REGISTERED NUMBER: 03476994 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

TRUSTCO P.L.C.

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

M Cope

T E Cripps

REGISTERED OFFICE:

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

REGISTERED NUMBER:

03476994 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

This year has been one of strong progress for the company, with turnover staying steady and profitability increasing despite wider market challenges. Our ability to adapt, combined with a clear strategic focus, has enabled us to strengthen our market position and deliver sustainable growth.

A cornerstone of our success is the long-standing relationships we have built with our customers. By consistently delivering high-quality services and solutions, we have earned the trust of a broad and loyal client base. These enduring partnerships, supported by our commitment to exceptional service, remain fundamental to our continued success and a key differentiator in a competitive market.

While the year included a temporary slowdown in public sector spending, driven by wider political and economic factors, Trustco continued to grow. With a new government in place and renewed commitments to investment, we are optimistic about the opportunities this will create across both public and private sectors.

Our strategy, anchored in core IT services, infrastructure expertise, and continuous innovation, provides a robust platform for the future. By integrating advanced AI services and strengthening our comprehensive cyber security offerings, we are enhancing the value and resilience of our solutions for customers. Coupled with the strength of our customer relationships and our reputation for service excellence, we are confident that Trustco is well placed to capitalise on new opportunities, expand its market presence and continue delivering long-term value for stakeholders.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2025

2024

Turnover

£

14,340,818

12,012,217

Gross Profit

£

1,214,852

731,435

Operating profit/(loss)

£

716,517

309,820

Net profit/(loss)

£

531,919

232,420

Net assets

£

841,867

526,119

PRINCIPAL RISKS AND UNCERTAINTIES

It remains imperative to acknowledge the persistent challenges inherent within our industry. Cybersecurity threats continue to increase in both sophistication and scale, representing a material risk to organisations and individuals. Trustco has consistently prioritised the implementation of robust security measures, investing in resilient systems, adhering to recognised frameworks and best practices and maintaining strategic partnerships with leading cybersecurity providers in order to deliver the highest levels of protection to its customers. One of the most pressing risks in today's digital landscape is the growing scale and sophistication of cyber-attacks. A successful large-scale attack on a major organisation has the potential to cause significant disruption, not only to that business but also across its wider supply chain. When critical operations are halted, the ripple effect can be severe-smaller suppliers may suddenly find themselves unable to deliver their services or products, leading to financial strain, reputational damage, and in some cases existential threat.

The rapid pace of technological advancement has further highlighted the shortage of skilled professionals within specialist areas, particularly in cybersecurity. The escalating demand for such expertise has intensified competition for talent across the sector. In response, Trustco continues to advance towards a fully managed service model, ensuring that customers benefit from access to appropriately skilled professionals capable of addressing emerging knowledge and capability gaps.

We continue to engage with a diverse portfolio of customers and suppliers across a broad range of industries and sectors. We collectively as a board of directors consider this diversity to be a key strength in enabling the effective management of business risks. Trustco has demonstrated resilience through periods of macro-economic uncertainty, consistently converting external challenges into opportunities for continued success.

Accordingly, we have a reasonable expectation that the company possesses the resources and capabilities not only to ensure operational continuity for the foreseeable future, but also to achieve sustainable growth. On this basis, we continue to adopt the going concern principle in the preparation of the annual financial statements.

ON BEHALF OF THE BOARD:

T E Cripps - Director

22 September 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of IT hardware, cloud solution services and IT infrastructure services.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 216,171 .

RESEARCH AND DEVELOPMENT

Technological advancements, such as artificial intelligence, machine learning, and the Internet of Things, continue to reshape industries and create exciting opportunities. Our company is committed to staying at the forefront of these advancements, leveraging our expertise and experience to deliver innovative solutions that drive efficiency and business growth.

We continue to investigate and seek research and development opportunities that will provide Trustco with competitive advantages into the future.

FUTURE DEVELOPMENTS

Looking ahead to the coming year, we remain cautiously optimistic about the future of the UK IT market but feel that a slowdown may occur, especially in the NHS and Government sectors due to the unrest in parliament and a decreasing appetite to public spending. We believe that the UK commercial sector will continue on a trajectory of acquisitions and consolidation, which may moderate how organisations invests and consumes technology as those organisations reshape and restructure.

While we also anticipate potential hurdles, including regulatory changes and shifting economic landscapes. We recognise the importance of adaptability and agility in navigating these challenges and have built a resilient business model that can weather such storms.

DIRECTORS

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

M Cope

T E Cripps

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T E Cripps - Director

22 September 2025

Opinion

We have audited the financial statements of Trustco p.l.c. (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement 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:

Prior to engagement the following audit procedures are considered:

- Identification of laws and regulations being significant in the context of the entity;

- Understanding the entity's current activities, the scope of its authorisation and the effectiveness of its control environment where the entity is a regulated entity;

- Determining any key audit matters that require further explanation;

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

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

- Reading key correspondence from regulatory bodies;

- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We focused on the valuation of provisions against debtors, and the assessment of impairment of intangible and tangible assets, as well as any other estimates and provisions within the accounts;

- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the conclusions drawn on obligations recognised in respect of uncertain legal matters;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users;

- Reviewing relevant meeting minutes including those of the board of directors

- Testing transactions entered into that are outside of the normal course of the Company's business

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the group's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.

