ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 04609088

DIRECT TRACK SOLUTIONS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

DIRECT TRACK SOLUTIONS LIMITED

COMPANY INFORMATION

Directors	M R Southwell (resigned 4 July 2024)
	M D Southwell (resigned 4 July 2024)
	D Eyre (appointed 4 July 2024)


Registered number	04609088


Registered office	Units 9 & 10
	Kingfisher Way
	Dinnington
	Sheffield
	South Yorkshire
	S25 3AF


Independent auditors	Shorts
	Chartered Accountants & Registered Auditor
	2 Ashgate Road
	Chesterfield
	S40 4AA


Bankers	National Westminster Bank PLC

DIRECT TRACK SOLUTIONS LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Directors' Responsibilities Statement	4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Notes to the Financial Statements	11 - 22

DIRECT TRACK SOLUTIONS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The director presents his strategic report for the year ended 31 December 2024.

Business review

Direct Track Solutions Ltd (DTS) has continued to deliver robust performance in the UK rail infrastructure supply sector, maintaining its reputation for quality, reliability, and innovation. The acquisition by NBT Neue Bahntechnik Holdings AG in July 2024 has further strengthened DTS’s financial and technical capabilities, positioning the company for long-term growth and enhanced market presence.

Principal risks and uncertainties

The UK rail industry remains a critical component of national infrastructure, supporting over 1.4 billion passenger journeys annually. Despite the daily challenges such as capacity constraints and aging infrastructure, the market outlook is positive, with increasing government support and strategic reforms aimed at improving efficiency and resilience.
Network Rail’s maintenance and renewal activities are governed under Control Period 7 (CP7), spanning 2024–2029. The organisation has launched its Greener Railway Strategy 2025–2050, focusing on three strategic ambitions: a railway fit for the future, a railway that cares for the environment, and a railway that helps communities thrive.

Financial key performance indicators

DTS serves a wide array of customers, primarily focused on maintenance and renewal contracts with Network Rail. The company’s comprehensive product offering, including a full complement of track items, provides a competitive edge in the market. DTS’s ability to deliver tailored solutions and maintain high service levels has solidified its reputation as a trusted supplier.
The acquisition by NBT Neue Bahntechnik Holdings AG in July 2024 marked a pivotal moment for DTS. Schwihag, a Swiss-based global leader in rail components, brings over 50 years of expertise and a strong international footprint. The acquisition has strengthened DTS’s financial stability, enhanced technical capabilities and innovation potential, expanded access to global markets and supply chains. This has help preserved DTS’s brand identity and operational structure. By leveraging the Schwihag technical and design functions it is the aim of DTS to bring more sustainable and economically beneficial products to the market.

This report was approved by the board on 25 September 2025 and signed on its behalf.

D Eyre

Director

Page 1

DIRECT TRACK SOLUTIONS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

M R Southwell (resigned 4 July 2024)

M D Southwell (resigned 4 July 2024)

D Eyre (appointed 4 July 2024)

Principal activity

The principal activity of the company during the year was the manufacture of products to the rail industry.

Results and dividends

The profit for the year, after taxation, amounted to £987,063 (2023 - £1,103,910).

Future developments

Looking ahead, DTS will focus on leveraging Schwihag’s global resources to enhance product development, supporting Network Rail’s sustainability and renewal initiatives, expanding customer engagement and market share within the UK, investing in digital marketing tools and data-driven supply chain optimisation, and maintaining operational excellence and compliance with industry standards.

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

DIRECT TRACK SOLUTIONS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 25 September 2025 and signed on its behalf.

D Eyre

Director

Page 3

DIRECT TRACK SOLUTIONS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements 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 to 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.

Page 4

DIRECT TRACK SOLUTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT TRACK SOLUTIONS LIMITED

Opinion

We have audited the financial statements of Direct Track Solutions Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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 United Kingdom, including the Financial Reporting Council'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.

Page 5

DIRECT TRACK SOLUTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT TRACK SOLUTIONS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report 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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 4, 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 is 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.

