7 |  | 23.7 |  |

| - |  | at 65 for a female member aged 45 now |  | 24.8 |  | 24.8 |  |

| In valuing the liabilities of the fund at the year end, the PA 92 Year of Birth mortality tables with medium cohort adjustment have been used. The weighted average duration of the scheme's liabilities is approximately 15 years.

25. | ULTIMATE PARENT COMPANY

| The company's immediate parent company is Metric Group Holdings Limited, a company incorporated in England and Wales. The consolidated financial statements of Metric Group Holdings Limited are publicly available.

| The ultimate parent company is Dutech Holdings Limited, a company incorporated in Singapore.

26. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption under FRS 101 not to disclose details of all transactions with its parent company on the ground that the consolidated accounts are publicly available.