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

Use of our report

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

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

22 September 2025

TURNOVER

14,340,818

12,012,217

Cost of sales

(13,125,966

)

(11,280,782

)

GROSS PROFIT

1,214,852

731,435

Distribution costs

(4,384

)

(4,926

)

Administrative expenses

(497,495

)

(430,968

)

OPERATING PROFIT

5

712,973

295,541

Interest receivable and similar income

3,545

14,279

PROFIT BEFORE TAXATION

716,518

309,820

Tax on profit

6

(184,599

)

(77,400

)

PROFIT FOR THE FINANCIAL YEAR

531,919

232,420

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

531,919

232,420

FIXED ASSETS

Tangible assets

8

50,431

51,401

CURRENT ASSETS

Stocks

9

870

870

Debtors

10

5,708,929

3,936,611

Cash at bank

121,331

654,915

5,831,130

4,592,396

CREDITORS

Amounts falling due within one year

11

(5,027,783

)

(4,107,143

)

NET CURRENT ASSETS

803,347

485,253

TOTAL ASSETS LESS CURRENT LIABILITIES

853,778

536,654

PROVISIONS FOR LIABILITIES

13

(11,911

)

(10,535

)

NET ASSETS

841,867

526,119

CAPITAL AND RESERVES

Called up share capital

14

50,700

50,700

Retained earnings

15

791,167

475,419

SHAREHOLDERS' FUNDS

841,867

526,119

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

T E Cripps - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

50,700

512,777

563,477

Changes in equity

Dividends

-

(269,778

)

(269,778

)

Total comprehensive income

-

232,420

232,420

Balance at 31 March 2024

50,700

475,419

526,119

Changes in equity

Dividends

-

(216,171

)

(216,171

)

Total comprehensive income

-

531,919

531,919

Balance at 31 March 2025

50,700

791,167

841,867

Cash flows from operating activities

Cash generated from operations

1

(210,203

)

84,170

Tax paid

(71,776

)

(122,322

)

Net cash from operating activities

(281,979

)

(38,152

)

Cash flows from investing activities

Purchase of tangible fixed assets

(16,019

)

(41,330

)

Interest received

3,545

14,279

Net cash from investing activities

(12,474

)

(27,051

)

Cash flows from financing activities

Amount introduced by directors

256,163

13,298

Amount withdrawn by directors

(279,123

)

(41,657

)

Equity dividends paid

(216,171

)

(269,778

)

Net cash from financing activities

(239,131

)

(298,137

)

Decrease in cash and cash equivalents

(533,584

)

(363,340

)

Cash and cash equivalents at beginning of year

2

654,915

1,018,255

Cash and cash equivalents at end of year

2

121,331

654,915

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

2025

2024

£

£

Profit before taxation

716,518

309,820

Depreciation charges

16,990

7,298

Finance income

(3,545

)

(14,279

)

729,963

302,839

Decrease in stocks

-

1,665

(Increase)/decrease in trade and other debtors

(1,757,850

)

124,791

Increase/(decrease) in trade and other creditors

817,684

(345,125

)

Cash generated from operations

(210,203

)

84,170

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

121,331

654,915

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

654,915

1,018,255

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

654,915

(533,584

)

121,331

654,915

(533,584

)

121,331

Total

654,915

(533,584

)

121,331

1.	STATUTORY INFORMATION

Trustco p.l.c. is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover includes revenue earned from the sale of goods and from the rendering of services stated

after trade discounts, other sales related taxes and net of VAT.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of

the goods has transferred to the buyer. This is usually at the point that the customer has signed for

the delivery of the goods.

Turnover from the rendering of services is recognised by reference to the stage of completion of the

contract. The stage of completion of a contract is measured by comparing the costs incurred for work

performed to date to the total estimated contract costs. Turnover is only recognised to the extent of

recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

320,722

283,378

Social security costs

27,230

20,918

Other pension costs

3,972

3,629

351,924

307,925

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

2025

2024

Administration and support

7

5

Sales

2

2

Other departments

3

3

12

10

2025

2024

£

£

Directors' remuneration

25,152

36,680

5.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

37,122

30,452

Other operating leases

35,000

35,000

Depreciation - owned assets

16,989

7,298

Auditors' remuneration

13,500

12,000

Foreign exchange differences

(21

)

221

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

183,223

71,208

Deferred tax

1,376

6,192

Tax on profit

184,599

77,400

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

716,518

309,820

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

179,130

77,455

Effects of:

Expenses not deductible for tax purposes

4,003

2,449

Capital allowances in excess of depreciation

-

(8,696

)

Depreciation in excess of capital allowances

90

-

Deferred tax

1,376

6,192

Total tax charge

184,599

77,400

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

143,038

111,838

B Ordinary shares of £1 each

Final

73,133

157,940

216,171

269,778

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2024

1,372

12,763

86,234

100,369

Additions

-

-

16,019

16,019

At 31 March 2025

1,372

12,763

102,253

116,388

DEPRECIATION

At 1 April 2024

897

8,886

39,185

48,968

Charge for year

237

1,583

15,169

16,989

At 31 March 2025

1,134

10,469

54,354

65,957

NET BOOK VALUE

At 31 March 2025

238

2,294

47,899

50,431

At 31 March 2024

475

3,877

47,049

51,401

9.

STOCKS

2025

2024

£

£

Stocks

870

870

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

5,640,683

3,145,409

Other debtors

9,853

7,708

Directors' current accounts

14,468

-

Prepayments

43,925

783,494

5,708,929

3,936,611

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

4,507,469

2,190,032

Tax

182,707

71,260

Social security and other taxes

6,343

15,787

VAT

211,537

175,580

Other creditors

53,891

94,860

Directors' current accounts

32,430

40,921

Accruals and deferred income

-

752,899

Accrued expenses

33,406

765,804

5,027,783

4,107,143