Page 6

DIRECT TRACK SOLUTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT TRACK SOLUTIONS LIMITED (CONTINUED)

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 Auditors' 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙through discussions with the directors and other management and from our commercial knowledge and experience, we identified the laws and regulations applicable to the company; and

∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

∙performed analytical procedures to identify any unusual or unexpected transactions;

∙reviewed journal entries to identify unusual transactions;

∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

∙investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

∙agreeing financial statement disclosures to underlying supporting documentation;

∙enquiring of management as to actual and potential litigation and claims;

∙considering relationships with HMRC and other relevant third parties; and

∙reviewing legal and professional fees incurred during the year.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Page 7

DIRECT TRACK SOLUTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT TRACK SOLUTIONS LIMITED (CONTINUED)

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Auditors' 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 an Auditors' Report 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.

Andrew Irvine (Senior Statutory Auditor)

for and on behalf of

Shorts

Chartered Accountants

Registered Auditor

2 Ashgate Road

Chesterfield

S40 4AA

25 September 2025

Page 8

DIRECT TRACK SOLUTIONS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	12,651,689	12,022,540
Cost of sales		(9,826,083)	(9,023,415)
Gross profit		2,825,606	2,999,125
Distribution costs		(12,638)	-
Administrative expenses		(1,526,643)	(1,597,734)
Operating profit		1,286,325	1,401,391
Interest receivable and similar income	8	34,271	41,131
Interest payable and similar expenses		(3,959)	(144)
Profit before tax		1,316,637	1,442,378
Tax on profit	10	(329,574)	(338,468)
Profit after tax		987,063	1,103,910



Retained earnings at the beginning of the year	3,462,178	2,528,268
Profit for the year	987,063	1,103,910
Dividends declared and paid	(76,000)	(170,000)
Retained earnings at the end of the year	4,373,241	3,462,178

The notes on pages 11 to 22 form part of these financial statements.

Page 9

DIRECT TRACK SOLUTIONS LIMITED

REGISTERED NUMBER: 04609088

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	12		7,759		10,459
Tangible assets	13		366,995		364,938
			374,754		375,397
Current assets
Stocks	14	1,008,010		890,640
Debtors	15	5,128,913		1,540,044
Cash at bank and in hand		1,410,086		2,658,499
		7,547,009		5,089,183
Creditors: amounts falling due within one year	16	(3,460,513)		(1,915,673)
Net current assets			4,086,496		3,173,510
Total assets less current liabilities			4,461,250		3,548,907
Provisions for liabilities
Deferred tax	17		(87,909)		(86,629)
Net assets			4,373,341		3,462,278

Capital and reserves
Called up share capital	100	100
Profit and loss account	4,373,241	3,462,178
	4,373,341	3,462,278

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.

D Eyre

Director

The notes on pages 11 to 22 form part of these financial statements.

Page 10

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Direct Track Solutions Limited is a private company limited by shares, incorporated in England and Wales (registered number: 04609088). Its registered office is Unit 9 & 10, Kingfisher Way, Dinnington, Sheffield, South Yorkshire, S25 3AF. The principal activity of the Company throughout the year continued to be the manufacture of railway products.

2.Accounting policies

2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

2.2

FRS 102 - reduced disclosure exemptions

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

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

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

2.3

Going concern

The directors have made an assessment of the Company's ability to continue as a going concern for a period of at least 12 months from the date on which the financial statements were approved for release. As a result of their assessment they consider that the company is able to continue to operate as a going concern and that it is appropriate to prepare the financial statements on a going concern basis.

The directors have also indicated their intention to continue supporting the Company for the foreseeable future and therefore it is considered a going concern.

Page 11

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchnage rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 12

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Plant and machinery	-	20% straight line
Motor vehicles	-	25% straight line
Office equipment	-	20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or

Page 13

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Financial instruments (continued)

received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.12

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet dates in the countires where the Company operated and generates income.
Deferred tax balances are recognised in respect of all timing differences that have been originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 14

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Railway products	12,651,689	12,022,540

All turnover arose within the United Kingdom.

Fees payable to the company's auditors for the audit of the company's financial statements

12,000

10,000

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

6.	Employees
		2024	2023
		£	£

Wages and salaries	758,412	700,904
Social security costs	69,492	65,010
Cost of defined contribution scheme	11,101	14,753
	839,005	780,667

The average monthly number of employees, including directors, during the year was 24 (2023 - 24).

7.	Directors' remuneration
		2024	2023
		£	£

	Directors' emoluments	10,833	19,596

Page 15

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Interest receivable
		2024	2023
		£	£

Other interest receivable

34,271

41,131

9.	Interest payable and similar expenses
		2024	2023
		£	£

Other interest payable

3,959

144

Corporation tax
Current tax on profits for the year	328,294	354,842

	Deferred tax
	Origination and reversal of timing differences	1,280	(16,374)


	Tax on profit	329,574	338,468

Page 16

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.Taxation (continued)

Profit on ordinary activities before tax

1,316,637

1,442,378

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	329,160	339,255
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	414	182
Remeasurement of deferred tax for changes in tax rates	-	(969)
Total tax charge for the year	329,574	338,468

11.	Dividends
		2024	2023
		£	£

Dividends paid to parent company

76,000

170,000

Page 17

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Intangible assets

		Intellectual property
		£
	Cost
	At 1 January 2024	27,001
	At 31 December 2024	27,001
	Amortisation
	At 1 January 2024	16,541
	Charge for the year on owned assets	2,701
	At 31 December 2024	19,242
	Net book value
	At 31 December 2024	7,759
	At 31 December 2023	10,459

Page 18

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost
At 1 January 2024	702,458	27,704	106,472	836,634
Additions	152,145	-	570	152,715
Disposals	-	(3,450)	-	(3,450)
At 31 December 2024	854,603	24,254	107,042	985,899
Depreciation
At 1 January 2024	356,178	27,704	87,813	471,695
Charge for the year on owned assets	142,646	-	8,013	150,659
Disposals	-	(3,450)	-	(3,450)
At 31 December 2024	498,824	24,254	95,826	618,904
Net book value
At 31 December 2024	355,779	-	11,216	366,995
At 31 December 2023	346,279	-	18,659	364,938

14.	Stocks
		2024	2023
		£	£

	Raw materials and consumables	1,008,010	890,640

Page 19

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.

Debtors

					2024	2023
					£	£



Trade debtors	1,693,763	1,070,512
Amounts owed by group undertakings	3,228,317	24,387
Other debtors	206,833	445,145
	5,128,913	1,540,044

16.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	2,291,622	1,443,930
Amounts owed to group undertakings	357,911	-
Corporation tax	181,137	172,001
Other taxation and social security	365,767	274,295
Other creditors	8,067	7,196
Accruals and deferred income	256,009	18,251
	3,460,513	1,915,673

Included within amounts owed to group undertakings is an amount of £200,000 which attracts interest at
a rate of 5.10% per annum. The loan is repayable on demand, but in the absence of such a demand, the
latest repayment date is August 2029.

Page 20

DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(86,629)	(103,003)
Charged to profit or loss	(1,280)	16,374
At end of year	(87,909)	(86,629)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	88,402	87,712
Pension surplus	(493)	(1,083)
	87,909	86,629

18.	Pension commitments

The Company pays contributions into the pension schemes of certain employees. The assets of the schemes are held seperately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £15,317 (2023: £14,753). The amount accrued at the end of the period was £1,975 (2023: £2,230).

Not later than 1 year	146,010	146,010
Later than 1 year and not later than 5 years	555,709	564,549
Later than 5 years	137,170	274,340
	838,889	984,899

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DIRECT TRACK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Related party transactions
	The company has taken advantage of the exemption under paragraph 33.1A from the provisions of section 33 of FRS 102. Related party disclosures, from disclosing transactions with wholly owned group entities. Key management personnel compensation for the company was £10,833 (2023: £20,138.84). In addition, close family members of the directors were paid a total of £33,688 (2023: £59,145). Other related parties: Transactions during the year and balances at the year end with related parties are shown below:

		2024	2023
		£	£

Creditor

200,000

The above loan is unsecured, interest free and repayable on demand.

21.	Post balance sheet events

After the balance sheet date, the £200,000 intercompany loan was repaid on 25th June 2025.

22.	Controlling party

NBT Neue Bahntechnik Holdings AG, a company registered in Switzerland, is the ultimate parent company from 04 July 2024, where the company acquired 100% ordinary share capital of the immediate parent company Direct Track Solutions Holdings Limited.
The smallest group in which the results of the company are consolidated is NBT UK Holdings Limited, the consolidated financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.
By virtue of shareholding, the controlling party is Karl-Heinrich Schwiede.

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